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Nexia Pulse Quarter 1 2018

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The Challenges Of Setting Up Business Operations In China

With China’s economic development and growth over the last 20 years, more and more foreign companies have been expanding their businesses into China, either through direct investment or through increasing numbers of cross-border transactions. However, doing business in China has distinctive challenges that must be considered, not only because of the potential language barriers, but also because of various business-related regulations and tax requirements that are unique to the country.

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GST On Low Value Imports to Australia

There is currently a GST threshold exemption of AUD$1,000 that applies to purchases of imported goods by consumers in Australia. This is mainly because the cost of collecting GST on imported goods costing AUD$1,000 or less (i.e. low value goods) would far exceed the amount of GST collected on such small purchases from overseas. The low value goods exemption has led to a large increase in online purchases from offshore-based suppliers to the detriment of local Australian retailers.

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China Renews Efforts to Promote Foreign Direct Investment

Proposals aimed at boosting foreign direct investment in China are set to give investors more opportunities for doing business in the country. Although newly-approved foreign investment projects in China have been consistently growing at more than 10% year-on-year, the actual value of foreign direct investments (FDI) has fallen by around 2% over the same period. Acknowledging that inbound FDI is crucial to China’s overall economic health, the Chinese State Council met in July to discuss this issue and proposed a series of measures to encourage increased foreign investment.

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FRS 116 Leases – The Final Lap

In June 2016, the Accounting Standards Council (ASC) in Singapore issued the SFRS equivalent of FRS 116 Leases. Due to full convergence with IFRS, the effective date of FRS 116 will coincide with its international counterpart. Companies will have to adopt this new standard from financial year beginning 1 January 2019. Forerunners may early adopt provided that FRS 115, Revenue from Contracts with Customers, is also applied.

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