View this page in: 简体中文版Jun 2015, Issue 27
New packages of corporate income tax returns - more flexibility vs. more information disclosure
After the amendment of annual Corporate Income Tax (CIT) filing returns for Tax Residence Enterprises (TREs) paying CIT on an actual profit basis (annual CIT returns for TREs) in late 2014, the State Administration of Taxation (SAT) recently released another two new packages of CIT returns, the provisional and annual CIT returns for Non-TREs and provisional CIT returns for TREs.
The two new packages of CIT returns will have to be used from 1 July 2015. Contents wise, they are more comprehensive in terms of information disclosure than the previous version, which demonstrates the SAT’s intention to enhance tax administration via more information collection from CIT filing. Meanwhile, the new provisional CIT filing returns for TREs and Non-TREs have both added schedules for tax incentives, which means that going forward, instead of paying tax first in provisional filing and then claiming the tax incentives and refund during the annual filing, taxpayers could directly claim the relevant CIT incentives in provisional filing. This new model will no doubt bring more flexibility and efficiency for both taxpayers and tax authorities. Other issues of China Tax/Business News Flash
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