What are the reporting compliance requirements for CIT?

 

CIT is required provisionally pay on a quarterly basis and finalized at the end of the year.

At the beginning of the quarter, FDI Enterprises are required to estimate the taxable income of the previous quarter, and submit a report to the local tax authority on thirtieth day of the following quarter at the latest. This report must be prepared in compliance with designated form issued by the Ministry of Finance (MOF).

At the year end, FDI Enterprises must finalize the actual tax payable with the tax authorities. The tax documents must be prepared and submitted on 30th March at the latest. Technically, the finalized tax reports include:

* Audited financial statements;

* Annual CIT finalization report; and

* Appendixes.

All the above reports must be prepared in compliance with designated forms issued by the MOF.