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1、Dezan Shira & AssociatesCHINA TAX OVERVIEW & CIT UNIFICATION UPDATE 2007 Dezan Shira & Associates Ltd. All rights reserved. IndexPart OneChina CIT UnificationPart ThreeImplementation Rule of EIT & FEIT v.s. New RPart One China CIT UPart One: China CIT Unification5Expenses Deduction4Grandfathering Ru
2、le312Residence ConceptTax RateTax IResidence ConceptItem Definition Tax ImplicationChina tax resident Enterprises established in ChinaTax on worldwide incomeForeign enterprises established outside China but its effective management is based in ChinaNon-China tax residentEnterprises established outsi
3、de ChinaTax on China- sourced Example Help You to Understand the DConclusion of the SampleSource of Income Current Tax LawNew LawIncome derived from ChinaPE, pay taxPay tax as residenceIncome derived from outside ChinaExemptionPay tax as 5Expenses Deduction4Grandfathering Rule312Residence ConceptTax
4、 RateTax IncentivesPart One: China CIT UMain ChangesTax RateItemTax rateApplicable EnterprisesStandard Rate25% Most enterprisesReduced Rate20%Small and thin-profit enterprisesWithholding Income Tax (“WHT”)20% (Reduced to 10%)Incomes derived from profits, interest, rentals, royalties and other income
5、s from sources in CIllustration for small and thin profit enterpriseTax rate20% n Recognition criteria For manufacturing enterprises Total assets RMB 2000 Usage period 2 years Same with EIT. No limitation on non- production assets. Tax incentive Resource utilization EIT FEITNew RuleIncome generated
6、from productions using resources indicated in “Resource utilization list” which beyond the designed products- 5 years EIT exemption Income generated from construction products production using large volume of coal gangue, steel slag, pulverized coal ash as main raw materials- 5 years EIT exemption E
7、nterprises for processing or utilizing disposed resource -1 year exemption N/A If enterprises produce with resources defined in “ Resource utilization tax inventive list” and products satisfies Nations relevant regulations 90% revenue are taxed Tax incentive Environment protection equipments, energy and water saving, safe production EIT FEITNew RuleN/A N/A 10% of equipment investment deductible 53
