China reduces the administrative requirement on tax deduction of asset lossesMay 10, 2011
Ever 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: