- Fujian’s tax authority issued rules to standardize land value-added tax collection and administration for real estate developers (excluding Xiamen).
- In principle, the liquidation unit is the development project identified by the construction project planning permit issued by the government authority.
- If one approved project has multiple planning permits, the tax authority may, before accepting liquidation filing, allow them to be merged into one liquidation unit if they are within 12 months, adjacent, and accounted for under the same cost object; separately permitted public facilities are exempt from the 12-month limit.
- For real estate sold through third parties, if property ownership has not been transferred to the third party, sales revenue is based on the actual amount collected from buyers.
- If ownership has been transferred to the third party, sales revenue is based on the settlement price with the third party; if that price is clearly too low without a valid reason, market price will be used.
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.
Latest Posts in "China"
- Regional Phase-Outs of Paper Invoices Accelerate Digital Invoicing
- China accelerates transition to fully digitalized e-invoices as paper invoices are phased out
- Hong Kong POS and Receipt Requirements Overview
- Hong Kong Fiscal Requirements Overview
- China’s VAT Reform Pushes Multinationals Toward Real-Time Compliance
