Ministry of Finance Southern DistrictIRSIt said that if foreigners stay in my country for a total of 183 days in 2023, they are residents under the Income Tax Law. They will apply for the 2023 tax return this year.Comprehensive income taxSettlement declarationyou should pay attention to the new regulations on CFC declaration.
The Southern District Taxation Bureau stated that the CFC system will be implemented from New Year’s Day 2023. Members of foreign resident settlement declaration accounts who directly or indirectly invest in enterprises related to low-tax areas should request or download CFC-related forms from the National Taxation Bureau to check whether they should declare personal CFC profits.
The IRS further explained how to check whether reporting account members are subject to the individual CFC system. You can first check whether personal CFC information should be disclosed according to the “Individual and Related Party Shareholding Details”. If an individual and his/her related parties directly or indirectly hold 50% of the equity interests in a related enterprise in a low-tax zone or have the ability to control the company, they should fill in the “Shareholding Details of Individuals and their Related Persons”.
If an individual, his spouse and relatives within the second degree directly hold 10% of the CFC’s equity in total on December 31, 2023; or if the total does not reach 10%, but the CFC has a loss in the current year and wants to apply the loss deduction in subsequent years, If one of the above conditions is met, the “Individual Controlled Foreign Corporation (CFC) Profit Income Calculation Form” should be filled in and the relevant supporting documents should be attached.
If foreigners apply for the 2023 comprehensive income tax settlement declaration through the comprehensive income tax electronic settlement declaration and payment system, and should fill in the relevant CFC forms, they should submit the relevant forms to the residence permit or entry and exit permit before May 31 this year. The Internal Revenue Service of the place where the stated residence address is located.
The National Taxation Bureau reminds that individual CFC profits are overseas income that falls under the basic income tax rate. If, after adding in CFC profits, the total overseas income of the whole household reaches 1 million yuan, it must be included in the basic income declaration, but the comprehensive net income in 2023 Basic tax must be paid only if the total of overseas income and other items that should be included in the basic income exceeds 6.7 million yuan.
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