Company News
Individuals Subject to IIT Payment When Terminating Investments
Individuals in China who have terminated their investment operations need to pay individual income tax (IIT) on several types of income generated from the investment termination, according to the State Administration of Taxation’s (SAT’s) “Announcement on Issues of Collecting IIT on Funds Individuals Recovered from Termination of Investment Operations (SAT Announcement [2011] No. 41)” issued on July 25.
Fujian’s Entertainment Industry to Enjoy Lower Business Tax Rates
A majority of Fujian Province’s entertainment enterprises will be paying a lower amount of business tax starting from this month, thanks to a newly released provincial document that made adjustments to business tax rates for the region’s entertainment industry.
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