The Announcement allows tax exemption, setoff and refund of tax of integrated circuit design, software design and animation design enterprises to be extended to entrustment of processing.
A recent notice provides clarity on what activities of a Permanent Establishment are subject to taxation. This should prompt foreign businesses to re-evaluate their set-up structure
When an enterprise derives revenue from the transfer of property, etc., it shall include all of the revenue in the year that is recognised to be the year in which such revenue is derived.