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New Announcement from the State Administration of Taxation, Strengthening the Collection and Administration of Enterprise Income Tax on Equity Transfer

2014-September-1       Source: Newsgd.com

On 4th July, 2014, the State Administration of Taxation announced the (the ‘Circular’).Generally, this Circular is an inner administrative notice issued by the State Administration of Taxation to the lower authorities, but not a new interpretation of the policy, law or regulation.

On 4th July, 2014, the State Administration of Taxation announced the (the ‘Circular’).Generally, this Circular is an inner administrative notice issued by the State Administration of Taxation to the lower authorities, but not a new interpretation of the policy, law or regulation. However, what the Circular indicates is that the Collection and Administration of Enterprise Income Tax on Equity Transfer would be the main task of the taxation authorities in the next half of year.

For example, the Circular strengthens the major methods for taxation authorities to acquire information about the equity transfer. For internal system: (1) Declaration by the Enterprise - reinforce the annual tax declaration system for equity transfer by enterprises, including requiring the taxpayer to fill ; (2) obtaining the information concerning changes of tax registration (the change of shareholder shall be registered in the taxation authorities); (3) strengthening the coordination and sharing information between offices of the State Administration of Taxation and local taxation bureaus, and the respective competent tax authorities of equity transferors and transferees. Further, the Circular requires the taxation authorities to pay more effort on obtaining external information, including strengthening cooperation between the taxation authorities and the industry and commerce authorities to realize sharing of information on equity transfer, promoting the information sharing with the national enterprise credit information disclosure system, making full use of the announcements of listed companies, the information available on the websites of equity exchanges, equity trading news published under the financial channels of major portal websites, etc. According to our experience, in the past few years, the taxation authorities paid more effort on acquiring such information, and their skills are improved quickly.

(This information is provided by Lawyer Kelly Xie from Guangdong KaiTong Law Firm in friendship. It is not any legal opinion or legal grounds addressed to any organization or individual. For inquiry, please contact Kelly via email at Kelly_xie@ktlf.com.cn or by phone on 13926185641.)

Editor: 王凯

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