Webinar: Evolving Chinese tax collection and new challenges for life sciences enterprises
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Join ITR and KPMG China at 5pm Beijing time (9am GMT) on November 30 2023 to hear how life sciences enterprises that operate in China can address new anti-corruption measures and VAT legislation, among other challenges
Life sciences enterprises operating in China are facing increasingly strict supervision and challenges since the anti-corruption measures announced at the beginning of 2023 and the consistent development of tax collection and management systems in China.
To help life sciences enterprises to address these challenges, this free webinar will cover several themes, including:
Non-compliant business behaviours or incorrect classification of meeting expenses, entertainment expenses and sponsorship fees incurred during a commercialisation process are again becoming a potential focus for audits;
A revision to the VAT legislation is in progress and although the current VAT system framework will be kept, some key adjustments could be made that could impact the industry;
Fully digitised e-invoices, the core pillar of the construction of the smart tax collection and administration system of tax authorities, are changing the tax management practices of companies; and
Golden Tax project Phase IV has imposed a more comprehensive cloud monitoring system on taxpayers at business level and heralded a new era of ‘tax administration by data’.
The problem of how to face these significant changes in China will be discussed by the following tax specialists: Grace Luo and Jason Yu, tax partners, and Michelle Geng, tax director.
Sign up now to learn about the latest developments in China’s tax landscape and what areas life sciences companies with operations in the country should be focusing on.
Grace started her tax advisory career in 2001, and is the sector head of tax services in the life sciences and healthcare sectors. She services foreign multinationals and domestic companies in China and has extensive experience in individual and corporate taxes, customs and foreign exchange consulting and compliance.
Grace advises foreign investors on forms of investment, choice of location, desirable holding structures, and regulatory and tax implications in connection with setting up foreign investment enterprises in China. She helps multinationals to identify and address tax and foreign exchange control issues arising from ongoing operations and provides tax-efficient expansion and restructuring planning and repatriation of profits from China. Grace has experience in addressing various tax and regulatory implications in respect of cross-border transactions and provides supply chain planning to help clients to minimise their China transaction tax costs, including VAT, customs duty and consumption tax.
Grace is also a member of the Centre of Excellence of Indirect Tax and has led many indirect tax engagements.
Jason is a tax partner in the KPMG Business Tax Advisory team. He has around 20 years of specialist tax experience in China, providing tax, international tax and business advisory services to foreign and domestic companies. Jason serves clients across various industries, including life sciences, auto and auto parts, funds, consumer, information technology and entertainment.
He is viewed as a valuable adviser by many companies, with his rich experience and deep understanding of the macro mega trend and micro-regulatory changes.
Jason is specialised in investment structure planning, optimisation of business and operation models, tax planning for individual shareholders (including China and the US) and designing employee stock incentive plans, assessment and application of tax concessions for R&D projects, advisory on pre-IPO restructuring and business spin-offs in domestic and foreign capital markets, tax due diligence for M&A transactions and tax restructuring advisory, tax audit assistance, tax management system set-up and advice, and foreign exchange advisory on cross-border cash inflow and outflow.
Michelle started her tax advisory career with the tax department of KPMG China in 2011 and has over 12 years of professional tax experience. She specialises in providing tax advisory services to clients in various industries, including life sciences and healthcare; industrial manufacturing; automotive; technology, media and telecommunications; and consumer markets. Michelle has advised clients on taxation and business matters relating to the establishment of business entities in China and their ongoing operation.
She has extensive experience in advising clients on regulatory and tax issues with respect to corporate integration – such as assisting in determining the target structure, the restructuring options, and the relevant regulatory and tax impacts – and in representing foreign companies and domestic companies in negotiating with Chinese authorities on various issues, as well as assisting clients in tax audit cases.
Michelle has provided advisory services on the tax treaty, non-resident tax management and cross-border remittance-related issues for foreign companies and assisted in the resulting compliance services, including registration and tax filings.
