December 1, 2008
Circular to Clarify Issues Concerning the Administration of Enterprise Income Tax Exemption and Deduction
On December 1, 2008, the State Administration of Taxation released the Circular on Issues Concerning the Administration of Enterprise Income Tax ("EIT") Exemption and Deduction (the "Circular"), which takes effect on January 1, 2008, retroactively. The Circular emphasizes that exemption and deduction of EIT shall be carried out pursuant to the Administrative Measures on Tax Exemption and Deduction (interim) (the "Measures") promulgated on August 3, 2005. The purpose of the Circular is to clarify that the Measures, which mainly set forth the procedures for applying for and carrying out EIT exemption and deduction, are still effective, despite the issuance of the new Enterprise Income Tax Law (the "EIT Law"). However, if there is any conflict between the Measures and the EIT Law, the latter shall prevail.
Copyright ©2009 by Kaye Scholer LLP. All Rights Reserved. This publication is intended as a general guide only. It does not contain a general legal analysis or constitute an opinion of Kaye Scholer LLP or any member of the firm on the legal issues described. It is recommended that readers not rely on this general guide but that professional advice be sought in connection with individual matters. References herein to "Kaye Scholer LLP & Affiliates," "Kaye Scholer," "Kaye Scholer LLP," "the firm" and terms of similar import refer to Kaye Scholer LLP and its affiliates operating in various jurisdictions.
Copyright ©2009 by Kaye Scholer LLP. All Rights Reserved. This publication is intended as a general guide only. It does not contain a general legal analysis or constitute an opinion of Kaye Scholer LLP or any member of the firm on the legal issues described. It is recommended that readers not rely on this general guide but that professional advice be sought in connection with individual matters. References herein to "Kaye Scholer LLP & Affiliates," "Kaye Scholer," "Kaye Scholer LLP," "the firm" and terms of similar import refer to Kaye Scholer LLP and its affiliates operating in various jurisdictions.
