I recently retired as UK senior partner of BDO after 23 years as a partner with the firm. Last year, I took up a position as visiting professor at Xiamen University, China. My wife is Chinese and I decided to spend three months exploring business opportunities in the region and trying to learn some Mandarin.
I’m blogging about my experiences in China for Real Business – catch up on my journey so far.
A new tax will impact all UK firms doing business with expat employees in China. Social Insurance contributions will have to be made by both employer and employee (up to 37 per cent and 12 per cent of monthly income respectively).
It came into force in mid-October but collection will be back-dated and there is still confusion about the mechanics, access to benefits and any tax credit available back in the UK.
In theory, expats gain access to Chinese pension, healthcare and unemployment benefit; in practice, these are likely to be illusory or valueless.
It seems that China has decided to raise fiscal revenues from a soft target – perhaps it is aiming to provide funds for a Chinese bail-out of the Euro?
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.