CHINA INVOICING SYSTEM WITH ELECTRONIC FAPIAO

What is Fapiao? Other than invoice, fapiao is a legal receipt that serves as proof of purchase for goods and services. Nevertheless, it is an essential component of China’s tax law, and compliance for businesses.  Development of Digitalized Fapiao  July 2019 The State Administration of Taxation announced the preparation of Digitalised platform October 2019 Launched online …

HONG KONG ENTREPRENEURS’ TAX REPORTING DURING PANDEMIC

The Organisation for Economic Co-Operation and Development (OECD) published an analysis entitled “OECD” Secretariat Analysis of Tax Treaty and the Impact of the COVID-19 Crisis”. (OECD Analysis). The OECD Analysis provides guidance on cross-border tax issues arising from the COVID-19 pandemic. The analysis mentioned the lead to creation of PERMANENT ESTABLISHMENT or change in the …

MANAGING YOUR INVENTORY AND ACCOUNTING WORK

Measuring inventory accurately is essential to a success business operation. Without keeping an accurate record, you risk upsetting your customers as well as increasing the cost of carrying more products then your customers need. Ultimately, you will suffer from losing profit. On the other hand, when the goods records are well kept with true accuracy, …

Easily Get Bills and Receipts into XERO via HubDoc

To sumHubDoc is a data capture tool that extracts key data from a company’s financial documents. Then publishes these account transactions in XERO. It allows users to upload their financial documents through multiple means. For example, email, manually upload, or imported via third-party automated features. HubDoc is one of the popular apps for XERO. As …

Xero Cloud Accounting- Your Life-Time Business Partner

Dealing with numbers in businesses are never easy. In fact, if you want to expand your business, financials data acts as critical element when making decisions. Furthermore, Xero Cloud Accounting can help you collecting sales data, issuing invoices, generating reports to help you on your daily operations.   What is XERO? XERO is the world-leading …

How Cloud Accounting Can Help Startup Businesses?

How Xero can transform your startup?  Starting a new business is challenging. Xero, the cloud accounting system streamlines tedious administrative tasks and gives you more time to spend on innovation and sales. Manage your financials on the go from anywhere with via the mobile app. Understand your financials better with the business performance dashboard, so …

Hong Kong Personal Tax Allowance for 2020/2021

Personal Tax Personal tax is often referring as salary tax in Hong Kong. A person’s income from employment, less allowable deductions and charitable donations is therefore chargeable as personal tax.  This tax is calculated at progressive rates on your net chargeable income or at standard rate on your net income( before any deductions of the allowances), …

CONVERTING TO XERO FROM ANOTHER ACCOUNTING SYSTEM

Running your own business is always exciting. However, if your accounting book doesn’t work well. The transactions are not recorded completely. We are sure it must be a nightmare for you. Therefore, Centre O suggest our clients to use a cloud accounting system to help with their daily operation. What is Xero? Centre O is …

What is that Number on Profit Tax Return Form means?

Profits Tax-Industrial Classification Code Profits tax return is usually 00/12345678 as the file format. Among them, “12345678” is the company’s business registration number; While “00” is the industry classification code: Limited company code 01: Aircraft and operation 02: Finance 03: Construction works 04: Distribution and retail 05: Import and export 06: Investment/Speculation 07: Hotels, restaurants …

Online Appointment for Business Registration Office Counter Services

Service Hour Updated Due to the 3rd waive of COVID-19, Inland Revenue Department announced on 19 July 2020. The service hours of the counters of Business Registration Office are from 9:00 am to 12:00 noon. And 1:30 pm to 4:00 pm from Monday to Friday (except public holidays) starting from 20 July.   Online Appointment …