An internal notice from the foreign exchange regulator creates more difficulties for foreign-invested holding companies wanting to reinvest their dividends in China
The Announcement clarifies six income tax issues of non-tax-resident enterprise including: issue of withholding enterprise income tax on payable but unpaid income and issue of levy of tax on income derived from the assignment of land use rights.
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.