Taxes, Finance and Audit. 11.1 The financial and accounting system of the Joint Venture shall be established by the Joint Venture according to the Sino-foreign Equity Joint Venture Financial Accounting Standard issued by the Ministry of Finance and other relevant rules and regulations. 11.2 The accounting policies and standards of the Joint Venture shall be initiated by Party A and to be approved by the Board. Such policies shall be filed in the local government's financial department and tax department. 11.3 The Joint Venture shall pay various taxes in accordance with the P.R.C. laws and regulations. 11.4 Employees of the Joint Venture shall pay personal income tax in accordance with the P.R.C. Law on Personal Income Taxes and other relevant regulations. 11.5 The Joint Venture shall keep reserve funds, enterprise development funds and employee welfare funds in accordance with the P.R.
Appears in 4 contracts
Samples: Joint Venture Agreement (New Dragon Asia Corp), Joint Venture Agreement (New Dragon Asia Corp), Joint Venture Contract (New Dragon Asia Corp)
