|China’s Ministry of Finance has proposed significant income tax reform. Confirmed by the State Council, the Draft Amendments for the Individual Income Tax (IIT) Laws are currently undergoing further revision before coming into effect on 1 January 2019.
Under the draft amendments, foreign companies will need to examine how the changes affect the timing of the tax levy for foreign employees, foreign labour costs, contract profitability and budgeting requirements. The flow on effects this will have on withholding and tax equalisations will also require special consideration.
This event provided members with the tools to understand and operate under the effects of the proposed Draft Amendments for the IIT, and is brought to you by AustCham, BenCham, SwissCham and CCFIC.
Our Guest Speaker for the event was Russell Brown OBE 博杨
Mr. Russell Brown is Founder and Managing Partner of LehmanBrown International Accountants, a China-focused accounting, taxation and business advisory firm with operations in Beijing, Hong Kong and five other offices across China employing around 200 professionals.
Russell has over 28 years working experience including 20 years living in China and involved establishing and developing businesses in China. Prior to founding LehmanBrown Russell was Global CFO of one of the world’s largest public relations and communications consulting companies and prior to this their Asia Pacific Regional CFO.
He currently acts as advisor to international companies entering the China market and to Chinese companies venturing abroad, and is a founding director and Chair of the Asia Transformation and Turnaround Association. He is also a frequent speaker at conferences and seminars on taxation, accounting and doing business in and with China.
Russell gained a BA (Hons) in Business Studies from Bournemouth University, is a Fellow of the Chartered Institute of Management Accountants (CIMA) in the UK and an Associate of the Institute of Chartered Accountants of England and Wales. He is also an Associate Global Management Accountant.
He is currently Treasurer of the Australian Chamber of Commerce in China. He was Chair of the British Chamber of Commerce in China and also Vice Chair of the China-Britain Business Council (CBBC), until completing the maximum term allowable, and prior to this has acted as Vice Chair and Treasurer. He is also an Honorary Member of The 48 Group Club.
Russell is actively involved in many charitable events and is Chair of Beijing’s annual British Charity Ball and St George’s Day Charity Dinner. He is also a member of Rotary Club of Beijing.
Russell was awarded an OBE (Officer of the Order of the British Empire) for services to British Business and the British Community in China in Queen’s Birthday Honours in June 2015.