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China

Companies put $221 billion into low-tax jurisdictions in 2015 – U.N.

Companies put $221 billion into low-tax jurisdictions in 2015 – U.N.

GENEVA (Reuters) – Companies put $221 billion into countries with low tax last year, chiefly Luxembourg and the Netherlands, while $72 billion of investment went into two British tax havens – the British Virgin Islands and Cayman Islands, the U.N. said on Tuesday. However, they took billions out of Luxembourg and the Netherlands in the final […]

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U.S. challenges China’s tax exemptions for aircraft at WTO

U.S. challenges China’s tax exemptions for aircraft at WTO

WASHINGTON (Reuters) – The United States on Tuesday launched a challenge to Chinese tax exemptions for locally produced aircraft, saying they discriminated against imported planes. The request for consultations with China at the World Trade Organization over a value-added tax of 17 percent on small to medium-sized planes is the first step in a process that could […]

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China says Apple unit underpaid $71 million in tax in 2013

China says Apple unit underpaid $71 million in tax in 2013

SHANGHAI (Reuters) – A China unit of U.S. tech giant Apple Inc underpaid taxes in 2013 by 452 million yuan ($71 million), according to a report from the country’s finance ministry, which comes as China toughens its stance on tax payments by foreign firms. The Ministry of Finance (MOF) report, dated Sept. 9 but cited […]

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China to reap Alibaba windfall as tightens up on tax

China to reap Alibaba windfall as tightens up on tax

HONG KONG (Reuters) – China could make billions of dollars from taxing gains made by employees of e-commerce giant Alibaba Group who are free to sell their shares for the first time since its IPO, as the country tightens up its leaky mechanisms for tax collection. On Wednesday, a six-month lock-up period for the recently […]

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Hopes Fade for Deal on Chinese Audit Firm Inspections

Hopes Fade for Deal on Chinese Audit Firm Inspections

As recently as July, the PCAOB’s leadership believed it was close to reaching a deal to give its inspectors access to Chinese audit firms’ documents. In recent weeks, the preliminary deal’s terms have been reviewed by officials from ministries U.S. regulators haven’t negotiated with, and that’s feeding doubts that a joint-inspection agreement, if it comes, […]

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Avon China Pleads Guilty to Violating the FCPA by Concealing More Than $8 Million in Gifts to Chinese Officials

Avon China Pleads Guilty to Violating the FCPA by Concealing More Than $8 Million in Gifts to Chinese Officials

Avon China Pleads Guilty to Violating the FCPA by Concealing More Than $8 Million in Gifts to Chinese Officials, as reported in the DOJ Press Release. Avon Products Inc. and Avon Products (China) Co. Ltd. Will Pay More than $135 Million in Criminal and Regulatory Penalties Avon Products (China) Co. Ltd. (Avon China), a wholly owned […]

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Microsoft To Pay China $140 Mln For ‘Tax Evasion’

Microsoft To Pay China $140 Mln For ‘Tax Evasion’

SEATTLE (Reuters) – China has levied about $140 million in back taxes from Microsoft Corp in the first major case concerning cross-border tax evasion in the country, as regulators ramp up pressure on U.S. corporations doing business there. According to an article published by China’s Xinhua official news agency on Sunday, an unnamed U.S. multinational […]

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Progress Seen on Settlement With Chinese Big Four Affiliates

Progress Seen on Settlement With Chinese Big Four Affiliates

The SEC’s Enforcement Division and the Chinese affiliates of the Big Four audit firms may be ready to settle an administrative proceeding involving the firms’ resistance to handing over audit documents in accounting fraud cases. The two sides say they need another 45 days to continue negotiating. The SEC’s Enforcement Division and the Chinese affiliates […]

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Federal Court Dismisses Subpoena Against Deloitte’s Chinese Affiliate

Federal Court Dismisses Subpoena Against Deloitte’s Chinese Affiliate

A U.S. District Court judge dismissed the SEC’s subpoena action against Deloitte in Shanghai after agency enforcement officials determined that they received the necessary papers related to an investigation into one of the audit firm’s former clients. The subpoena was issued when Deloitte said it couldn’t hand over documents because of Chinese legal restrictions on […]

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Negotiations with Chinese Regulators Make Little Progress

Negotiations with Chinese Regulators Make Little Progress

The PCAOB’s effort to inspect audit firms in China has yielded few results after years of effort.The resistance has led the SEC and PCAOB to begin considering alternatives if Chinese officials refuse to compromise. Judging from their recent public statements, the PCAOB’s leadership is running out of patience with the Chinese authorities in the long-running […]

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Delay By Chinese Regulators Slows Case Against Deloitte Shanghai

Delay By Chinese Regulators Slows Case Against Deloitte Shanghai

The SEC has spent five months reviewing 20 cartons of work papers from a Deloitte LLP affiliate in Shanghai as part of its investigation into one of the firm’s former clients for accounting fraud, but has yet to determine its next move. SEC enforcement lawyers raised a number of issues related to the production of […]

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FDIC Signs Memorandum of Understanding With the People’s Bank of China

FDIC Signs Memorandum of Understanding With the People’s Bank of China

Beijing, China — The Federal Deposit Insurance Corporation (FDIC) today (October 24,. 2013) announced the signing of a Memorandum of Understanding (MOU) between the agency and the People’s Bank of China (PBOC) designed to extend their effective international working relationship in the areas of deposit insurance and resolution. The purpose of the MOU is to […]

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Ruling in Case Against Chinese Auditors Delayed to January

Ruling in Case Against Chinese Auditors Delayed to January

The SEC’s chief administrative law judge said an extra three months were needed to review the thousands of pages of documents in a complaint against the Chinese affiliates of the major audit firms. A ruling in favor of the SEC could bar the affiliates of Ernst & Young, KPMG, Deloitte & Touche, Pricewaterhousecoopers, and BDO […]

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Chinese Company’s Auditor Given Three-year Ban

Chinese Company’s Auditor Given Three-year Ban

The SEC charged an accounting firm based in Parsippany, NJ, and a founding partner, for their role in the audits of a Chinese company that traded its shares on U.S. stock markets.  According to SEC’s complaint issued September 30, 2013, Xinggeng Zhao, a partner with Patrizio & Zhao LLC, allegedly didn’t properly audit Keyuan Petrochemicals […]

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Chinese Audit Documents Remain out of Reach

Chinese Audit Documents Remain out of Reach

After years of U.S. effort, it seemed like a breakthrough was achieved when Chinese regulators in July 2013 handed over to the SEC 20 boxes of documents related to a China-based company that was listed on a U.S. stock exchange and suspected of accounting fraud. The SEC has yet to receive paperwork for other companies […]

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Deloitte’s Understanding of U.S. Law Becomes Focus of Hearing About Chinese Paperwork

Deloitte’s Understanding of U.S. Law Becomes Focus of Hearing About Chinese Paperwork

A partner with Deloitte Touche Tohmatsu Certified Public Accountants Ltd. in China told an SEC administrative hearing that the firm acted in good faith when it registered with the PCAOB in 2004. The People’s Republic of China prohibits the direct production of audit firm paperwork to foreign regulators like the SEC and PCAOB, and Deloitte’s […]

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Chinese buyers flood U.S. housing market

Chinese buyers flood U.S. housing market

As reported in the news of CNN Money, Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31, according to the National Association of Realtors. Here’s the article. Flush with cash, Chinese homebuyers are flooding into the U.S. housing market, and paying top dollar.  […]

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Court Lets Complaint Proceed Against Deloitte’s Shanghai Unit

Court Lets Complaint Proceed Against Deloitte’s Shanghai Unit

A U.S. magistrate judge on March 4, 2013, lifted a stay in the SEC’s complaint against Deloitte Touche Tohmatsu CPA LLP in Shanghai. The market regulator has been trying to get Deloitte’s Chinese affiliate to hand over audit papers from Longtop Financial Technologies, a former client being investigated for accounting fraud. The stay was instituted […]

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Apple blamed for shoddy after-sale services in China

Apple blamed for shoddy after-sale services in China

As reported in Global Times, customers expressed their dissatisfaction  after Apple Inc released a statement in response to media complaints about unfair clauses in its after-sale services in China and reports of the company being arrogant in its attitude toward Chinese consumers. A report by China Central Television (CCTV) on Friday, which was World Consumer […]

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U.S.-China anti-tax evasion deal seen as crucial, but elusive

U.S.-China anti-tax evasion deal seen as crucial, but elusive

As reported in Reuters, the success of a broad U.S. crackdown on offshore tax dodging will be determined in part by China’s cooperation, but talks with Chinese officials are making little headway, former U.S. Treasury Department officials and tax professionals said.  FATCA requires foreign financial institutions to tell the United States about Americans’ offshore financial […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney