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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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Administration, BUSINESS, china, ENTERPRISE, financial, income, Investmen, Investment, payment, policies, PRC, Property, Regulations, tax, taxes, VAT
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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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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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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The contents of the VAT transformation reform include the following: where the taxpayer throughout the nation (irrespective of regions and industries) has paid VAT for the purchase of capital equipment, the input VAT can be offset against the output VAT. If the input VAT is not yet fully offset, the balances can be carried forward for use in future periods. To plug any tax loophole, the tax rules shall exclude the VAT paid for small passenger vehicles, motorcycles and yachts that are subject to consumption tax. As a measure to implement the transformation reform the following policies shall be put into effect at the same time: the VAT exemption policy for the imported capital equipment and the VAT refund for the purchase of domestically manufactured capital equipment shall be axed; the levy rate for small scale taxpayer engaged in production and non-production business shall be reduced to a uniform rate of 3%; the VAT rate for mineral products shall be increased to 17%.
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BUSINESS, consumption, policies, tax, VAT
The first is to allow deduction of the input VAT for purchased fixed assets. Before the amendment, input VAT is not allowed to get deducted from the output VAT. The production type VAT system is adopted and that has increased the tax burden of the enterprise buying the machinery and equipment. To reduce the tax burden, the revised VAT regulations remove the practice of such non-deduction, and allow the taxpayer to deduct the input VAT for purchased fixed assets. That helps achieve the transformation of the production type VAT system to one of consumption type.
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BEIJING, Dec. 27 (Xinhua) — Measures to improve China’s agriculture and the income for rural people are expected to come out of an annual rural work conference which began here Saturday.
Presided over by the State Council, or the Cabinet, the conference will map out policies on the country’s rural development for the next few years.
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The National Meeting on Commercial Works which lasted two days was held in Beijing on December 23 and December 24. The meeting emphasized the general requirements on the commercial requirements of 2009, which are: fully implementing the spirits of the 17th CPC National Congress and the Third Plenum of the 17th Party Congress, taking the Deng Xiaoping Theory and the important thoughts of “Three Represents” as guidance, deeply implementing and fulfilling the scientific outlook on development, taking “expanding of domestic demands and maintaining steady development of foreign trades” as the focuses, improving the policies, enhancing the services, wholly planning both the domestic and international markets and resources, accelerating the structural readjustment and transition of development modes, and achieving a effective and rapid development of commercial businesses.
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Commerce Minister Chen Deming said on Tuesday that he expected China’s foreign trade to grow about 18percent to 2.6 trillion U.S. dollars for 2008 as a whole, despite the downturn in foreign demand during the second half.
He also estimated that foreign investment had exceeded 90 billion U.S. dollars, up about 20 percent.
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BEIJING, Dec. 27 (Xinhua) — Measures to improve China’s agriculture and the income for rural people are expected to come out of an annual rural work conference which began here Saturday.
Presided over by the State Council, or the Cabinet, the conference will map out policies on the country’s rural development for the next few years.
Earlier this month, the National Development and Reform Commission (NDRC), predicted the nation’s grain output will increase for five straight years and reach 525 million tonnes in 2008.
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