Chinese walker

What is the difference between a Company and an enterprise?

Legally there are several differences between the two. An enterprise means foreign investment enterprises (FIE) in China. There are state owned enterprises in China but we do not include them into the comparison here.
A PRC company is incorporated under the PRC company law, or the “Tentative Provision for the Establishment of the Foreign Investment Joint Stock Limited Liability Company”. There are two types of companies: one is limited liability company;the other is joint stock limited liability company; An enterprise is incorporated under one of the following laws:-
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Tax Agreement, china, ENTERPRISE, Investmen, Investment, PRC, Stock

he US dollar and the Japanese yen maintained a strong tone in the past fortnight as risk aversion flows continued to dominate trading in financial markets. Investor sentiment was hit by a slew of bad news, including weaker than expected reports and poor earnings at major global banks. In addition, the downgrades or potential downgrades to sovereign ratings of some of the euro zone and other economies, including Greece, Spain, Portugal, Ireland and New Zealand due to their deteriorating fiscal conditions also hurt confidence.
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Speech at China West Forum 2001
SUN Zhenyu,
Vice Minister of the Ministry of Foreign Trade and Economic Cooperation

(Xi’an, September 5th， 2001)

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TAXATION ON REPRESNETATIVE OFFICES
A representative office (RO) achieves the purposes that a foreign investor could establish a PRC presence in a relatively short time period and that the foreign investor is not required to make any commitment to bring in capital either in cash or in kind. Furthermore, the fact that an RO’s approval certificate can be valid for a one-year period provides for an exit option for the foreign investor to test the water.

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Tax Administration, Agreement, BUSINESS, china, Commitment, Economic, ENTERPRISE, financial, income, Introduction, Investmen, Investment, LEASE, Management, marke, PRC, Regulations, tax, Taxation

Legal authority
The PRC Tax Levy and Administration Law and its Detailed Implementation Regulations
Tax registration
Every foreign investment enterprise (FIE) shall apply for a tax registration at both the national tax office and local tax office.
Types of tax registration:-

National income registration and local income tax registration. Both registrations are mandatory and the registration application must be submitted within 30 days of obtaining the business license from the local office of “State Administration of Industry and Commerce” at the city level or above;

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Bilateral credit
Under the PRC tax treaty, the corporate level income tax paid by the foreign investment enterprise are eligible for an indirect tax credit for foreign investors in their home jurisdictions.

Tax sparing credit
A Foreign Investment Enterprise who is a resident of a PRC treaty country is deemed to have paid the income tax under the indirect tax sparing credit provision in respect of any PRC tax concession and tax breaks being granted.
However, there is no tax sparing credit provision in the treaty concluded between the PRC and the USA.

Major PRC treaty countries by geographic area

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Tax Asia, Credit, Economic, ENTERPRISE, income, Investmen, Investment, Investors, PRC, tax

To the people’s governments at the provincial level, the people’s governments of autonomous regions and municipalities directly under the State Council, the ministries, and the institutions directly under the State Council

The PRC Enterprise Income Tax Law (referred to as the “EIT Law” hereafter) and the Implementation Regulations of the PRC Enterprise Income Tax Law (referred to as the Implementation Regulations hereafter) will take effect on January 1, 2008. In accordance with Article 57 of the EIT Law, the State Council gives notice on the issues of grandfathering preferential policies under the EIT Law as below:

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Tax Administration, BUSINESS, china, development, ENTERPRISE, finance, income, policies, PRC, Regulations, tax, Taxation

It has been a 13-year journey from the preliminary work in 1994 to the passing of thePRC Enterprise Income Tax Law (referred to as “the EIT Law” hereafter) on 16th March 2007, which marked the completion of the unification of two tax systems for  domestically funded and foreign funded enterprises in China. It is a system innovation in the process of building socialism and a harmonized society within the country. To reap the benefits of the new tax system depends very much on its implementation in an effective manner. A few days ago, the State Council announced the long-awaited  Implementation Regulations of the PRC EIT Law (referred to as “the Implementation Regulations” hereafter), which is to come into play with the implementation of the  EIT Law.

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Tax Administration, Agreement, Asia, bank, BUSINESS, china, consumption, Credit, development, Economic, ENTERPRISE, finance, income, Infrastructure, innovation, Investmen, Investment, Investors, Management, marke, payment, policies, PRC, Regulations, SAFE, Stock, tax, Taxation, taxes, TURNOVER TAX, UK, VAT

Enterprise Income Tax Law of the People’s Republic of China

Order of the President of the People’s Republic of China
(No. 63)

The Enterprise Income Tax Law of the People’s Republic of China, which was adopted at the 5th Session of the 10th National People’s Congress of the People’s Republic of China on March 16, 2007, is hereby promulgated and shall come into force as of January 1, 2008.

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Tax Administration, BUSINESS, china, Credit, depreciation, developing, development, Economic, ENTERPRISE, Environment, finance, financial, foreign-funded enterprises, income, Infrastructure, Investigation, Investmen, Investment, Investors, LEASE, Management, Monetary, payment, policies, Property, Regulations, SAFE, settlement, tax, taxes

In the 1994 tax reform, the price and allocation for some part of mineral products were still regulated under state planning due to historical issues. As from May 1994,the tax rates for extracts of metallic and non-metallic mineral products were adjusted from 17% to 13% to stabilize and develop the excavation industry. But that also brought along some issues:

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Tax Credit, ENTERPRISE, Environment, Historical, payment, tax, VAT