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Guidance on Annual Individual Income Tax Declaration 2024 in China
In accordance with the Individual Income Tax Law, by the end of fiscal year of 2024, individual residents are required to aggregate four types of incomes, namely, “Wages and Salaries”, “Labour Remuneration”, “Author’s Remuneration”, and “Royalties” (hereinafter refer to as “Comprehensive Income”) received during the period from 1 January 2024 to 31 December 2024
China's Current Tax System - Consumption Tax
Enterprises and individuals who manufacture, entrust other companies to process and import taxable consumer goods are taxpayers of consumption tax. Qualified pure biodiesel is exempted from consumption tax;Mercury-free galvanic cell, nickel-metal hydride battery, lithium primary cell, lithium ion battery, solar cell, fuel cell, all-vanadium flow battery is exempted from consumption tax;
China Taxation - Difference of Mixed Sales & Concurrent Operation
Taxpayers sell merchandise processing repair and maintenance, as well as offering service, intangible assets, and immovable property, which is considered as concurrent operation. Based on the Tax Law regulated in China, taxpayers are involved in various tax rates from concurrent operation, sales amounts should be calculated at various tax rates or confiscatory rates;
Brief Introduction on Tax-related Issues for Intangible Assets in China
Intangible assets refer to identifiable non-monetary assets owned or controlled by an enterprise that have no physical form, usually including patent rights, non-patented technologies, trademark rights, copyrights, concessions, land use rights, etc. The following is a brief introduction to several tax-related issues of mixed intangible assets.
China Taxation - Brief Introduction on Deduction Items of Individual Industrial Commercial income
Individual industrial commercial defines as individuals or families who are involved in industrial and commercial activities within lawful areas, registered and recorded as law. Individuals attends in industrial and commercial activities should pay individual income tax, Actual and reasonable payment for employees as wages and salaries, allowing for deduction. Employers’ pre-tax deduction for salaries would not be allowed.
China's Current Tax System - Enterprise Income Tax
The taxpayers of Enterprise Income Tax include any enterprise and other organizations (not applicable to sole proprietorships and partnerships) which have income derived from China. Including resident enterprises and non-resident enterprises.Resident enterprises: enterprises which are established in China according to Chinese law or established in accordance with laws of foreign countries (regions) but have actual management institutions in China.
Provisions on Expenses Deductions Before Enterprise Income Tax in China
An enterprise needs to pay enterprise income tax in advance on a quarterly basis for its business and need to declare and paid the yearly income tax within five months after the completion of a tax year and carry out "more refund and less paid", that is, the tax settlement and payment.
Introduction to the Policy on Pre-tax Deduction of Research and Development Expense in China
Research and development (R&D) expenses are those paid for the activities of project research and development. The regulation of R&D expenses in China's relevant systems exists in two aspects: Accounting Standard for Business Enterprises No. 6 - Intangible Assets and the Enterprise Income Tax Law of the People's Republic of China.
China Taxation - Preferential Policy on Income Deduction for Corporate Income Tax
‘Income deduction’ refers to a preferential tax measure that allows income from certain business activities to be reduced by a certain proportion. There are 5 preferential situations listed as following: Comprehensive utilization of resources. Financial institutions provide microcredit services for farmers. Insurance enterprise provide services for planting and breeding industry
Relevant Provisions on Annual CIT Declaration for Branches in China
Collection and administration measures for consolidated tax paying enterprise are ‘consolidated calculation, hierarchical administration, local advance tax payment, consolidated settlement, fiscal allocation’. The detailed regulations are as followed:Consolidated calculation refers to the unified calculation for all the taxable income and tax payable by the head office, which include all the branches without legal personality.Hierarchical administration means that local competent