China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 3 of 2022 on pilot tax policies for real estate investment trusts (REITs) in the infrastructure sector. This includes two main tax benefits.
The first provides that where infrastructure assets are contributed to a project company in exchange for shares (equity), the original tax base of the assets is used in determining the tax base of the assets for the project company and the tax base of …