Take Advantage of a More Equitable Deduction Meth... | KPMG | CN

Take Advantage of a More Equitable Deduction Method for Land Appreciation Tax (LAT) Paid

Take Advantage of a More Equitable Deduction Meth...

China alert - Issue 4, January 2011

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 Take Advantage of a More Equitable Deduction Method for Land Appreciation Tax (LAT) Paid

Announcement 29, issued by the State Administration Taxation (SAT), sets out procedures for property developers to claim Corporate Income Tax (CIT) deductions on LAT costs on final settlement before tax-deregistration and obtain refund of excess CIT paid. This announcement provides regulatory ground for property developers to eliminate extra CIT burden potentially resulting from the timing difference between the recognition of sales revenue and the deduction of the LAT costs for CIT purposes.

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