The taxation body needs to ‘nurture sources of revenue’ rather than bleed businesses dry, businesspeople say. The General Department of Taxation (GDT) has sent a document to local press agencies, explaining the reasons behind the amendments of the regulation on temporary CIT (corporate income tax) payment stipulated in Decree 126. GDT head office The decree, guiding the implementation of the Tax Administration Law, to take effect on December 5, stipulates that the total CIT amount that enterprises advance in the first three quarters of year must not be lower than 75 percent of the amount they have to pay for the whole year. If taxpayers underpay the tax amounts, they will be fined. According to GDT, many enterprises do not observe strictly the regulations on CIT payments. They do not make temporary CIT payments based on the estimates of profits of the whole year, but only make payments in the Q4 payment period (January 30th of the next year). The slow tax payments affect state budget balancing, and The taxation body believes that all enterprises draw their production and business plans every year and they completely can pre-estimate the yearly profits they can make. Therefore, they can easily calculate the… Read full this story
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