China tax filing service
Hotline: 86-755-82147392, Email:info@citilinkia.com
China’s rapidly-developing country,and China , corporate and individual tax regulations make on-going tax planning an essential part of doing business in China. Tax incentives are one of the most important factors foreign investors should consider when deciding to invest in China
ATAHK Group Limited is an expert in corporate formation, trademark registration and all the follow-up business-related activities. ATAHK was set up in Hong Kong in 2000. With ten years' development, the group has established a sound service network worldwide for the small and medium-sized enterprises, all the services are business-orientated and solution-orientated.We offer all level and every single tax issue for business operating in China. Though tax rates and administration vary from city to city, it is best consulted with China Knowledge on a case by case basis to ensure your business adheres to local laws and regulation.
Tax Year
The tax year is the calendar year, i.e., it lasts from Jan. 1 to Dec. 31. If a foreign enterprise experiences difficulties in computing its taxable income on a calendar-year basis, it may apply to the tax authorities to adopt its own financial year as the tax year. If an enterprise commences business within a calendar year or has been in operation for less than 12 months in a calendar year, the actual operating period will be treated as the tax year.An FIE is required to file its annual tax returns, audited financial statements and the auditor’s report with the tax administrations within four months after the end of the year. Alternatively, an application for deferring the filing of these documents may be submitted within four months after the end of the year.
Tax Reporting and Payment
Different taxes have different reporting periods and payment due dates. In general, Corporate Income Tax (CIT) is paid on a quarterly basis, and VAT and Business Tax are usually paid on a monthly basis, as is Individual Income Tax (IIT). Tax authorities will not send taxpayers tax returns. Instead, taxpayers should collect blank tax returns from tax offices, complete them and file them accordingly.Approved methods of submission differ from place to place. Reporting via mail may be acceptable, or submission in person may be required. Some regions, such as Shanghai, have adopted electronic filing.Late payment of taxes carries a fine of 0.05% of the tax owed per day it is overdue. Withholding agents who fail to observe these obligations will be subject to a maximum penalty of 500% of the tax involved. Under the tax regulations, the foreign-invested company may apply to the tax authorities for deferred tax filing and payment.
Tax Applicable to Foreign Invested Enterprises
Over the past 20 years, China has made significant progress and has gained more experience in its tax legislation. In particular, it has improved the tax laws relating to foreign-invested enterprises. While China continues to use preferential tax treatment as an important means to attract FDI, it has shifted its emphasis from the amount or quantity of foreign investment to the quality of foreign investment, believing that this will help promote the sustainable economic development of the country.
Tax Administration
The Law on Tax Administration is the basic law on taxation and is also a procedural law. All enterprises, domestic and foreign, are treated equally under this law.
Tax Registration
Joint ventures (JVs), wholly-owned foreign enterprises (WOFEs), representative offices and other similar organizations in China are required to register with local tax authorities within a period of time specified in the relevant regulations. In general, registration must be completed within 30 days after the business license is issued.
Registration papers are to be filed with both the local branch of China’s State Taxation Administration and the local government’s Taxation Administration office. The two administrations have their own tax jurisdictions. To qualify as an ordinary Value Added Tax (VAT) payer and be able to issue VAT invoices, a taxpayer has to undertake VAT registration as well.Upon completion of the tax registration, the applicant will be issued a tax registration certificate that must be renewed every year. Any changes in business license or operating office oblige the taxpayer to reregister with the tax authorities.
Contact Us
For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82148419, 86-755-82143512, or emailing to info@citilinkia.com.