Implementing Regulations for the PRC Enterprise Income Tax Law
January 31, 2008 | BY
clpstaff &clp articlesSince the passage of the PRC Enterprise Income Tax Law last March, local companies and foreign-invested enterprises alike have eagerly awaited the implementing regulations that would reveal the details of how the law would be put into practice. In order to enhance the operability of the law, these regulations give specific definitions, criteria for tax-liability reductions and concessions, and other critical details.
By Gary Gao and Jason Ju*
The Fifth Session of the National People's Congress passed the PRC Enterprise Income Tax Law (中华人民共和国企业所得税法) (EIT Law) on March 16 2007, which unified the income tax systems for domestically-funded enterprises and foreign-invested enterprises. To ensure the smooth Implementing of the EIT Law, which came into force on January 1 2008, it was necessary to formulate implementing regulations to give details about and effectuate the EIT Law, which would come into force at the same time. These Implementing Regulations contain 8 chapters with 133 clauses, and mainly give details for the provisions in the EIT Law to make up for any deficiencies and to enhance the operability of the EIT Law.
Detailed Definition of Taxpayers
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