China Tax News Update - COVID-19

Written by Tricor Group | Mar 11, 2020

The outbreak of COVID-19 is raging and accelerating. To better prevent and control COVID-19, the central and local governments have issued a set of policies which aimed to help enterprises maintain their daily operations, support their development and reduce their burden brought by COVID-19. Tricor will provide real-time updates of the latest policies and interpret the detailed implementation rules and precautions promptly. Tricor will also provide summaries and guidelines on the new policies.

Summary of Preferential Tax Policies for the Prevention and Control of COVID-19 Categorized by Tax Type:

VAT, Consumption Tax and Surtaxes
Corporate Income Tax
Individual Income Tax
Import Customs Duty

Tax Policies related to Donations Supporting Prevention and Control of COVID-19 and Tricor’s Interpretation:

Donation Channels
Deduction Limit by Enterprises
Deduction Limit by Individuals

Q&A:

What is the time limit to deduct individuals’ donation expenditures from the personal income?
How to identify qualified public welfare organization
Where is the list of public welfare organizations for 2020?
How can I get the certificate for participating in donations organized by my company?
How can I claim the deduction after donation?

Continuing Attention

The COVID-19 outbreak is not yet over, and we expect more relevant fiscal and tax policies to be introduced in the near future. Tricor China’s tax team will provide real-time updates of the latest policies, and interpret the implementation rules timely At the same time, our service team will contact each client to update and inform them of the newest policies of taxes, accounting, compensation, social security and other related policies relevant to their needs, We strive to assist you with our expertise and experience in managing your enterprise. Let's work together to overcome the difficult times.

View full post