rockdog
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enterprise or individual?Question to our Chinese friends here- what is the income tax structure like in China? Is there any simplified document in English available?
enterprise or individual?Question to our Chinese friends here- what is the income tax structure like in China? Is there any simplified document in English available?
Bothenterprise or individual?
1. EnterpriseBoth
Thanks for sharing this!1. Enterprise
90% of Chinese enterprises economic activities, only covered by VAT.
And I can confirm the accuracy for most details of this table.
View attachment 258328
I m doing software services, which is 6%; and if i sell hardware to my client, it on the 13% table.
If those sales activities contains stuff i bought from 3rd party (downsteam), i would get Reduction of VAT, once i get the Faqiao (receipt issued by Tax Office) from such 3rd party.
2. Individual:
I can confirm the details here:
China, People's Republic of - Individual - Deductions
Detailed description of deductions for individual income tax purposes in the People's Republic of Chinataxsummaries.pwc.com
View attachment 258329
Generally speaking, below $USD8500 of individual annual income, no income tax. higher than this, there will be progressive table:
Preferential Policies of IIT on Bonuses are Extended to December 2023
Premier Li Keqiang chaired an executive meeting of the State Council where it was decided to continue the implementation of some...china.acclime.com
Some details according to what i know during running my company:Thanks for sharing this!
Pretty lucrative tax structure for income levels. Standard deduction is pretty good, and the zero tax bracket is really low. That means a larger base to tax from (progressively higher)
Also, what kind of social security/ safety net programs are run by the national/ federal and state/ provincial governments? Food, housing, education, healthcare etc.
“China’s PPP GDP is only 25% larger than that of the US? Come on people… who are we kidding? Last year, China generated twice as much electricity as the US, produced 12.6 times as much steel and 22 times as much cement. China’s shipyards accounted for over 50% of the world’s output while US production was negligible. In 2023, China produced 30.2 million vehicles, almost three times more than the 10.6 million made in the US. ”What's the real size of China's economy? - Asia Times
(Big time) I'm on my way, I'm making it (Big time) (Big time) I've got to make it show, yeah (Big time) (Big time) So much larger than life (Big time) I'masiatimes.com
Items like imputed rent, legal fees and R&D are now all included in GDP. The UK went hog wild with both illegal drugs and prostitution as now part of their GDP because… hey, why not? UNSNA’s 2008 guidelines explicitly recommend that illegal market activity should be included in GDP.
China’s NBS stood its ground on a conceptual level. Rightly or wrongly, the Leninist MPS considers services necessary costs of material production rather than real value creation. In China’s first attempt at converting MPS to SNA in 1985, it tacked on a ludicrously low 13% to the MPS number and called it China’s services GDP.
...
China accounts for 20-40% of global demand for just about every consumer product but much of the services it consumes have been left out of national accounts.
So how much is it? How big is China’s economy really? About six months ago, this writer estimated that China’s GDP needed to be grossed up by 25-40% to be on a UNSNA basis.
Biggest infrascture in Brazil obtained by China State grid!
Brazil's Largest Infrastructure Power Transmission Project Secured by China
China and Brazil have sealed a 30-year franchise agreement for the Brazil northeast ultra-high-voltage direct current (UHVDC) power transmission line project. The signing ceremony, attended by dignitaries including Chinese Ambassador to Brazil Zhu Qingqiao and Brazil's Minister of Mines and Energy Alexandre Silveira, marks a significant step towards fostering clean and low-carbon energy transformation on a national scale.
China to build 1,468km transmission line in Brazil
China and Brazil last week signed a 30-year franchise agreement for a new, 1,468km high-voltage transmission line to bring renewable power from Brazil’s remote northeast to the more populated centre of the country.
China to build 1,468km transmission line in Brazil - Global Construction Review
China and Brazil last week signed a 30-year franchise agreement for a new, 1,468km high-voltage transmission line to bring renewable power from Brazil’s remote northeast to the more populated centre of the country.www.globalconstructionreview.com
The same goes for nuclear powerChina's UHVDC tech is perfect for Brazil!
In the event you didn't deny what's happening in Xinjiang.