Revisions to EIT prepayment
China’s State Administration of Taxation has revised the enterprise income tax prepayment declaration form. The new EIT declaration form requires the taxpayer to fill in details of some accounting items. These include:
· Employee salary; Both the salary payable amount and the salary paid amount need to be declared. The SAT can fully use the data to check the reasonableness of the salary cost of the company.
· Export of Goods sold amount: Details of self-export, entrusted export, and commission of export service need to be declared.
· Details of period expenses: the amounts of sales expenses, administration expenses, financial expenses, etc. need to be declared. Previously this was not a requirement.
· Details of investment income