China, People's Republic of - Overview

The People's Republic of China, commonly known as China, is one of the most populous countries in the world, with over 1.3 billion people. Success!Yourmessagehasbeensent. × Error!Yourmessagewasnotsent.Pleasetryagain. × CW ChrisWooley WWTSOperationsDirector PleasecontactforgeneralWWTSinquiriesandwebsitesupport. Name Email Subject Message Bysubmittingyouremailaddress,youacknowledgethatyouhavereadthePrivacyStatementandthatyouconsenttoourprocessingdatainaccordancewiththePrivacyStatement. Cancel Send Territory Albania Algeria Angola Argentina Armenia Australia Austria Azerbaijan Bahrain Barbados Belgium Bermuda Bolivia BosniaandHerzegovina Botswana Brazil Bulgaria CaboVerde Cambodia Cameroon,Republicof Canada CaymanIslands Chad Chile China,People'sRepublicof Colombia Congo,DemocraticRepublicofthe Congo,Republicof CostaRica Croatia Cyprus CzechRepublic Denmark DominicanRepublic Ecuador Egypt ElSalvador EquatorialGuinea Estonia Eswatini Fiji Finland France Gabon Georgia Germany Ghana Gibraltar Greece Greenland Guatemala Guernsey,ChannelIslands Guyana Honduras HongKongSAR Hungary Iceland India Indonesia Iraq Ireland IsleofMan Israel Italy IvoryCoast(Côted'Ivoire) Jamaica Japan Jersey,ChannelIslands Jordan Kazakhstan Kenya Korea,Republicof Kosovo Kuwait Kyrgyzstan LaoPDR Latvia Lebanon Libya Liechtenstein Lithuania Luxembourg MacauSAR Madagascar Malawi Malaysia Maldives,Republicof Malta Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Myanmar Namibia,Republicof Netherlands NewZealand Nicaragua Nigeria NorthMacedonia Norway Oman Pakistan Palestinianterritories Panama PapuaNewGuinea Paraguay Peru Philippines Poland Portugal PuertoRico Qatar Romania Rwanda SaintLucia SaudiArabia Senegal Serbia Singapore SlovakRepublic Slovenia SouthAfrica Spain SriLanka Sweden Switzerland Taiwan Tajikistan Tanzania Thailand Timor-Leste TrinidadandTobago Tunisia Turkey Turkmenistan Uganda Ukraine UnitedArabEmirates UnitedKingdom UnitedStates Uruguay Uzbekistan,Republicof Venezuela Vietnam Zambia Zimbabwe Overview Corporate Significantdevelopments Taxesoncorporateincome Corporateresidence Othertaxes Branchincome Incomedetermination Deductions Grouptaxation Taxcreditsandincentives Withholdingtaxes Taxadministration Otherissues Individual Significantdevelopments Taxesonpersonalincome Residence Othertaxes Incomedetermination Deductions Foreigntaxreliefandtaxtreaties Othertaxcreditsandincentives Taxadministration Samplepersonalincometaxcalculation Otherissues Albania Algeria Angola Argentina Armenia Australia Austria Azerbaijan Bahrain Barbados Belgium Bermuda Bolivia BosniaandHerzegovina Botswana Brazil Bulgaria CaboVerde Cambodia Cameroon,Republicof Canada CaymanIslands Chad Chile China,People'sRepublicof Colombia Congo,DemocraticRepublicofthe Congo,Republicof CostaRica Croatia Cyprus CzechRepublic Denmark DominicanRepublic Ecuador Egypt ElSalvador EquatorialGuinea Estonia Eswatini Fiji Finland France Gabon Georgia Germany Ghana Gibraltar Greece Greenland Guatemala Guernsey,ChannelIslands Guyana Honduras HongKongSAR Hungary Iceland India Indonesia Iraq Ireland IsleofMan Israel Italy IvoryCoast(Côted'Ivoire) Jamaica Japan Jersey,ChannelIslands Jordan Kazakhstan Kenya Korea,Republicof Kosovo Kuwait Kyrgyzstan LaoPDR Latvia Lebanon Libya Liechtenstein Lithuania Luxembourg MacauSAR Madagascar Malawi Malaysia Maldives,Republicof Malta Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Myanmar Namibia,Republicof Netherlands NewZealand Nicaragua Nigeria NorthMacedonia Norway Oman Pakistan Palestinianterritories Panama PapuaNewGuinea Paraguay Peru Philippines Poland Portugal PuertoRico Qatar Romania Rwanda SaintLucia SaudiArabia Senegal Serbia Singapore SlovakRepublic Slovenia SouthAfrica Spain SriLanka Sweden Switzerland Taiwan Tajikistan Tanzania Thailand Timor-Leste TrinidadandTobago Tunisia Turkey Turkmenistan Uganda Ukraine UnitedArabEmirates UnitedKingdom UnitedStates Uruguay Uzbekistan,Republicof Venezuela Vietnam Zambia Zimbabwe China,People'sRepublicof ThePeople'sRepublicofChina,commonlyknownasChina,isoneofthemostpopulouscountriesintheworld,withover1.3billionpeople.LocatedinEastAsiaalongthecoastlineofthePacificOcean,Chinaisoneofthelargestcountriesintheworldbylandarea.ThecapitalofChinaisBeijing,andtheofficiallanguageisMandarinChinese. TheofficialcurrencyofChinaistherenminbi(yuan)(CNY),anditisheldinafloatingexchange-ratesystem.ItusedtobemanagedprimarilyagainsttheUnitedStatesdollar(USD).Since2005,therenminbihasbeenreferencedtoabasketofforeigncurrencies.On1October2016,therenminbiwasaddedintotheInternationalMonetaryFund’s(IMF’s)SpecialDrawingRights(SDR)basket. Forcenturies,Chinastoodasaleadingcivilisation,outpacingtherestoftheworldintechnology,arts,andsciences.AfterWorldWarII,theCommunists,underMaoZedong,establishedasocialistsystem.After1978,Mao'ssuccessor,DengXiaoping,andotherleadersfocusedonmarket-orientedeconomicdevelopment,andChinabegantogeneratesignificantandsteadygrowthininvestment,consumption,andstandardsofliving. Sincethen,Chinahasgenerallyimplementedreformsinagradualfashion.Asitsroleinworldtradehassteadilygrown,itsimportancetotheinternationaleconomyhasalsoincreasedapace.Chinaisalsothelargesttradingnationintheworldandthelargestexporterandsecondlargestimporterofgoods.Amilestonewasachievedinmid-2010whenChina'seconomywasvaluedatUSD1.33trillionandbecametheworld'ssecondlargesteconomy,surpassingJapanandsecondonlytothatoftheUnitedStates.  China'sgrowthcomesfrombothhugestateinvestmentsininfrastructureandheavyindustriesaswellasprivatesectorexpansioninlightindustries. ExportshadbeenChina'smajoreconomicdriver,butsincethe2008globalfinancialcrisis,whichseriouslyaffectedtheinternationalmarketsofChinaexportproducts,theChinesegovernmentshiftedthefocustostimulateinvestmentandconsumptionindomesticmarkets. PwC MainlandChina, HongKong SAR and Macau SAR worktogetheronacollaborativebasis,subjecttolocalapplicablelaws.Collectively,wehaveover800partnersandmorethan20,000peopleintotal. Weprovideorganisationswiththeprofessionalservicetheyneed,wherevertheymaybelocated.Ourhighlyqualified,experiencedprofessionalslistentodifferentpointsofviewtohelporganisationssolvetheirbusinessissuesandidentifyandmaximisetheopportunitiestheyseek.Ourindustryspecialisationallowsustohelpco-createsolutionswithourclientsfortheirsectorofinterest. Wearelocatedinthesecities:Beijing,Shanghai,HongKong,Shenyang,Tianjin,Dalian,Jinan,Qingdao,Zhengzhou,Xi’an,Nanjing,Hefei,Suzhou,Wuxi,Wuhan,Chengdu,Hangzhou,Ningbo,Chongqing,Changsha,Kunming,Xiamen,Guangzhou,Shenzhen,Macau,Haikou,ZhuhaiandGuiyang. Corporateincometax(CIT)rates HeadlineCITrate(%) 25 Corporateincometax(CIT)duedates CITreturnduedate ForannualCITfiling,withinfivemonthsfollowingtheendofthetaxyear. FormonthlyorquarterlyprovisionalCITfiling,within15daysfollowingtheendofeachmonth/quarter. CITfinalpaymentduedate Withinfivemonthsfollowingtheendofthetaxyear. CITestimatedpaymentduedates Quarterlyormonthlyinstalmenttobepaidwithin15daysfollowingtheendofeachmonth/quarter. Personalincometax(PIT)rates HeadlinePITrate(%) 45 Personalincometax(PIT)duedates PITreturnduedate Resident:Between1Marchand30Juneforannualreconciliationreturnoncomprehensiveincome.15thdayofthemonthfollowingthemonthwhenotherincomewasreceived. Non-resident:15thdayofthemonthfollowingthemonthwhenincomewasreceived. PITfinalpaymentduedate SameastheduedateforPITreturn. PITestimatedpaymentduedates 15thdayofthemonthfollowingthemonthwhentheincomewasreceived. Value-addedtax(VAT)rates StandardVATrate(%) 13,9,or6dependingonthetypesofgoodsandservices Withholdingtax(WHT)rates WHTrates(%)(Dividends/Interest/Royalties) Resident:NA; Non-resident:10/10/10 Capitalgainstax(CGT)rates Headlinecorporatecapitalgainstaxrate(%) CapitalgainsaresubjecttothenormalCITrate. Headlineindividualcapitalgainstaxrate(%) 20 Netwealth/worthtaxrates Headlinenetwealth/worthtaxrate(%) NA Inheritanceandgifttaxrates Headlineinheritancetaxrate(%) NA Headlinegifttaxrate(%) NA Corporate-Significantdevelopments PrintCurrentPage PrintCorporateTaxSummary PrintIndividualTaxSummary Contacts News Print Search People'sRepublicofChinacontacts EltonHuang ChinaandHongKongTaxLeader,PwCChina +862123233029 JaneCheung NationalLeaderofPeopleandOrganizationServices,PwCChina +862123233031 LongMa NationalLeaderofNationalTaxPolicyServices,PwCChina +861065333103 China:TaxFactsandFigures2020 Downloadthepublication 2019ChinaTaxPolicyReviewand2020Outlook Downloadthepublication ChinaTax/BusinessNewsFlash Stayupdatedwithourregularnewsalerts Chinataxpublications Downloadthemostrecentedition Selectterritoriestocompare A  Albania  Algeria  Angola  Argentina  Armenia  Australia  Austria  Azerbaijan B  Bahrain  Barbados  Belgium  Bermuda  Bolivia  BosniaandHerzegovina  Botswana  Brazil  Bulgaria C  CaboVerde  Cambodia  Cameroon,Republicof  Canada  CaymanIslands  Chad  Chile  China,People'sRepublicof  Colombia  Congo,DemocraticRepublicofthe  Congo,Republicof  CostaRica  Croatia  Cyprus  CzechRepublic D  Denmark  DominicanRepublic E  Ecuador  Egypt  ElSalvador  EquatorialGuinea  Estonia  Eswatini F  Fiji  Finland  France G  Gabon  Georgia  Germany  Ghana  Gibraltar  Greece  Greenland  Guatemala  Guernsey,ChannelIslands  Guyana H  Honduras  HongKongSAR  Hungary I  Iceland  India  Indonesia  Iraq  Ireland  IsleofMan  Israel  Italy  IvoryCoast(Côted'Ivoire) J  Jamaica  Japan  Jersey,ChannelIslands  Jordan K  Kazakhstan  Kenya  Korea,Republicof  Kosovo  Kuwait  Kyrgyzstan L  LaoPDR  Latvia  Lebanon  Libya  Liechtenstein  Lithuania  Luxembourg M  MacauSAR  Madagascar  Malawi  Malaysia  Maldives,Republicof  Malta  Mauritania  Mauritius  Mexico  Moldova  Mongolia  Montenegro  Morocco  Mozambique  Myanmar N  Namibia,Republicof  Netherlands  NewZealand  Nicaragua  Nigeria  NorthMacedonia  Norway O  Oman P  Pakistan  Palestinianterritories  Panama  PapuaNewGuinea  Paraguay  Peru  Philippines  Poland  Portugal  PuertoRico Q  Qatar R  Romania  Rwanda S  SaintLucia  SaudiArabia  Senegal  Serbia  Singapore  SlovakRepublic  Slovenia  SouthAfrica  Spain  SriLanka  Sweden  Switzerland T  Taiwan  Tajikistan  Tanzania  Thailand  Timor-Leste  TrinidadandTobago  Tunisia  Turkey  Turkmenistan U  Uganda  Ukraine  UnitedArabEmirates  UnitedKingdom  UnitedStates  Uruguay  Uzbekistan,Republicof V  Venezuela  Vietnam Z  Zambia  Zimbabwe Pleaseselectatleasttwoterritoriesforcomparison. 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