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Victoria

Event Recap - ACBC Members Only Meeting with China's State Administration of Taxation

01 November 2017

On Wednesday 1 November 2017, ACBC Victoria hosted a delegation from China’s State Administration of Taxation at International Chamber House.
 
The event gave ACBC members an insight into the current Australian tax inspection system and the role played by technology in inspection services. Additionally, the event explored how the Australian Government manages taxation risks, as well as the specifics of risk assessment and auditing processes.
 
ACBC President, the Hon Ken Smith, opened the event with a welcome to the Chinese delegates. He spoke about the ongoing importance of the Australia-China economic relationship and the role that Chinese people have played in developing and enhancing Australian culture.
 
Mr Shen Fuming, a Senior Representative of the Delegation then gave a presentation about the taxation system in China, with a focus on tax compliance. In his presentation, Mr Shen spoke warmly of China’s relationship with Australia and highlighted that the Chinese Government always encourages and embraces multinational investment in China.
 
The next speaker was Mr Theo Sakell, Partner/Executive Director, Pitcher Partners and member of ACBC Victoria’s Executive Committee. Theo, an expert in International Tax, gave an informative presentation on the Australian taxation system and the way in which Australians and Australian companies negate and manage taxation risks. He also spoke about the importance of making people aware of their role and obligations regarding tax.
 
Theo used his expertise to highlight some of the differences between the Australian and Chinese taxation systems. One major difference that he emphasised was the fact that China is not a member of the OECD, and therefore, has different international tax obligations. 
 
Following the two presentations, members of the delegations and the ACBC members in attendance engaged in an interesting Q&A session and further networking opportunities. 
 
ACBC Victoria warmly thanks the event’s key speakers Shen Fuming and Theo Sakell for their insightful and engaging presentations. We also extend our thanks to all who attended.