Tax Exemption and Reduction for SIP Foreign-invested Enterprises in 2004: One Billion RMB with 50% Coverage
SIP State Tax Bureau, firmly oriented to the service of economic growth, is doing everything to improve management and raise the quality of service. In 2004, the bureau took a series of measures, such as staff training, publicity campaign, and giving instructions to enterprises, in implementing the preferential policy concerning income taxes of foreign-invested enterprises.
Bureau staff evaluates taxation plan
By June 30 this year, SIP State Tax Bureau had finished the accounting and processing of applications from enterprises dated before May 30, and released the results in the following two months. The results show that by December 31, 2004, 1,533 SIP foreign-invested enterprises had registered at the bureau, and 964 enterprises were taxable according to income tax law, in which 224 enterprises were entitled to tax preferential policies, including the 85 enterprises entering the period of "2 years' exemption and 3 years' reduction by half" beginning with the profit-making year, and the 8 enterprises categorized as "advanced technology" enterprises. The exemption and reduction of income tax amounted to a total of 1.03252 billion yuan RMB, with 53.35% coverage among the taxable enterprises.
The service hall for tax procedures
The high efficiency by which SIP Bureau handles and processes tax applications has made work much easier for enterprises, while the prompt implementation of the tax preferential policy give enterprises a better opportunity for further development, which will certainly promote more investment in SIP.
Sept. 9, 2005