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OFFICIAL REPLY OF THE STATE ADMINISTRATION OF TAXATION TO EXEMPTION OF BUSINESS TAX ON ENTERPRISES PROPERTY RIGHT TRANSFER |
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(Letter 165 [2002] of the State Administration of Taxation promulgated on February 21, 2002) |
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SUBJECT : BUSINESS TAX; ENTERPRISE PROPERTY RIGHT TRANSFER; EXEMPTION |
ISSUING DEPARTMENT : STATE ADMINISTRATION OF TAXATION |
ISSUE DATE : 02/21/2002 |
IMPLEMENT DATE : 02/21/2002 |
LENGTH : 116 words |
TEXT : |
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In accordance with the "Interim Regulation of the People's Republic of China on Business Tax" and the detailed rules for its implementation, the levy of business tax shall cover non-gratuitous provision of taxable services, transfer of intangible assets and sale of immovable properties. The transfer of enterprise property is to transfer the total assets, credits, debts and labors of the enterprise, with the transfer price determined not only by the value of the assets, which is completely different from either the transfer of intangible assets or the sale of immovable properties. Therefore, the transfer of enterprise property does not fall in the levy scope of business tax, and on which business tax shall not be levied.
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