China: Taxation: Circular 958
Jun He Law Offices, Shanghai |
February 01, 2009
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Jun He Law Offices
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Shanghai
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+86 21 5298 5488
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+86 21 5298 5492
On November 26 2008, the State Administration of Taxation (SAT) issued a tax circular concerning enterprise income tax (EIT) consolidation and prepayment by wholly foreign-owned banks, Guoshuihan (2008) 958 (Circular 958). Circular 958, which took effect retroactively from January 1 2008, specifies that wholly foreign-owned banks are also required to follow the Interim Procedures for the Administration of Income Tax Collection from Enterprises that Operate Across Different Administrative Regions and File Consolidated Enterprise Income Tax Returns (Interim Procedures), issued by the SAT under cover of Guoshuifa (2008) 28.
Under the Interim Procedures, both...
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