Why is Bookkeeping Necessary After Company Registration?
Pursuant to the provisions of the "Tax Collection and Administration Law of the People's Republic of China," businesses must complete tax registration within 30 days of the issuance of their business license, establish accounting records for that month, and begin tax declarations the following month. Companies are required to submit their business operation reports to the tax bureau monthly, regardless of whether they are profitable or have any business transactions. They must record their operations monthly and then file tax declarations based on these records.
What are the credit implications of not keeping accounts?
1. Cannot Obtain a Mortgage for Home Purchase
2. Immigration Services Unavailable
3. Cannot receive pension insurance.
The company is fined between $2,000 and $10,000 annually by the tax bureau.
5. Corporate tax arrears may result in the legal entity being prohibited from leaving the country, and they will be unable to purchase plane and train tickets.
6. If a company fails to file taxes for an extended period, the tax authority will conduct an on-site audit.
7. Business operations have been clearly marked as abnormal, with all external application services restricted, including: bank account opening,入驻 malls, etc.
Many business owners have a sense of complacency, thinking that they only engage in small-scale businesses, and since the mountains are high and the emperor is far away, how could they possibly get caught? Well, you're wrong!
