China alert - Issue 2, January 2012 Now that 2012 has commenced, many enterprises have embarked upon the preparation of their annual financial statements and the audit process of the external auditors. The preparation and submission of the annual Corporate Income Tax (CIT) returns and related transfer pricing documentation reports, where applicable, will follow closely. At the same time, enterprises may also have to prepare other returns, for example, Value Added Tax (VAT) and Business Tax (BT) returns to prepare in the earlier part of 2012. To help corporations to deal with their tax compliance obligations, we set out below a 2011 Year-End China Tax Checklist. When going through the checklist, it is important to note that if a corporation fails to meet the tax filing and payment deadlines set by the relevant tax regulations, the tax authorities may impose penalties and late payment surcharges on the taxpayers or withholding agents. The checklist does not purport to be an exhaustive list of key China tax and regulatory matters and is not intended to address the circumstances of any particular individual or entity. In addition, there may be variations among local tax authorities regarding the implementation of the rules.
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