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The Law of the People’s Republic of China on Enterprise Income Tax |
(Adopted at the 5th Session of the 10th National People’s Congress on 16 March 2007, promulgated by Order No. 63 of the President of the People’s Republic of China and effective as of 1 January 2008)
Table of Content
Chapter One: General Provisions
Chapter Two: Taxable Income
Chapter Three: Payable Tax
Chapter Four: Preferential Tax Treatment
Chapter Five: Tax Withheld at Source
Chapter Six: Special Tax Payment Adjustment
Chapter Seven: Administration of Tax Levying and Collection
Chapter Eight: Supplementary Provisions
Chapter One: General Provisions
Article 1: Taxpayers of enterprise income tax shall be enterprises and other organizations that obtain income within the People’s Republic of China (hereinafter referred to as “Enterprises”) and shall pay enterprise income tax in accordance with the provisions of this Law.
This Law shall not apply to wholly individually-owned enterprises and partnership enterprises.
Article 2: Enterprises are divided into resident enterprises and non-resident enterprises.
For the purposes of this Law, the term “resident enterprises” shall refer to Enterprises that are set up in China in accordance with the law, or that are set up in accordance with the law of the foreign country (region) whose actual administration institution is in China.
For the purposes of this Law, the term “non-resident enterprises” shall refer to Enterprises that are set up in accordance with the law of the foreign country (region) whose actual administration institution is outside China, but they have set up institutions or establishments in China or they have income originating from China without setting up institutions or establishments in China.
Article 3: Resident enterprises shall pay enterprise income tax originating both within and outside China.
Non-resident enterprises that have set up institutions or premises in China shall pay enterprise income tax in relation to the income originating from China obtained by their institutions or establishments, and the income incurred outside China but there is an actual relationship with the institutions or establishments set up by such enterprises.
Where non-resident enterprises that have not set up institutions or establishments in China, or where institutions or establishments are set up but there is no actual relationship with the income obtained by the institutions or establishments set up by such enterprises, they shall pay enterprise income tax in relation to the income originating from China.
Article 4: The rate of enterprise income tax shall be 25%.
Non-resident enterprises that have obtained income in accordance with the provisions of Paragraph Three of Article 3 hereof, the applicable tax rate shall be 20%.
Chapter Two: Taxable Income
Article 5: The balance derived from the total income in each taxable year of Enterprises, after deduction of the non-taxable income, tax exempted income, other deductions and the making up of losses of previous years shall be the taxable income.
Article 6: Income obtained by Enterprises from various sources in monetary and non-monetary terms shall be the total income, including:
1.income from sale of goods;
2.income from provision of labour services;
3.income from transfer of property;
4.income from equity investment such as dividend and bonus;
5.interest income;
6.rental income;
7.income from royalties;
8.income from donations; and
9.other income.
Article 7: The following income from the total income shall not be taxable:
1.financial funding;
2.administrative fees and government funds obtained and included in financial management in accordance with the law; and
3.other non-taxable income prescribed by the State Council.
Article 8: Reasonable expenses that are relevant to the income actually incurred and obtained by Enterprises, including costs, fees, tax payments, losses and other fees may be deducted from the taxable income.
Article 9: In relation to the expenses from charitable donations incurred by Enterprises, the portion within 12% of the total annual profit may be deducted from the taxable income.
Article 10: The following expenses may not be deducted from the taxable income:
1.income from equity investment paid to investors such as dividend and bonus;
2.payment of enterprise income tax;
3.late payment fines;
4.penalties; fines and losses from confiscated property;
5.expenses from donations other than those prescribed in Article 9 hereof;
6.sponsorship fees;
7.expenses for non-verified provisions; and
8.other expenses irrelevant to the income obtained.
Article 11: Where Enterprises compute the taxable income, the depreciation of fixed assets calculated in accordance with provisions may be deducted.
No depreciation may be deducted for the following fixed assets:
1.fixed assets other than premises and buildings that have not yet been used;
2.fixed assets leased from other parties by means of business lease;
3.fixed assets leased to other parties by means of lease financing;
4.fixed assets that have been depreciated in full but are still in use;
5.fixed assets that are irrelevant to business activities;
6.land credited as fixed assets after independent price valuation;
7.other fixed assets whose depreciation may not be calculated.
Article 12: In Enterprises compute the taxable income, the amortization of intangible assets calculated in accordance with provisions may be deducted.
The amortization of the following intangible assets may not be deducted:
1.the fees for self development of intangible assets that have been deducted from the taxable income;
2.self-created goodwill;
3.intangible assets that are irrelevant to business activities; and
4.other intangible assets whose amortization fee may not be calculated.
Article 13: Where Enterprises calculate taxable income, the following expenses incurred by Enterprises as long-term fees to be amortized and that are amortized in accordance with provisions may be deducted:
1.reconstruction expenses for fixed assets that have been depreciated in full;
2.reconstruction expenses for fixed assets leased from other parties;
3.heavy repair expenses of fixed assets; and
4.other expenses that shall be treated as long-term amortization fees.
Article 14: During the period when Enterprises invest outside the territory, the cost of investment in assets may not be deducted from the taxable income.
Article 15: The inventory used or sold by Enterprises whose cost is calculated in accordance with provisions may be deducted from the taxable income.
Article 16: Where Enterprises transfer assets, the net value thereof may be deducted from the taxable income.
Article 17: Where Enterprises compute the consolidated enterprise income tax, the losses of business institutions outside the territory may not be offset by the profits of business institutions inside the territory.
Article 18: Where there is a loss in a taxable year of Enterprises, it may be brought forward to the succeeding years and made up by the income of succeeding years, but the limit of bringing forward may not exceed five years.
Article 19: Where non-resident enterprises obtain income provided in Paragraph Three of Article 3 hereof, the taxable income shall be calculated in accordance with the following methods:
1.income from equity investment such as dividend and bonus and interest income, rental income and royalties, the total income shall be the taxable income;
2.income from property transfer, the balance derived from the deduction of net asset value from the total income shall be the taxable income;
3.other income whose taxable income shall be calculated with reference to the previous two methods.
Article 20: The income, specific scope and standard of deduction and the specific method of taxation treatment of assets prescribed in this Chapter shall be provided by the departments in charge of finance and taxation under the State Council.
Article 21: In computing the taxable income, where financial and accounting treatment methods of Enterprises are inconsistent with tax laws and administrative regulations, such taxable income shall be computed in accordance with tax laws and administrative regulations.
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