Taxpayers in China Required to Revise 2008 Corporate Returns

The State Administration of Taxation is requiring companies to revise their corporate income tax filing cycle for 2008 to reflect tax circulars issued after May 31, 2009.

This may lead to changes in taxes filed for the 2008 annual CIT return forms. The deadline for filing the changes is set before the end of this month with no surcharge and penalties for the amendments.

The newest requirement stems from the 10 tax circulars issued by the Ministry of Finance and the SAT that includes three that are of general application to all taxpayers, four that concern CIT treatments of financial institutions and the rest of circulars for specific industries.

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