Tax and Compliance Luncheon
Morgan McKinley Banking & Financial Services Team organized a sharing event on Thursday September 7th, 2017 at IFC Isola.
China's One Belt & One Road policy has opened up many doors to the related countries' affiliated trade and infrastructure businesses in China and vice versa, including foreign funded banks. This has also encouraged not only those locally incorporated banks to further commit to China, but also many countries to upgrade their Representative Offices to Branches here in China.
With the strengthening of regulations and taxation updates, we have received many questions regarding the topics of the effect of Taxation reform on foreign funded banks in China as well as the CBRC's regulation update & hot topics.
We invited the Senior Manager and Partner of Ernst & Young Tax Advisory team to share their views on the Transfer Pricing and Value Added Tax reforms and its impact on operation & execution for these banks in China. On the Compliance side, we had the pleasure of a very senior Compliance Officer to share some very recent updates from the regulator and his view of best practices on Case Prevention, Risk, and Code of Conduct matters.
The audience consisted of Branch Managers, Deputy GMs, Heads of Business' with different foreign banks as well as Chief Representatives and Representatives of Rep Offices looking to set up their branch in China. It was great to see people both from Shanghai and Beijing.
It was a great opportunity for us to network with some new contacts, but also for the attendees to connect and mingle with each other. Everyone had something to take away either from the Taxation reform or the Compliance Regulation updates.
The turnout of the event was very positive and we look forward to welcoming them and many more during our future events.