NetSol Makes Quick Change in China

A change in the tax regulations in China caused Netsol Technologies Inc. to incorporate new tax handling capabilities for clients in that country. China is replacing its business tax with the value added tax, which has been phased in. NetSol, based in Calabasas, provides financing software to auto leasing and finance companies, an industry that made the tax conversion last year. Netsol was able to make the changes in less than two months for six global auto clients in China. Umar Qadri, president of NetSol Technologies China, said that because of important clients operating in China, a swift response by the company was necessary, “We are the leading technology solutions provider to the asset finance and leasing industry in China, and to maintain that position, a flawless service delivery is expected of us every time,” Qadri said in a prepared statement. Shares closed up 4 cents, or less than 1 percent, to $6.13 on the Nasdaq.