Liquidating business nz

The committee should return its business license and cancel its registration with the relevant government authorities including the Ministry of Commerce, the State Administration of Industry and Commerce, the customs administration, the tax authorities and the State Administration of Foreign Exchange.

All of the company’s bank accounts should be closed.

Although not strictly a financial issue, foreign investors should also ensure that, for example, unused raw materials and unsold products are disposed of properly, and in an environmentally sensitive way, and that buildings and other major assets are dealt with properly. Financial and tax considerations when liquidating Foreign invested enterprises in China that undergo liquidation will need to deal with two main tax issues.

These are: Some foreign enterprises may still be receiving various incentives, including “tax holidays” such as a two-year exemption and three-year 50 percent reductions on enterprise income tax.

In this situation, both import VAT and customs duties should be levied.

The relevant formula is: Secondly, if a foreign invested enterprise wishes to transfer goods originally imported with an import VAT exemption, if goods are left with a Chinese partner or transferred or sold to a domestic enterprise, Customs would calculate the tax amount based on the depreciation year.

Upon the declaration of dissolution, the company is required to start the liquidation procedures.

According to PRC law, a WFOE must be dissolved if any of the following circumstances apply: For circumstances (2), (3), (6) and (7), dissolution will need the approval of the relevant authority.Customs prescribes different monitoring years for imported products of different kinds.During the monitoring period, goods should be depreciated at true value if Customs authorizes their sale, transfer or move for other uses, for example during liquidation.Whether the above actually applies depends on the local practices of the authorities in different cities and districts.The enterprise income tax refund that was previously offered for reinvestment of profits is no longer available.

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The investor shall have the right to preserve the originals of all accounting records and business documents of the company.

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