Annual Corporate Income Tax (CIT) reconciliation is indeed critical but also a challenging “annual exam” for companies in China every year. In particular, the introduction of preferential tax policies in the past two years, with the addition and extension of tax incentives during the epidemic, makes the annual filing more complicated.

At the same time, the tax administration has been quietly upgraded with data in annual returns covering virtually all financial data from business operations. Business leaders need to be proactive and continue to meet the requirements of tax compliance, while also seizing the opportunity to leverage recently enacted tax incentives.

Outline:

• An overview of China’s digitalization of taxation
  • E-invoice
  • Golden Tax System (GTS) Phase IV
• 2022 China CIT Policy Review
  • Tax Cut policy on small-scale and thin-profit enterprise
  • Increased super deduction ratio of R&D expenses
  • CIT preferential policy on the application of new technologies and equipment
  • New CIT incentives in Nansha of Guangzhou
• 2023 China Tax Outlook

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