China unveils tax exemption to attract foreign investment
21 Dec 2017
On 28 December 2017, four Chinese ministries jointly issued a notice, Circular 88, on the temporary exemption from withholding tax (WHT) on profits of foreign companies that they re-invest in China. Foreign companies must meet a string of conditions to be eligible for the exemption, including direct investment into sectors encouraged by the Government, and investment returns must be transferred directly to invested companies. The exemption is valid as of the beginning of 2017, which means that taxes already paid will be refunded.
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Promotion and facilitation (Investment incentives)
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