04:05 APAC
Asia Briefing from Dezan Shira & Associates
Collect and preserve documentation for asset loss deductions Companies that have claimed deductions for asset losses need comprehensive documentation. This should detail the nature of the loss, valuation reports, and any relevant approvals or assessments. Practical tips for document management: Establish a structured filing system, either physical or digital, with clear labels for easy retrieval. Use document management software or cloud-based platforms to centralise and secure electronic copies. Implement regular backup procedures to safeguard against data loss or system failures Careful document management ensures compliance and positions companies to efficiently manage future audits or inquiries. China Briefing from Dezan Shira has further information on these additional compliance steps.
China Completing an annual Corporate Income Tax (CIT) filing in China is not the end of a business’s responsibilities. To remain compliant and avoid future issues, organisations should be aware of two important post- filing tasks: Retain supporting documents for tax incentives Companies benefiting from tax incentives such as CIT reductions or exemptions must keep thorough records, including contracts, vouchers, certificates, and other materials that prove eligibility. Many incentives are self- assessed, but tax authorities can request these documents for verification.
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GLOBAL PAYROLL MAGAZINE ISSUE 12
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