News
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Mr. Liu Tianyong and Mr. Jiang Zhenghe of Hwuason Law Firm expressed their opinions on the tax-related risks of pharmaceutical enterprises and published in China Tax Newspaper
For a long time, the pharmaceutical industry has had problems such as long drug research and development cycles, excessive research and development costs and sales expenses, and high pressure on and slow recovery of enterprise funds, and some pharmaceutical enterprises have been able to extract funds by means of false invoices in order to obtain profits. In addition, on July 10, 2023, the National Health Commission, together with several ministries and commissions, deployed a one-year centralized rectification of corruption in the national pharmaceutical field, which set off a storm of anti-corruption in the pharmaceutical industry and led to a number of cases of false invoicing and tax evasion. The pharmaceutical industry has been a key area of concern for HuaShui for a long time, and HuaShui has issued tax compliance reports on the pharmaceutical industry for many years in a row. Recently, Mr. Liu Tianyong and Mr. Jiang Zhenghe of Hwuason Law Firm commented on the common tax-related risks in the pharmaceutical industry and made suggestions on corporate compliance. The relevant content was published in China Tax Newspaper. The full text is as follows:
April 23, 2024, 2:29 p.m.
For a long time, the pharmaceutical industry has had problems such as long drug research and development cycles, excessive research and development costs and sales expenses, and high pressure on and slow recovery of enterprise funds, and some pharmaceutical enterprises have been able to extract funds by means of false invoices in order to obtain profits. In addition, on July 10, 2023, the National Health Commission, together with several ministries and commissions, deployed a one-year centralized rectification of corruption in the national pharmaceutical field, which set off a storm of anti-corruption in the pharmaceutical industry and led to a number of cases of false invoicing and tax evasion. The pharmaceutical industry has been a key area of concern for HuaShui for a long time, and HuaShui has issued tax compliance reports on the pharmaceutical industry for many years in a row. Recently, Mr. Liu Tianyong and Mr. Jiang Zhenghe of Hwuason Law Firm commented on the common tax-related risks in the pharmaceutical industry and made suggestions on corporate compliance. The relevant content was published in China Tax Newspaper. The full text is as follows:
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Hwuason Law Firm and Lawyer Liu Tianyong ranks as first tier law firm and lawyer in the tax field of the 2024 LEGALBAND China Top Ranked Law Firms & Lawyers
On April 16, 2024, the internationally renowned legal media LEGALBAND released the 2024 China Client’s Guide, which contain the 2024 China Top Ranked Law Firms and 2024 China Top Ranked Lawyers. Hwuason Law Firm has been listed as the first tier law firm in the tax field of the 2024 China Top Ranked Law Firms, and Lawyer Liu Tianyong has been listed as the first tier lawyer in the tax field of the 2024 China Top Ranked Lawyers. Since 2017, Hwuason Law Firm has been selected as the top tier in the tax field for eight consecutive years.
April 17, 2024, 11:54 a.m.
On April 16, 2024, the internationally renowned legal media LEGALBAND released the 2024 China Client’s Guide, which contain the 2024 China Top Ranked Law Firms and 2024 China Top Ranked Lawyers. Hwuason Law Firm has been listed as the first tier law firm in the tax field of the 2024 China Top Ranked Law Firms, and Lawyer Liu Tianyong has been listed as the first tier lawyer in the tax field of the 2024 China Top Ranked Lawyers. Since 2017, Hwuason Law Firm has been selected as the top tier in the tax field for eight consecutive years.
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Hwuason Law Firm Liu Tianyong and Zhang Qian Interviewed by ZHONGGUO SHUIWU BAO on Tax-Related Risks and Compliance Suggestions in Coal Industry and Published Article
China Coal Industry Association recently released the 2023 Annual Report on the Development of the Coal Industry, which shows that last year China's raw coal production was 4.71 billion tons, up 3.4% year-on-year, a record high. As China's basic energy source, coal occupies an important strategic position in the national economy. In the field of taxation, the tax-related risks of the coal industry present the characteristics of multiple taxes and links, and the problems of false opening and tax evasion in the operation process of coal enterprises are highlighted, hampering the healthy and sustainable development of the coal industry. Recently, the Supreme People's Court and the Supreme People's Procuratorate mentioned at the press conference on judicial interpretation of tax-related crimes and typical cases that the coal industry is a high incidence area of the crime of fraudulent tax evasion. Under the regulatory trend of eight departments across the country jointly combating tax-related crimes, the issue of tax compliance for coal enterprises cannot be delayed. Since 2021, Hwuason Law Firm has been launching tax compliance reports on coal industry, paying continuous attention to the latest regulatory situation and enterprise tax-related risks in coal industry. Recently, Liu Tianyong and Zhang Qian were interviewed by ZHONGGUO SHUIWU BAO on the common tax-related risks in the coal industry and the compliance suggestions of the enterprises, analyzing the tax-related risks of the coal enterprises in the purchasing, selling, processing, and transfer of equity, and discussing the causes of the risks and the suggestions to cope with them. In addition, based on the many tax-related risks in the coal industry, Liu Tianyong published an article titled "Coal Enterprises Should Transform, Tax Compliance", which puts forward tax-related risk prevention and control suggestions for coal enterprises in four aspects, namely, standardizing business processes, perfecting the management system, strengthening the internal control team, and regularly checking the risks. The full text is as follows.
April 12, 2024, 5:58 p.m.
China Coal Industry Association recently released the 2023 Annual Report on the Development of the Coal Industry, which shows that last year China's raw coal production was 4.71 billion tons, up 3.4% year-on-year, a record high. As China's basic energy source, coal occupies an important strategic position in the national economy. In the field of taxation, the tax-related risks of the coal industry present the characteristics of multiple taxes and links, and the problems of false opening and tax evasion in the operation process of coal enterprises are highlighted, hampering the healthy and sustainable development of the coal industry. Recently, the Supreme People's Court and the Supreme People's Procuratorate mentioned at the press conference on judicial interpretation of tax-related crimes and typical cases that the coal industry is a high incidence area of the crime of fraudulent tax evasion. Under the regulatory trend of eight departments across the country jointly combating tax-related crimes, the issue of tax compliance for coal enterprises cannot be delayed. Since 2021, Hwuason Law Firm has been launching tax compliance reports on coal industry, paying continuous attention to the latest regulatory situation and enterprise tax-related risks in coal industry. Recently, Liu Tianyong and Zhang Qian were interviewed by ZHONGGUO SHUIWU BAO on the common tax-related risks in the coal industry and the compliance suggestions of the enterprises, analyzing the tax-related risks of the coal enterprises in the purchasing, selling, processing, and transfer of equity, and discussing the causes of the risks and the suggestions to cope with them. In addition, based on the many tax-related risks in the coal industry, Liu Tianyong published an article titled "Coal Enterprises Should Transform, Tax Compliance", which puts forward tax-related risk prevention and control suggestions for coal enterprises in four aspects, namely, standardizing business processes, perfecting the management system, strengthening the internal control team, and regularly checking the risks. The full text is as follows.
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Hwuason Law Firm Lawyer Liu Tianyong Interviewed by Xinhua Finance on "Reverse Invoicing" of Recycling Enterprises
The orderly operation of the resources recycling industry is of great significance to improve the level of resource recycling, enhance the ability of resource security, and promote green, low-carbon and recycling development. For a long time, the lack of "source invoices" has been troubling enterprises in the resources recycling industry. In order to make up for the shortfall of VAT inputs and obtain compliant pre-tax deduction vouchers for enterprise income tax, some enterprises obtain VAT invoices by changing their business model, seeking third-party issuance or even purchasing them, which entails a lot of tax-related risks. Recently, the State Administration of Taxation (SAT) convened a seminar for industry associations and enterprises related to the promotion of large-scale equipment renewal and consumer goods trade-in, and made it clear that by the end of April, the "reverse invoicing" of resource recycling enterprises will be realized, so as to further smooth the VAT deduction chain and give resource recycling enterprises standardized and legal pre-tax deduction vouchers for enterprise income tax. Hwuason Law Firm has long been concerned about the tax issues and enterprise tax risks in the field of resources recycling industry. On the issue of "reverse invoicing", Hwuason Law Firm's director, Mr. Liu Tianyong, was interviewed by Hwuason Law Firm, who analyzed the causes of the invoicing dilemma of the resources recycling industry at the source, and further analyzed the principle and circumstances of "reverse invoicing". and further analyzes the principle and situation of "reverse invoicing", the full text is as follows.
April 11, 2024, 5 p.m.
The orderly operation of the resources recycling industry is of great significance to improve the level of resource recycling, enhance the ability of resource security, and promote green, low-carbon and recycling development. For a long time, the lack of "source invoices" has been troubling enterprises in the resources recycling industry. In order to make up for the shortfall of VAT inputs and obtain compliant pre-tax deduction vouchers for enterprise income tax, some enterprises obtain VAT invoices by changing their business model, seeking third-party issuance or even purchasing them, which entails a lot of tax-related risks. Recently, the State Administration of Taxation (SAT) convened a seminar for industry associations and enterprises related to the promotion of large-scale equipment renewal and consumer goods trade-in, and made it clear that by the end of April, the "reverse invoicing" of resource recycling enterprises will be realized, so as to further smooth the VAT deduction chain and give resource recycling enterprises standardized and legal pre-tax deduction vouchers for enterprise income tax. Hwuason Law Firm has long been concerned about the tax issues and enterprise tax risks in the field of resources recycling industry. On the issue of "reverse invoicing", Hwuason Law Firm's director, Mr. Liu Tianyong, was interviewed by Hwuason Law Firm, who analyzed the causes of the invoicing dilemma of the resources recycling industry at the source, and further analyzed the principle and circumstances of "reverse invoicing". and further analyzes the principle and situation of "reverse invoicing", the full text is as follows.
