The items that are collected and administered by tax authorities include: VAT, Consumption Tax, Vehicles Purchase Tax, Enterprise Income Tax, Individual Income Tax, Resource Tax, City Maintenance and Construction Tax, City and Township Land Use Tax, Farm Land Occupation Tax, Land Appreciation Tax, House Property Tax, Vehicle and Vessel Tax, Stamp Tax, Deed Tax, Environment Protection Tax, Tobacco Tax
Vessel tonnage tax shall be collected on the basis of the net tonnage of a vessel and the term of the vessel tonnage certificate. Net tonnage refers to the net tonnage indicated on the vessel tonnage certificate issued by the government of the vessels of the nationality of the country or region.
Finance lease is a new type of business in finance sector. It integrates finance lease and asset lease, trading and technology renovation. The credential and guarantee requirements are not strict for finance lease. The depreciation of assets that obtained by finance lease can be deducted when calculating corporate income tax, and the input VAT of the rent can be used to offset output VAT.
Where an enterprise with foreign investment invests in another enterprise within China, the profit (dividends) obtained from the enterprise receiving the investment may be excluded from its taxable income; however, expenses and losses incurred in the investment process may not be deducted from its taxable income.Unless otherwise stipulated by the State, the following items shall not be itemized as costs
In business transactions between an enterprise with foreign investment or the establishments or sites set up in China by a foreign enterprise for production or business operations, and its associated enterprise, the payment or receipt of charges or fees shall be made in the same way as the payment or receipt of charges or fees in business transactions between independent enterprises.
Income Tax already paid abroad in Article 12 of the Tax Law refers to the Income Tax actually paid outside China, by an enterprise with foreign investment, on the income received from sources within China. It does not include any tax paid but later compensated, or any tax borne by others.
In accordance with Accounting Law of China provision 12, RMB should be the bookkeeping base currency. If there are other currencies dominate in business operation, one of them can be the base currency for bookkeeping. But it shall exchange into RMB when compiling Accounting Financial Report. However, Chinese Tax Law and Accounting Law have different provisions on Foreign Exchange Conversion
Shenzhen resident will be unable to enjoy medical benefits from the next month after stopping payment of social insurance.The accumulated payment period will be regarded as zero if stop the payment over 3 months, which also will affect the amount of hospitalization reimbursement.
The company’s previous accounts records for wages and salaries is the minimum wage required by the city, and the remaining wages and salaries were paid by personal bank account. Is this possible after the social insurance is collected by the tax department? After the social insurance is collected by the tax department, employees’ individual income tax and social insurance data will be compared and matched in the future.
According to Regulations on the Implementation of the Enterprise Income Tax Law, the taxable income of enterprises shall be computed on an accrual basis. The income and expenses of certain period shall be recorded according to the period of rights and obligation, regardless whether the money is received or paid; The income and expenses not attributable to a certain period shall not be regarded as income and expenses of the period