Since the implementation of the deferred taxation policy, in order to ensure the implementation of the policy, the Jinhua tax department has organized an “International Tax Service Team” to visit companies’ financial staff and conduct seminars. Special personnel are responsible for the whole process of giving follow-up guidance, filling out forms and processing data submission in a standardized way, and quickly handling tax-related matters.
Jinhua’s taxation department also established files for foreign-funded enterprises with undistributed profits exceeding 10 million RMB,and divide the enterprises into different visit and investigation levels, in order to exploit the foreign-funded enterprises who have investment intentions, publicize the deferred tax payment policy to enterprises, and encourage foreign investors to expand their scale and achieve mutually beneficial results. To date, the total amount of deferred tax payments in Jinhua totals 330 million RMB, the amount of delayed tax payments that have been processed totals 33 million RMB, and the accumulated amount of foreign business reinvestment exceeds 390 million RMB. (By Fu Xiaojun, translated by Jiang Yifan, edited by Kendra Fiddler)