These China accounting and tax dates

you have to know

By Victor Tu

Some new foreign investors always ask me what are the Chinese accounting year or tax year, probably they are from Hong Kong, United Kingdom or USA, etc. Today we will take a look at these China accounting and tax dates.

l  Calendar year (January 1 to December 31 each year)

In China, a company’s accounting year and tax year are identical, they all follow the calendar year, which is January 1 to December 31 each year. A company or a nature person could not choose specific date.

l  March 31

This date applies for the individual income tax (IIT) deadline. According to the Chinese Individual Income tax law, any nature person who earns more than RMB120, 000 per year must file the individual income tax assessment returns to Tax bureau by herself or himself prior to March 31 in the following year. For example, if one person earned RMB121, 000 in year 2015, she or he must file the all income to the tax authority.

l  April 30

All Chinese listed public companies, they have to publish their annual reports within four months after the balance sheet date (December 31). For example, for year 2015 annual report, the deadline for releasing the information is April 30, 2016. Otherwise the companies will get penalties if there are no reasonable explanations.

l  May 31

This date is the deadline for the corporate income tax (CIT) for previous year’s. For instance, the company has to file the year 2015 corporate income tax returns prior to May 31, 2016. If the company could not fulfill the requirement, any lateness will be punished for 0.05% interests per day based on the tax due.

l  June 30

According to the related corporation Law, the all company must attend so called annual examination, its main function is to update your registration information in the government departments. So you have to finish it before June 30 each year.

l  15^th day of the month

Most Chinese taxes must be filed monthly (Corporate Income Tax filed quarterly), the entity has to submit the tax returns no later than 15th day of the following month (unless thats a weekend day or a statutory holiday). For example, the VAT (Value added Tax) of December 2015, the deadline for filling is January 18, 2016 (Because there are 3 days of New Year holiday)

There are more dates about China accounting and tax, in this article, it introduces some basic idea, and more contents will be presented in future articles. Thanks.

Keywords: Ningbo accounting, Ningbo Auditor, Ningbo accountants, Ningbo CPA

关键词：宁波会计，宁波审计，宁波会计师，宁波涉外会计，宁波注册会计师

Victor & Truman，CPAs  宁波纬度会计师事务所（普通合伙）