Category: Tax

CHINA | Calculating Individual Income Tax

In China, individual income tax ('IIT') is calculated on an accumulated basis. From August 32 2018, the revised Individual Income Tax Law reformed taxable income for tax residents to be measured on a consolidated basis from the 1 January to 31 December (tax year). In other words, the tax rate applied in January should be…

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CHINA TAX | January 2023

From January 1, 2023, the following China tax changes applies to companies: High-Technology Companies For those who purchased new equipment and appliances between October 1, 2022, and December 31, 2022, a lump sum deduction is allowed in the calculation of taxable income for the current year. 100% super-deduction before tax is allowed Research and Development…

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