May 31, 2010
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Provisions Concerning the Accounting Treatments on Consumption Tax [Effective]
关于消费税会计处理的规定 [现行有效]
The<PROVISIONAL Tax Consumption on China of Republic people's the Regulations>has been promulgated by the State Council. The provisions concerning the accounting treatments are stipulated as follows:


1. Enterprises which are subject to Consumption Tax should add an itemized "Consumption Tax payable" account under the account titled "Taxes payable" for accounting and recording purposes.
2. Enterprises selling consumer goods produced that are subject to Consumption Tax shall debit the amount of Consumption Tax payable in the account titled "Product sales tax and surtax" and credit the account titled "Taxes payable--Consumption Tax payable". When Consumption Tax is actually paid, debit the account titled "Taxes payable--Consumption Tax payable" and credit the account titled "Cash in bank". For return of goods sold or refund of tax, accounting entries to the contrary shall be made.
Taxable consumer goods exported by enterprises, if not enjoying tax exemption nor refund of tax according to the regulations, shall be treated as domestic sales and the accounting records shall be made in accordance with the provisions of the preceding paragraph.
3. For Consumption Tax that shall be paid in accordance with the provisions by enterprises which provide self-producing taxable consumer goods as investment, shall debit the account titled "Long-term investment" and credit the account titled "Taxes payable--Consumption Tax payable".

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