China’s Accounting Law: Legal liabilities stipulated in the Interim Measures
(1) If an individual business that is required to establish accounting books by the Measures fails to do so, or although accounting books are established but the accounts are chaotic, and the costs, expenses, and vouchers are incomplete, making it difficult to inspect them and collect taxes, the tax authority may assess its tax payable based on the highest amount of other taxpayers of the same size in the same industry in the local area, and impose a fine in accordance with the applicable provisions of the Tax Administration Law.
(2) Where an individual business fails to establish accounts according to the Measures or violate the applicable provisions of the Measures, the State Taxation Administration or the local taxation bureau that has jurisdiction over the establishment of accounting books shall impose penalties in accordance with the applicable provisions of the Tax Administration Law.
Practising lawyers
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Robert Zhang
An international lawyer registered in Shanghai, China. Master's degreePublish…
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Steve Li
An international lawyer registered in Shanghai, China. Master's degreePublish…
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