Prior to distributing and repatriating profits, foreign-invested enterprises (FIEs) must complete the annual compliance process. The annual compliance procedures involve audit, tax filing and inspection.
Tax deduction is an important part of any company’s annual tax reconciliation and year-end account closings. Here we take a closer look at deductible and non-deductible expenses.
Expatriates who are employed by a foreign-invested enterprise in China are liable for individual income tax (IIT) from the first day they arrive in China. In this article, we clarify how IIT applies to expatriate income, what is considered annual income and exactly how IIT is calculated.
China has granted six-year-long tax incentives to projects on key public infrastructure development and environmental protection. Based on those laws, a recent government document clarified the implementation of such incentives on eligible projects that have already been recognized before 2008.
In a move to further boost its logistics industry, China is now allowing logistics enterprises to pay less urban land use tax (ULUT) on lands occupied by their commodity warehouses.
In Announcement [2012] No.4 released on January 29, the Chinese General Administration of Customs clarified the favorable import tax treatment to "encouraged" foreign-invested projects.
Shanghai's newly included value-added taxpayers (pilot enterprises) may receive fiscal compensation if they see increases in their actual tax burdens under the new tax scheme, local authorities said recently.
China's State Administration of Taxation recently clarified the tax treatment to transfers of natural resource use rights.
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
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