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Generally, China's income tax is a residential system in which income tax is collected both on domestic and foreign income. [2]: 103 Since 1 January 2008, the general corporate income tax rate for both domestic enterprises and foreign enterprises is 25%. [2]: 133 Various exceptions exist.
To unified tax, fair tax burden, tax system, on October 31, 1993, the eighth session of the standing committee of the National People's Congress four conference passed the standing committee of the National People's Congress on amending ‘the individual income tax law of the People's Republic of China’ decision ", on the same day issued a ...
1. Slaughter Tax, Banquet Tax and Animal Husbandry Tax are now decentralised to the local governments for administration. Whether levying or not shall be at the discretion of the governments at provincial level for decision by taking into account the local conditions. 2. Inheritance Tax and Security Exchange Tax have not yet been legislated to ...
A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries.
The Company Law of the People's Republic of China is a law which was passed by the National People's Congress of the PRC on 29 December 1993 and came into force on 1 July 1994. [1] It has been amended several times since then. The most current version of the law took effect in 2018. [2] The law regulates limited liability and joint stock ...
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
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A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [167] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [168]