Annual Tax Settlement (Annual tax inspection)
Annual Tax Settlement (Annual tax inspection) means the taxpayers should calculate its own annual taxable income and income tax payable at specified period after finished this fiscal year, in accordance with the provisions of the tax laws, rules and regulations, and further evaluate the enterprise should be returned or pay more income tax based on the rechecking result of the monthly or quarterly the prepayment of income tax amount. Finally declare company annual profit tax to tax bureau with required related materials.
Article 54 of People's Republic of China Enterprise Income Tax stipulated: All enterprises should submit an annual enterprise income tax returns to the tax authorities within five months after the end of each year, and finish final tax settlement to finally settle payable tax or refund tax.
The object of the enterprise income tax collection is the enterprise's production and operation income, other income and liquidation income.
Generally the Annual Tax Settlement (Annual tax inspection) will start by the end of March or early April. Staring time has a slightly different for every district in Shanghai, specific notice from tax officer should be prevail. Enterprise final settlement need the annual audit report as support, so to start annual audit work timely in February is very important.
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