- The State Taxation Bureau of Xiamen has issued the “Administrative Measures for the Settlement of Land Value Added Tax for Real Estate Development Projects in Xiamen”.
- The purpose of the measures is to regulate the management of land value added tax settlement for real estate development projects.
- The measures apply to the land value added tax settlement work in Xiamen.
- Taxpayers are required to submit relevant documents to the tax authorities within 30 days of obtaining approvals, records, licenses, or contracts related to the development project.
- Taxpayers must accurately declare and pay the land value added tax.
- Taxpayers should conduct financial accounting in accordance with the regulations and accurately account for the income, costs, and expenses of the development project.
- Taxpayers who meet certain conditions, such as completing the project or transferring the land use rights, are required to settle the land value added tax.
- The tax authorities may require taxpayers to settle the land value added tax in certain situations, such as when a project is completed but not fully sold.
- The completion of a development project refers to meeting certain conditions, such as obtaining proof of completion or delivering the products to buyers.
Source: lexiscn.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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