se shall not re-enjoy the regular preferential tax
reduction and exemption as stipulated in Article 8 of the Tax Law. But
if the original enterprise with foreign investment which has not started
or the period has not expired for enjoying regular preferential tax
reduction and exemption in accordance with the stipulations of Article 8
of the Tax Law, the newly organized shareholding enterprise may continue
to enjoy the above-mentioned preferential tax treatment till expiration
of the period in accordance with the stipulation of the Tax Law.
(2) The shareholding enterprise established by a enterprise with foreign
investment or a foreign investor who invests in the capacity of a
shareholder may enjoy regular preferential reduction and exemption of
enterprise income tax in accordance with the stipulations of Article 8
of the Tax Law.
III. Tax handling related to the issuance of stocks at a premium
For an enterprise which issues stocks, the part of premium resulting
from the price of the stock issued being higher than the face value of
the stocks is regarded as the rights and interests of the enterprise
shareholder, and not as business profits on which enterprise income tax
is to be levied; during enterprise liquidation, this part shall not
included in the taxable liquidation income.
IV. Questions concerning the treatment of applicable reinvestment tax
reimbursement
In the case of a foreign investor who uses the profits (dividends)
gained from a enterprise with foreign investment or a shareholding
enterprise to buy shares (including secondary shares) of the enterprise,
or shares of any other enterprise, it is not applicable to the
preferential regulations concerning the refunding of tax as set in the
Tax Law.
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