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Nov 2014, Issue 29

A new look at the annual corporate income tax return package (2014 version)

The State Administration of Taxation (SAT) issued Public Notice [2014] No. 63 (Public Notice 63) recently, introducing a new set of annual corporate income tax (CIT) return (the new package) and the Explanatory Notes for completing the forms. Public Notice 63 will take effect from 1 January 2015 and the new package will be adopted for the annual CIT filing for 2014 which is due on 31 May 2015 (subject to local practice). The new package is composed of 41 forms, including a basic information form, one lead return and 39 schedules. Compared with the current annual CIT return package (the current package), the new package is more comprehensive in the disclosure of information regarding the expense breakdown, tax adjustment, tax incentives, foreign sourced income, etc. The aim of the new package is to better facilitate taxpayers' reporting and to enhance tax authorities’ administration and services in general.

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