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Nous sommes experts dans l’accompagnement comptable, fiscal et juridique des entreprises internationales opérant et se développant en Chine et à Hong Kong.

Notre équipe

Avec une équipe de plus de 80 professionnels repartis sur 5 bureaux, nous travaillons en étroite collaboration avec nos clients non seulement sur leurs problématiques majeures, mais aussi sur leurs besoins opérationnels.

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Check our April/May news to know about Tax Paying Credit System Further Improved, 400 Billion Tax Cuts from May 1, Two Tier Profits Tax Rates Regime in HK, etc...

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Une expérience du terrain

La longue présence de notre entreprise en Chine et à Hong Kong nous a permis de développer l’expertise et l’expérience nécessaires à l’établissement de relations solides afin de permettre à nos clients de faire face à la complexité du monde des affaires en Chine.

Des solutions flexibles dans un environnement en mutation

Dans un continent aussi vaste et complexe que l’Asie, Orcom C&A et son approche intégrée, permet à nos professionnels d’offrir une assistance impliquant différents domaines, secteurs, et zones géographiques.

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News

The Hainan Free Trade Port Law

The Hainan Free Trade Port Law

On June 10th, 2021, the Standing Committee of the 13th National People’s Congress adopted the Hainan Free Trade Port Law, effective immediately.

The law stipulates that Hainan will establish a free trade port policy and institutional system. The Chinese authorities’ goal is to achieve the liberalization of trade, investment, cross‑border capital flows, and safe flow of data.

One year before, Chinese authorities had already released the plan for the construction of the Hainan Free Trade Port. This new Law will lay a solid legal foundation for the construction operations, ensuring Hainan's opening-up and development is based on the rule of law.

Below are some key highlights of the new Law.

1.     Freedom and facilitation of trade.

The authorities will establish a special regional system for customs supervision of the Hainan Free Trade Port, which will operate the island-wide customs clearance and operation. Goods and articles (except for those listed as restricted import) can enter and exit freely between overseas and the Hainan FTP, and the customs shall supervise them.

The Hainan FTP will also implement a negative list management system for cross-border service trade and a matching fund payment and transfer system.

2.     Investment freedom

The Hainan Free Trade Port will liberalize investment access, except for areas that involve national security, social stability, ecological protection red lines, major public interests, and other areas where countries implement access management.

Hainan had already rolled out a negative list, effective from February 1st 2021. For more information on Hainan’s negative list, you can read our previous commentary here.

3.     Taxation

The Law is encouraging Hainan Province to issue local government bonds to support the construction of the Hainan Free Trade Port project.

After year 2025 (when the system for custom supervision will be fully operative), goods imported from overseas will be exempt from import duties. Before that date, only certain qualifying imported goods will be exempted from import duties, VAT and consumption taxes.

For goods entering the Hainan Free Trade Port from the Mainland, the collected value-added and consumption tax will be refunded in accordance with the relevant regulations.

Preferential corporate and individual income tax will also be applied to eligible enterprises and individuals registered as residents in the Hainan Free Trade Port.

4.     Environmental protection

The new Law puts a strong emphasis on the protection of the natural environment. The Hainan FTP implements a lifelong accountability system for damage to the ecological environment. The responsible persons that cause serious damage to the ecological environment will be strictly held accountable.

5.     Talent support

With the goal of attracting international talent, the Hainan FTP will implement a more open policy for residence permits, simplifying the working visa application policies. Restrictions on foreign personnel taking vocational qualification examinations will also be relaxed, and a one-way recognition list system for qualified foreign professional qualifications will be implemented.

Contact our team for more information on the Hainan FTP Law and incentives for foreign investors.

sep 14,2021
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On June 10th, 2021, the Standing Committee of the 13th National People’s Congress adopted the Hainan Free Trade Port Law, effective immediately.

The law stipulates that Hainan will establish a free trade port policy and institutional system. The Chinese authorities’ goal is to achieve the liberalization of trade, investment, cross‑border capital...

The Hong Kong IRD to implement e-filing procedures for tax returns

The Hong Kong IRD to implement e-filing procedures for tax returns

The Hong Kong Inland Revenue Department (Amendment) (Miscellaneous Provisions) Bill was gazetted on March 19st, 2021. The Bill announced that the IRD intends to revise the statutory framework for furnishing tax returns, making it easier for corporations and partnerships to electronically file their Profits Tax Returns for any year of assessment from 2015/16 to 2020/21 and attach supplementary forms to Profits Tax Return S1, S2, S3 and S4.

The IRD is undertaking this project to enable more businesses to file their PTRs electronically, and as part of a wider plan to upgrade its IT infrastructure and optimize services to taxpayers in the following years.

The Bill is setting out a framework for e-filing, including roles and responsibilities, as well as liabilities of different parties. One of the expected improvements the Bill will bring to taxpayers is the streamlining of tax filing procedures, especially for SMEs.

While there are still some uncertainties regarding the implementation, this Bill shows that the IRD is taking serious steps in modernizing its IT infrastructure and enhancing the efficiency of the tax administration.  

Contact our Hong Kong team for further assistance on tax-related issues.

sep 14,2021
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0
179572

The Hong Kong Inland Revenue Department (Amendment) (Miscellaneous Provisions) Bill was gazetted on March 19st, 2021. The Bill announced that the IRD intends to revise the statutory framework for furnishing tax returns, making it easier for corporations and partnerships to electronically file their Profits Tax Returns for any year of assessment from 2015/16 to 2020/21 and attach supplementary forms to Profits Tax Return S1, S2, S3 and S4.

The IRD is undertaking this...

China's Data Security Law

China's Data Security Law

Data is considered a fundamental resource in China and data security has become a major issue related to national, economic, and social development. Aiming to protect national interests, the new Data Security Law was passed by Chinese authorities in June 2021, coming into force on September 1st, 2021.

The purpose of the Law is to regulate a wide range of issues related to data activities. These issues include the collection, storage, use, exchange, and publication of any kind of data.

Below are some highlights of the Law.

  1. Extraterritorial effect and cross-border data transfer requirements

The Data Security Law has broadened the extraterritorial jurisdiction previously provided by the Network Security Law, applying to data activities conducted both in the PRC and abroad.

According to the Cybersecurity Law, data collected and generated by critical information infrastructure operators are bound to be stored within the territory of China. With the Data Security Law, whenever such data needs to be transferred overseas, a security assessment should be performed first.

Moreover, the DSL stipulates that any provision of data stored in the PRC that is made in response to a request by any foreign judicial body or law enforcement authority will be subject to the prior approval of the competent authority.  Entities or individuals failing to comply could be fined up to RMB 5 million for enterprise and RMB 500,000 for an individual.

  1. Compliance obligations and data management systems

The Law imposes the following obligations on entities and individuals carrying out data activities:

  • Establish a data security management system, carry out security training, and implement necessary security measures;
  • Strengthen risk monitoring procedures and notify users and authorities of security incidents;
  • Regularly conduct risk assessments of the data activities for processors of important data, and report results to related authorities.

According to Article 21, authorities will establish a categorical and hierarchical system for data protection which will be based on the importance of the data in economic and social development as well as the extent of harm to public security and interest. 

Data related to national security, economy, and major public interests are considered core state data. For this kind of data, a stricter management system will be implemented.

Each region and department shall determine the catalog of important data based on the categoric and hierarchical protection system.

  1. Compliance for data intermediary service providers

The new Law has clarified some requirements on data trading procedures for intermediary platforms such as Tianyancha, Qichacha, Tianyuan Data, etc. Intermediary service providers shall be required to explain the data's source, shall review and verify the identities of both parties to the transactions, and store records of the verifications and transactions.

  1. Penalties

For entities and individuals failing to comply with the Law, the penalties imposed could be severe. Corporates could be fined up to RMB 10 million and face potential criminal penalties, while individuals directly responsible could be fined for up to RMB 1 million and face potential criminal penalties. It is therefore essential for companies and individuals to start making necessary changes to remain complaint.

Key takeaways

While the new Law is strengthening data protection in China, this is still a general outline for data security procedures and more specific laws are expected to follow and clarify further requirements.

It is however worth noting how conducting regular cybersecurity audits and implementing the appropriate data risk management systems for companies and individuals in China will become increasingly important.

Orcom C&A will keep you promptly updated on the developments related to the Data Security Law. In the meantime, please contact our legal department for any questions related to this topic. 

Data is considered a...

Shanghai policy update: social security contribution for foreigners

Shanghai policy update: social security contribution for foreigners

From August 15th, 2021 all foreigners residing and working in Shanghai will be required to pay social security contributions on a mandatory basis. This update follows the expiry date of the local Notice of Shanghai Municipal Human Resources and Social Security Bureau (Hu ren she yang fa [2009] No.38, the Notice), which had provided preferential treatment to foreign residents in Shanghai until August 15th.

China’s social security system consists of five different types of insurance (pension, medical, unemployment, work-related injury, and maternity) and a housing fund scheme. The National Social Security Law has required Chinese companies and their employees to pay contributions to the Chinese social security system since October 15th, 2011. However, foreigners and residents from Hong Kong, Macau and Taiwan working in Shanghai (and their employers) have been following the above-mentioned Shanghai circular which stated that they could make contributions voluntarily. Often, employers would opt to not make any social security contributions. For this reason, after the expiry date of the circular, employers and employees should expect to see an increase in costs.

The latest social contribution rates in Shanghai are as follows:

 

Cap for base

(RMB)

Employer

Employee

Pension

31,014

16%

8%

Medical (inclusive of maternity)

31,014

10.5%

2%

Unemployment

31,014

0.5%

0.5%

Work-related injury

31,014

0.16% to 1.52%

n/a

Total

31,014

27.16% to 28.52%

10.

 

 

 

 

 

 

 

 

 

 

 

 

 

Generally, the contribution base is capped at 300 percent of the average local salary which is RMB 31,014 for Shanghai province in 2021.

China has already signed and started implementing social security agreements with 11 countries - Germany, South Korea, Denmark, Canada, Finland, Switzerland, the Netherlands, Spain, Luxembourg, Japan, and Serbia. Citizens of these countries currently working in China are eligible for social security contribution exemptions.

Foreigners who leave China before reaching the retirement age can submit a written application to terminate the social insurance individual account. The amount remaining in the individual account can be paid in a lump sum to the employee.

While there is still some uncertainty regarding this policy update and its consequences on foreign residents in Shanghai and their employers, the expiry of the local circular is expected to affect labors costs, IIT liability and employees’ salaries. The compliance management on the employer’s side is also likely to be affected.

Contact our Shanghai team for assistance with tax planning and compliance.

From August 15th,...

The Hainan Free Trade Port Law

The Hainan Free Trade Port Law

On June 10th, 2021, the Standing Committee of the 13th National People’s Congress adopted the Hainan Free Trade Port Law, effective immediately.

The law stipulates that Hainan will establish a free trade port policy and institutional system. The Chinese authorities’ goal is to achieve the liberalization of trade, investment, cross‑border capital flows, and safe flow of data.

One year before, Chinese authorities had already released the plan for the construction of the Hainan Free Trade Port. This new Law will lay a solid legal foundation for the construction operations, ensuring Hainan's opening-up and development is based on the rule of law.

Below are some key highlights of the new Law.

1.     Freedom and facilitation of trade.

The authorities will establish a special regional system for customs supervision of the Hainan Free Trade Port, which will operate the island-wide customs clearance and operation. Goods and articles (except for those listed as restricted import) can enter and exit freely between overseas and the Hainan FTP, and the customs shall supervise them.

The Hainan FTP will also implement a negative list management system for cross-border service trade and a matching fund payment and transfer system.

2.     Investment freedom

The Hainan Free Trade Port will liberalize investment access, except for areas that involve national security, social stability, ecological protection red lines, major public interests, and other areas where countries implement access management.

Hainan had already rolled out a negative list, effective from February 1st 2021. For more information on Hainan’s negative list, you can read our previous commentary here.

3.     Taxation

The Law is encouraging Hainan Province to issue local government bonds to support the construction of the Hainan Free Trade Port project.

After year 2025 (when the system for custom supervision will be fully operative), goods imported from overseas will be exempt from import duties. Before that date, only certain qualifying imported goods will be exempted from import duties, VAT and consumption taxes.

For goods entering the Hainan Free Trade Port from the Mainland, the collected value-added and consumption tax will be refunded in accordance with the relevant regulations.

Preferential corporate and individual income tax will also be applied to eligible enterprises and individuals registered as residents in the Hainan Free Trade Port.

4.     Environmental protection

The new Law puts a strong emphasis on the protection of the natural environment. The Hainan FTP implements a lifelong accountability system for damage to the ecological environment. The responsible persons that cause serious damage to the ecological environment will be strictly held accountable.

5.     Talent support

With the goal of attracting international talent, the Hainan FTP will implement a more open policy for residence permits, simplifying the working visa application policies. Restrictions on foreign personnel taking vocational qualification examinations will also be relaxed, and a one-way recognition list system for qualified foreign professional qualifications will be implemented.

Contact our team for more information on the Hainan FTP Law and incentives for foreign investors.

On...

The Hong Kong IRD to implement e-filing procedures for tax returns

The Hong Kong IRD to implement e-filing procedures for tax returns

The Hong Kong Inland Revenue Department (Amendment) (Miscellaneous Provisions) Bill was gazetted on March 19st, 2021. The Bill announced that the IRD intends to revise the statutory framework for furnishing tax returns, making it easier for corporations and partnerships to electronically file their Profits Tax Returns for any year of assessment from 2015/16 to 2020/21 and attach supplementary forms to Profits Tax Return S1, S2, S3 and S4.

The IRD is undertaking this project to enable more businesses to file their PTRs electronically, and as part of a wider plan to upgrade its IT infrastructure and optimize services to taxpayers in the following years.

The Bill is setting out a framework for e-filing, including roles and responsibilities, as well as liabilities of different parties. One of the expected improvements the Bill will bring to taxpayers is the streamlining of tax filing procedures, especially for SMEs.

While there are still some uncertainties regarding the implementation, this Bill shows that the IRD is taking serious steps in modernizing its IT infrastructure and enhancing the efficiency of the tax administration.  

Contact our Hong Kong team for further assistance on tax-related issues.

The Hong Kong Inland Revenue...

why choose us

La longue présence de notre entreprise en Chine et à Hong Kong nous a permis de développer l’expertise et l’expérience nécessaires à l’établissement de relations solides afin de permettre à nos clients de faire face à la complexité du monde des affaires en Chine. Nos clients sont des multinationales, des petites-moyennes entreprises ainsi que des particuliers. Ils nous choisissent pour la qualité et la constance de notre service reposant sur une parfaite maitrise des pratiques professionnelles, d’une expertise...

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Accréditations

Ces deux dernières années nous avons travaillé avec Orcom C&A de Pékin. Nous avons apprécié la flexibilité, la ponctualité et le professionnalisme dans l’aide apportée aussi bien sur la planification à long terme que sur les problématiques quotidiennes. Il était essentiel pour nous de travailler avec un consultant qui puisse nous apporter une assistance localement et qui puisse communiquer avec notre Siège en Italie.

Fabrizio Finocchiaro, Directeur Général de Vodafone Automotive - Chine

Orcom C&A apporte à notre gestion un précieux appui, ce qui est plus que nécessaire dans une Chine ambitieuse et en constante mutation. Aujourd’hui, nous nous focalisons davantage sur le créatif et le commercial, rassuré par le fait que Orcom C&A gère dans notre intérêt les aspects comptables et fiscaux de notre activité.

Sergio Spadone, PDG de DEBAO

Pendant la création de NeoXam en Chine, nous avions besoin d’un partenaire qui puisse nous guider et nous conseiller en termes d’administration, de comptabilité et juridique mais aussi de nous rassurer aussi bien durant la première phase de création que sur des problématiques quotidiennes.La possibilité d’avoir des partenaires parlant français avec notre siège, chinois avec la direction locale et anglais est un vrai plus.Cela fait maintenant 2 ans que nous travaillons avec Marco D'Amore et Orcom C&A. Nous sommes grandement satisfaits et nous continuons de nous appuyer sur leur expertise dans le cadre de notre développement en Asie.

Axel Jacquet, Directeur des opérations de NeoXam Chine

Mon entreprise bénéficie des conseils de Orcom C&A depuis 2005 – leurs points forts sont leur grand professionnalisme, leur réactivité, leur amabilité et leur bienveillance. Ces caractéristiques ont contribué à nous aider à construire une collaboration parfaite et durable avec nos clients dans un marché chinois de plus en plus exigeant.

Massimiliano de Giovanni, Directeur général de Carpisa

Ces dernières années, c’est avec satisfaction que nous avons travaillé avec Orcom C&A sur des questions relatives à la gouvernance d’entreprise, la restructuration et la législation pour nos filiales en Chine et à Hong Kong.

Maurizio Parodi, Directeur Financier de Tenova

Orcom C&A a été un partenaire important pour nous ces quatre dernières années en termes de résolution de problèmes. C’est avec un grand professionnalisme et une extrême rapidité qu’ils nous ont aidé à résoudre nos problématiques financières et nous assister lors de procédures de Due Diligences.

Paolo Daneu, PDG de Seves Group – Chine

ORCOM C&A a été extrêmement professionnel et utile pour conseiller Dormeuil lors de notre expansion en Chine. Ils comprennent le marché et arrivent toujours a trouver des solutions malgré la complexité rencontrée.

Dominic Dormeuil, Président et Fondateur de Dormeuil