China reduces the administrative requirement on tax deduction of asset losses
May 10, 2011Ever since the enforcement of the Corporate Income Tax Law (CITL) and its implementation regulation in 2008, various tax treatments have changed to unify the differences between domestic enterprises and foreign investment enterprises under the previous laws.
Deduction of asset losses is one of the key areas that demands a lot of effort to unify. To standardize the deduction claim administrative procedures, various new rules have been issued.
The New Measures take retroactive effect from 1 January 2011 and also apply to prior period losses that have been used for tax deduction before.
Further details are available from the Ernst & Young China Tax & Investment News which can be accessed using the link below:
Related content
![US treasury regulations issued on outbound asset reorganizations [TAX ALERT]](http://tmagazine.ey.com/wp-content/uploads/2010/06/Search-NewsPicture.jpg "fallback")
On 18 March 2013, the US Treasury Department (Treasury) issued multiple regulation packages under Sections 367, 1248 and 6038B of the Internal Revenue Code adopting, …
On 20 February 2013, Malaysia published amendments to its existing income tax rules regarding deductions for freight charges, that grants a double deduction for freight …
It has been reported that the Administrative Review Committee of Appeal of the State Administration of Taxation (SAT) was set up on 26 October 2012. …
The Ministry of Finance and State Administration of Taxation (SAT) jointly issued a Circular on 29 June 2012 (Cai Shui [2012] No. 53) providing supplementary …
Loading ...