State Administration of Taxation, Circular on Issues Concerning Consolidated Tax Payment of Wholly Foreign-owned Banks that Operate in More than One Region

国家税务总局关于跨地区经营外商独资银行汇总纳税问题的通知

March 17, 2009 | BY

clpstaff &clp articles &

New branches of wholly foreign-owned banks may be exempted from pre-payment of tax.

Clp Reference: 3230/08.11.26 Promulgated: 2008-11-26

Issued: November 26 2008

Main Contents: Where a wholly foreign-owned bank establishes a new branch in another region, and the head office is unable to allocate the tax amount due to inability to obtain the operating income, employees' wages and total amount of assets of the new branch for the year before last, the new branch shall be exempted from pre-payment of enterprise income tax at the locality in the first half year of the subsequent year (Article 2).

Related Legislation: PRC Enterprise Income Tax Law, Mar 16 2007, CLP 2007 No.3 p.21; Tentative Measures for the Levy and Collection of Income Tax of Enterprises that Operate in More than One Region and that Consolidate Tax Payment, 2008

clp reference:3230/08.11.26promulgated:2008-11-26

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