At a grand opening ceremony today, KPMG China announced the formal establishment of KPMG Certified Tax Advisor (Shanghai) Co., Ltd.. The announcement is a sign of the potential for further investments by KPMG China in a more specialized, dedicated, focused professional tax service.
Mr. Wang Wenyan, Vice-Chairman of the China Certified Tax Advisors Association, was present at the ceremony along with several officials from Shanghai Certified Tax Agents Association and Registered Taxation Experts Management Center. They offered their congratulations for the establishment of the CTA firm and expressed their high hopes for its future.
It has been 20 years since KPMG became the first international accounting firm to be granted a joint venture license in China. On 1st August, 2012, KPMG Huazhen was again the first among the big four, in this instance becoming the firm to convert from a joint venture to a special general partnership ("SGP"). Thanks to our early commitment to the China market and unwavering focus on quality, KPMG has built up a wealth of industry experience. The fact that so many prestigious companies in China trust KPMG to provide professional services is itself evidence of KPMG's leading role. Moreover, KPMG is at the forefront of public debates on tax policy and other important topics in the business community, and was named Best Tax Advisor by the renowned finance magazine “The Corporate Treasurer” during its 2012 Alliance Awards.
In recent years, as part of their efforts to ensure tax compliance, Chinese tax authorities have required increasing numbers of tax verification and certification reports. This trend closely reflects the various missions of the Chinese tax authorities: improving the efficiency and effectiveness of China's tax collection and management system, strengthening taxpayers’ awareness around tax compliance, and enhancing the social value of tax intermediaries. In response to this trend, and with the demands of its clients in mind, KPMG China has established KPMG Certified Tax Advisor (Shanghai) Co., Ltd to provide more comprehensive and rigorous tax verification and certification services to its clients. These services include the verification of corporate income tax returns, the verification of loss utilization before corporate income tax, the verification of the deduction of asset loss before corporate income tax, and other tax-related verification and certification services required by the State Administration of Taxation.
Speaking on the prospects for the new CTA firm, Stephen Yiu, Chairman of KPMG China, said: "The KPMG team has long combined local experience with a global perspective. With the collective intelligence of our global network and a profound understanding of tax laws and regulations, as well as rich cross-border operational experience, we are consistently able to provide high quality our clients with high quality services. The establishment of the CTA firm is the first milestone on a long and hard road. Many challenges await, challenges that can only be overcome through our people working together. We believe that the establishment of KPMG Certified Tax Advisor (Shanghai) Co., Ltd. will enable us to provide our clients with a wider, more prompt range of tax services."
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