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China

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About

China

Capital
Official languages
Population 
Currency

ISO 4217

Beijing

Mandarin Chinese

1.4 billion

Renminbi

CNY

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Economy

China has been one of the world's leading economic powers for many years. According to the World Bank, China's GDP in 2019 was $14.14 trillion, making it the world's second-largest economy. China is also the world's largest exporter, with exports totaling $2.6 trillion in 2019. Additionally, China is the world's largest manufacturer, accounting for 28.2% of global manufacturing output in 2019. China is also the world's largest consumer of energy, consuming 4.5 billion tons of oil equivalent in 2019. China is also the world's largest importer, with imports totaling $2.1 trillion in 2019. Finally, China is the world's largest holder of foreign exchange reserves, with reserves totaling $3.2 trillion in 2019. These impressive figures demonstrate the strength of China's economy and its importance to the global economy.

Taxation

Taxation in China is regulated by the State Administration of Taxation (SAT) under the Ministry of Finance. Both individuals and corporations are subject to taxation on their income in China.


Personal Income Tax:

In China, individuals are required to pay taxes on their income, including salaries, wages, and other sources of income. The tax rate is based on a progressive tax system, where the tax rate increases as the income increases. The tax rates for individuals range from 3% to 45%, depending on the income level. The tax year in China runs from January 1st to December 31st.


Corporate Income Tax:

Corporations in China are also required to pay taxes on their income. The corporate income tax rate in China is a flat rate of 25%. However, there are some tax incentives available to companies in certain industries and regions. The tax year for corporations in China is also from January 1st to December 31st.


Process and Calendar for payments:

In China, the tax payment process involves filing a tax return and paying the tax due within a specific deadline. For individuals, tax returns are due on March 31st of the following year. For corporations, tax returns are due on May 31st of the following year. 


In addition to income taxes, there are other taxes and fees that individuals and corporations are required to pay in China. These include value-added tax (VAT), business tax, and social security contributions.


It's also worth noting that China has a tax treaty with some countries to avoid double taxation on foreign companies that do business in China.


In summary, China requires both individuals and corporations to pay taxes on their income. The tax rates are based on a progressive tax system for individuals and a flat tax rate for corporations. Tax returns are due within specific deadlines, and there are other taxes and fees that individuals and corporations are required to pay.

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