China alert - Issue 23, November 2012
In 2012, the Chinese tax authorities issued a series of important Corporate Income Tax (CIT) and indirect tax regulations, which significantly impact enterprises’ tax filings and financial statements. If a corporation fails to meet the tax filing and payment deadlines outlined in these regulations, the tax authorities may impose late payment surcharges and even penalties on the taxpayers or the withholding agents.
To help corporations deal with their tax compliance obligations, we have outlined below a 2012 Year-End China Tax Checklist. The checklist does not purport to be an exhaustive list of key China tax and regulatory matters and is not intended to address the circumstances of any particular individual or entity. In addition, there may be variations among local tax authorities regarding the implementation of the rules.