Ministry of Finance and State Administration of Taxation, Circular on Tax Issues Relevant to the Restructuring of Branches of Foreign Banks into Wholly Foreign-owned Banks

财政部、国家税务总局关于外国银行分行改制为外商独资银行有关税收问题的通知

April 02, 2007 | BY

clpstaff &clp articles

Tax issues clarified in the restructuring of foreign-invested banks.

Clp Reference: 3210/07.03.26 Promulgated: 2007-03-26

Issued: March 26 2007

Main Contents: The Circular covers the issues regarding business tax and value-added tax; issues of asset transfer, make-up of loss, preferential treatment and consolidated tax payment concerning enterprise income tax; as well as issues regarding stamp duty and deed duty that arise in the process of restructuring of a branch/the branches of foreign bank into a wholly foreign-owned bank.

Related Legislation: PRC Regulations for the Administration of Foreign-invested Banks (2nd Revision) ; Circular on Handling Questions Concerning Income Tax on Transfer of Equity by Foreign Investment Enterprises and Foreign Enterprises, Apr 17 1997, CLP 1997, No.8 p.11; PRC Foreign-invested Enterprise and Foreign Enterprise Income Tax Law, Apr 9 1991, CLP 1991 No.3 p.25; Circular on the Stamp Duty Policies in the Process of Enterprise Restructuring, Dec 8 2003; and Circular on the Deed Duty Policies in the Process of Enterprise Restructuring, 2003

clp reference:3210/07.03.26
promulgated:2007-03-26

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