Evolving Chinese tax collection and new challenges for life sciences enterprises

Presented by

ITR and KPMG China

About this talk

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.
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