In simple terms, the final settlement means that according to the provisions of the tax law, whether it is necessary to pay back taxes or refund taxes is calculated in the following year and submitted to the tax bureau. Everyone can also understand that the tax bureau needs to give the enterprise a general examination at the end of the year to see if there is anything wrong with you. Therefore, as an annual event of an enterprise, settlement and payment need to be paid more and more attention by entrepreneurs.

Especially in the current national tax management, from paying attention to daily collection and management to paying attention to follow-up inspection step by step, the importance of final settlement will become more and more prominent. Improper handling of final settlement will bring a lot of trouble to enterprises.

The general process of final settlement

1 finalize the annual accounting statements

2 according to the accounting statements and their specific contents, adjust the internal accounting data to tax data, and discuss the possibility of paying taxes or refunding taxes.

3. Prepare relevant documents after getting the confirmation of accounting statements and tax statements from the management.

Submit these documents to the competent tax bureau.

When will the income tax be settled?

An enterprise shall, within five months from the end of the year, submit the annual enterprise income tax return to the tax authorities, make final settlement and settle the tax refund payable.

In practice, for foreign-funded enterprises, the audit report should be completed as much as possible within 3 months because of the preparatory work in various aspects such as auditing. The tax bureau is not so strict with the time requirement for the final settlement of foreign-funded enterprises, and it can be completed before the end of May.

For domestic enterprises, it usually starts in March of the following year and is completed in April. The main reason is that the competent tax officials don't believe in the integrity of domestic-funded enterprises, so they try to finish everything ahead of time and leave free time for the moths in case something happens later.

So, if your accountant wants you to complete the settlement before the end of April, please don't blame him.

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