Notice on Real Estate Companies Delivering Complete Housing Projects
May 24 – The State Administration of Taxation recently issued a new notice regarding real estate enterprises delivering complete housing projects.
Guoshuihan  No. 201, issued May 12, specifies the terms and conditions for real estate companies on completing housing projects. In accordance with the “Real Estate Corporate Income Tax Notice” (Guoshuifa  No. 31) and the “Management Approach for Real Estate Enterprises CIT” (Guoshuifa  No. 31), the new notice stipulates that housing projects should be regarded as complete once real estate enterprises start delivering and processing housing product procedures, or the housing product has been put into actual use. This is regardless of whether the quality of the housing project has been approved by relevant authorities or whether the real estate enterprises have completed the final accounting procedures.
Furthermore, it emphasizes that real estate enterprises should calculate tax costs in a timely manner according to the new notice, as well as its yearly taxable income.
- Previous Article Ningbo Issues VAT General Taxpayer Management Approach
- Next Article China Plans to Alter Resource Tax Structure