Taxpayers, who engage in production and business operations, shall obtain business licenses, or set up bookkeeping accounts within 15 days from the date of tax payment in accordance with relevant state regulations. Those records refer to general ledgers, subsidiary ledgers, journal and other auxiliary ledgers. Having good bookkeeping records can also increase the healthy financial environment of your company to be not just in compliance, but also help to understand the financial performances of your company.
Taxpayers who have a small production and business scale and really have no ability to set up accounts can hire professional institutions or accounting personnel who are engaged in the accounting agency bookkeeping business. Within 15 days from the date of obtaining the tax registration certificate, the taxpayer shall submit its financial, accounting system and accounting treatment to the competent tax authority.
In China, before a taxpayer chooses any software to keep accounts, it is highly recommended that the preferred accounting software, instruction manual and relevant materials of the computerized accounting system submitted to the relevant tax authority. The computerized accounting system established by the taxpayer shall comply with the relevant provisions of the state and correctly account for his income.
Taxpayers and withholding agents shall have perfect accounting systems, and use computers to correctly and completely calculate their income, or withhold, collect and pay taxes, and the complete written accounting records through the computer can be regarded as accounting books.
Any records collected and submitted, such as accounting vouchers and financial statements should be in Chinese, authentic and complete, which shall be kept for 10 years, unless otherwise stipulated by laws and administrative regulations. Ethnic autonomous regions can use the local language at the same time. Foreign enterprise may use a foreign language.
Taxpayers shall submit relevant data and materials to install tax control devices according to the requirements of the tax authorities.