The State Administration of Taxation issued the Administrative Measures on Affairs Related to Preferential Policies on Corporate Income Tax, clarifying that all the review and approval procedures related to the preferential policies on corporate income tax shall be cancelled and replaced by procedures for later recording and management.

 

It was said that the core content of the Administrative Measures is to adopt unified mode for administration of affairs related to the preferential policies on corporate income tax, including classification of these affairs by the ways in which preference is provided. The affairs have been classified into 55 categories, which will be recorded and managed in unified ways. Local governments at different levels are not allowed to change the administration mode or implement any review and approval procedures in disguised form.

 

The Administrative Measures extend the duration for enterprises to enjoy the preferential policies. Except for a few of preferential policies concerning calculation at the end of financial year and those concerning reduction and exemption of tax in accordance with eligibility for enjoying the preferential policies, the majority of the preferential policies can be enjoyed in the prepaying process.

 

Source: Translated from business.sohu.com, November 27, 2015