High-level Discussion Salon on Tax Preference and Governmental Support Policies in Medical Devices Industry Takes Place in Beijing

  • 2020-06-05

On June 3, 2020, the High-level Discussion Salon on Tax Preference and Governmental Support Policies in Medical Devices Industry organized by China Association for Medical Devices Industry and KPMG China took place in Beijing. Ms. Hu Huihui, Deputy Secretary General of CAMDI, presided over the salon, and five tax specialists from KPMG China elaborated on the tax related policies and solutions concerning R&D, import and export, compliance and internal control of the medical devices industry and high-tech enterprises to the representatives at the conference.

Wu Liang (Chief Tax Officer of KPMG, R&D Taxation Service Director of KPMG North) explained the macro-background, policies and application experiences regarding the R&D related tax preference and special subsidies in the field of scientific and technological innovation.

Yu Fang (Chief Tax Officer of KPMG, principal member of Global Indirect Tax Excellence Center of KPMG) explained the VAT related preferential policies in the medical devices industry.

Wang Shouye (Chief Customs and Trading Officer of KPMG, worked over 10 years for Tax Regulations Division, Policy and Regulations Division and Special Tariff Division of Tariff Department of Ministry of Finance) offered basic information regarding background of taxation policy investigation, taxation process and key industries.

Ma Biao (Customs and Trading Manager of KPMG, work over 7 years for General Administration of Customs and local customs departments) explained the differences and correlation between taxation authority and customs in terms of related transaction examination and offered professional insights into the transformation and trend of the transfer pricing issues which are of interest to China Customs.

Tang Minghua (Senior Taxation Manager of KPMG) identified the common risks in fees compliance in the medical devices industry and shared some successful cases in which the taxation and risk consultation team of KPMG assisted medical devices enterprises in identifying and solving the risks in fees compliance and taxation and assisted medical devices enterprises in establishing the internal control system and procedure that align with the corporate values.

This conference was focused on practical issues and went into details, offering new ideas for the attending corporate managers. It was praised by the attending representatives. CAMDI will continue working with KPMG China to hold the workshops. Please stay tuned to the updates of CAMDI.