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Payable Tax & Preferential Tax Treatment |
Chapter Three: Payable Tax
Article 22: The taxable income of Enterprises shall be the balance derived from the taxable income of Enterprises multiplies the applicable rate and minus the tax amount of tax reduction and exemption pursuant to the preferential tax treatment hereof.
Article 23: The income tax that has been paid outside the territory for the following income obtained by Enterprises may be offset from the payable tax of the current period. The offset limit is the payable tax calculated in accordance with provisions hereof in respect of the income of such item, the portion in excess of the offset limit may be made up by the balance of the offset amount of the current year out of the annual offset limit within the next five years:
1.The taxable income originating outside China by resident enterprises;
2.The taxable income incurred outside China that is obtained by institutions or establishments of non-resident enterprises set up in China with an actual relationship with such institution or establishment.
Article 24: Where income from equity investment such as dividend and bonus originating outside the territory of China is shared by foreign enterprises directly or indirectly controlled by resident enterprises, the portion undertaken by foreign enterprises in the actual income tax actually paid outside the territory by foreign enterprises may be offset in the offset limit prescribed in Article 23 hereof as the income tax that may be offset outside the territory by such resident enterprises.
Chapter Four: Preferential Tax Treatment
Article 25: The industries and projects with key support and under encouraged development by the State may be given preferential enterprise income tax treatment.
Article 26: The following income of Enterprises shall be tax-exempted income:
1.income from interests on government bonds;
2.income from equity investment income such as dividend and bonus between qualified resident enterprises;
3.income from equity investment such as dividend and bonus obtained from resident enterprises by non-resident enterprises that have set up institutions or establishments in China with an actual relationship with such institutions or establishments;
4.income of qualified non-profit organizations.
Article 27: The following income may be subject to exempted or reduced enterprise income tax:
1.income from engaging in projects of agriculture, forestry, animal husbandry and fisheries by Enterprises;
2.income from investment and operation of infrastructure projects with key state support such as habour, pier, airport, railway, highway, electricity and hydroelectricity by Enterprises;
3.income from engaging in qualified projects of environmental protection and energy and water conservation;
4.income from qualified transfer of technology by Enterprises; and
5.income prescribed by Paragraph Three of Article 3 hereof.
Article 28: Small-scale Enterprises with minimal profits that are qualified are subject to the applicable enterprise income tax rate with a reduction of 20%.
High and new technology Enterprises that require key state support are subject to the applicable enterprise income tax rate with a reduction of 15%.
Article 29: The autonomous authority of ethnic autonomous locality may decide on the reduction or exemption of the portion of enterprise income tax shared by the locality that shall be paid by Enterprises of the ethnic autonomous locality. Where an autonomous prefecture or autonomous county decides on the reduction or exemption, they must report to the people’s government of province, autonomous region or municipality directly under the central government for approval.
Article 30: Weighted deduction may be computed in taxable income for the following expenses of Enterprises:
1.research and development fees incurred by Enterprises in the development of new technology, new products and new skills; and
2.the wages paid by Enterprises for job placement of the disabled and of other personnel encouraged by the State.
Article 31: Venture investment enterprises that engage in venture investment requiring key state support and encouragement may offset the taxable income at a certain ratio of the investment amount.
Article 32: Where the fixed assets of Enterprises actually require accelerated depreciation due to technology advancement, the years of depreciation may be shortened or the accelerated depreciation method may be adopted.
Article 33: The income obtained by Enterprises from the production of products in line with state industrial policies through comprehensive use of resources may be deducted from the taxable income.
Article 34: The investment by Enterprises on procurement of special facilities for environmental protection, energy and water conservation and safe production may be subject to an offset tax amount at a certain ratio.
Article 35: The specific measures of preferential tax treatment prescribed by this Law shall be formulated by the State Council.
Article 36: Where there is a significant impact on the business activities of Enterprises pursuant to the needs of national economy and social development, or due to unexpected public incidents, the State Council may formulate the special preferential policy of enterprise income tax and report to the Standing Committee of the National People’s Congress for the record.
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