Jan 2018, Issue 5
At the end of 2017, the State Administration of Taxation (SAT) issued Public Notice  No.54 (Public Notice 54), introducing a new version of annual Corporate Income Tax (CIT) return (the new package) and the explanatory notes for completing the forms (the explanatory notes). Public Notice 54 took effect from 1 January 2017 and shall apply to the annual CIT filing for 2017 and onwards. Compared with the 2014 version of annual CIT return package (the 2014 version), the overall structure of the new package has not changed significantly. Instead, the information disclosure and logic of completing certain return forms are further modified or improved. Overall, the design of the new package is more scientific and more convenient to taxpayers. In addition, relevant new fields in the return are designed according to the new tax policies released since 2014, which demonstrates the tax authorities’ principle of strengthening information collection and post-filing supervision.