China has unveiled a series of Draft Amendments to its IIT Laws, which are intended to boost consumption while combating the effects of rising living costs.
China’s State Administration of Taxation (SAT) clarified its preferential corporate income tax (CIT) policies for small and low-profit enterprises in an announcement released on July 13.
When related party transaction deviations are found in a year-end review, tax professionals will voluntarily make precautionary adjustments to minimize the risk of being investigated by the tax authorities.
In China, entities with related party transactions above certain thresholds must prepare the contemporaneous documentation – master file, local file, or special file – in line with corresponding requirements and before stipulated deadlines.
Tax, Accounting and Audit in China 2018, the latest publication from China Briefing and Dezan Shira & Associates, is out now and available for download through the Asia Briefing Publication Store.
Last week, China’s State Administration of Taxation released measures clarifying what documents are needed for corporate income tax (CIT) deductions.
Foreign investors are less likely to disregard fraud in China than in the past; its competitive market now means businesses need to build stronger anti-fraud programs to protect margins and improve efficiency.
The latest issue of China Briefing Magazine, How to Manage Transfer Pricing in China, is out now and available for download from the Asia Briefing Publication Store.