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Kansas City: Not-for-Profit Update: Understanding Fraud, Risk And Other Technical Issues January 22, 2009 (Speaker Series) St. Louis: Not-for-Profit Update: Managing Risk, Understanding Fraud and Other Current Issues January 29, 2009 (Speaker Series) View Full Calendar |
| Focus on International Tax: New 2008 Business Tax Regime in China |
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Courtesy of Baker Tilly InternationalChina For 2008, a new tax system in China provides opportunities for foreign-owned enterprises. This tax system applies to wholly-owned foreign enterprises (WOFE), as well as equity joint ventures (EJV) and contractual joint ventures (CJV). A standard tax rate of 25% applies to most business entities. A tax year-end of December 31st is mandatory. In computing taxable income, costs of goods, reasonable business costs and carryforward tax losses are permitted. For approved industries, a three-year tax holiday may be granted, followed by a 50% tax rate for three years. These industries focus on the environment and infrastructure and include agriculture and energy and water saving. Payments to foreign entities are generally subject to withholding tax rates of up to 20%. Under the US/China tax treaty, this withholding has been reduced to 10%. For more information, contact:
Linda Paradis, CPA |
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