Tannet Group Limited is a diversified international company set up in Hong Kong in spring 1999. With ten years' development, the group has owned more than 38 holding subsidiaries, 88 equity participants, over 3000 cooperators and more than 20000 direct clients around the world.
The group has two main fields: business service and business investment. Tannet has set up a business service platform, esp.for SMEs, which consists of nine service centres, serving the world of business professionally & reliably, laying a solid foundation for Tannet development in the near future. Also Tannet is seeking win-win cooperation with the cooperators worldwide and welcoming entrepreneurs to join us for mutual benefit.
Taxes provide the most important revenue source for the Government of the People's Republic of China. As the most important source of fiscal revenue, tax is a key economic player of macro-economic regulation, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has preliminarily set up a streamlined tax system geared to the socialist market economy.
China's tax revenue exceeded 4.94 trillion yuan (670 billion U.S. dollars) in 2007, up 31.4 percent on 2006. This was the highest increase of any year since reforms began in 1978.
The government agency in charge of tax policy is the Ministry of Finance. For tax collection, State Administration of Taxation.
As part of US$586 billion economic stimulus package of November 2008, the government plans to reform the VAT which could cut corporation taxes by 120 billion yuan.
Types of taxes
Under the current tax system in China, there are 26 types of taxes, which, according to their nature and function, can be divided into the following 8 categories:
Turnover taxes
This includes three kinds of taxes, namely, Value-Added Tax, Consumption Tax and Business Tax. The levy of these taxes are normally based on the volume of turnover or sales of the taxpayers in the manufacturing, circulation or service sectors.
Income taxes
This includes Enterprise Income Tax (effective prior to 2008, applicable to such domestic enterprises as state-owned enterprises, collectively-owned enterprises, private enterprises, joint operation enterprises and joint equity enterprises), Foreign Investment Enterprise and Foreign Enterprise Income Tax{("FEIT"), and Individual Income Tax. These taxes are levied on the basis of the profits gained by producers or dealers, or the income earned by individuals. Pleaset note that the new Enterprise Income Tax Law of the People's Republic of China has replaced the aboves two enterprises taxes as from 1 January 2008.
Resource taxes
This consists of Resource Tax and Urban and Township Land Use Tax. These taxes are applicable to the exploiters engaged in natural resource exploitation or to the users of urban and township land. These taxes reflect the chargeable use of state-owned natural resources, and aim to adjust the different profits derived by taxpayers who have access to different availability of natural resources.
Taxes for special purposes
These taxes are City Maintenance and Construction Tax, Farmland Occupation Tax, Fixed Asset Investment Orientation Regulation Tax, Land Appreciation Tax, and Vehicle Acquisition Tax. These taxes are levied on specific items for special regulative purposes.
Property taxes
This encompasses House Property Tax, Urban Real Estate Tax, and Inheritance Tax (not yet levied).
Behavioural taxes
This includes Vehicle and Vessel Usage Tax, Vehicle and Vessel Usage License Plate Tax, Stamp Tax, Deed Tax, Securities Exchange Tax (not yet levied), Slaughter Tax and Banquet Tax. These taxes are levied on specified behaviour.
Agricultural taxes
Taxes belonging to this category are Agriculture Tax (including Agricultural Specialty Tax) and Animal Husbandry Tax which are levied on the enterprises, units and/or individuals receiving income from agriculture and animal husbandry activities.
Customs duties
Customs duties are imposed on the goods and articles imported into and exported out of the territory of the People's Republic of China, including Excise Tax.
China major taxes are as follows:
Value Added Tax
Consumption Tax
Business Tax
Enterprise Income Tax
Income Tax on Enterprises with Foreign Investment and Foreign Enterprises
Individual Income Tax
Resource Tax
Urban and Township Land Use Tax
City Maintenance and Construction Tax
Farm Land Occupation Tax
Fixed Assets Investment Orientation Regulation Tax
Land Appreciation Tax
House Property Tax
Urban Real Estate Tax
Vehicle and Vessel Usage Tax
Vehicle and Vessel Usage License Plate Tax
Stamp Tax
Customs Duties
Tannet Advantages
In ten years development, Tannet developed rapidly to more than 38 holding subsidiaries, 88 equity participants, over 3,000 cooperators, and in excess of 20,000 reliant clients globally. You can exchange resources among the Tannet’s clients.
Contact Us
If you have further queries, don't hesitate to contact Tannet anytime, anywhere by simply visiting Tannet's website
www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143181. or emailing to
mailtannet@21cn.com. You are also welcome to talk with Overseas SME Service Department online by simply joining our MSN:service@tannet.net.
Tannet--A Sound Global Business Solution Partner, Serving the World of Business, Professionally & Reliably.
