Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Tesla Shanghai Factory Granted Beneficial Tax Rate Through 2023

Feb. 8, 2021, 2:19 PM

The Shanghai government granted Tesla’s Gigafactory Shanghai subsidiary a beneficial corporate income tax rate of 15% for 2019 through 2023, the carmaker said in a regulatory filing.

  • This compares with the 25% statutory corporate income tax rate in China
  • Tesla had previously disclosed it is required to meet a cumulative capital expenditure target and annual tax revenue target starting at the end of 2023, which it believes will be attainable even if production at plant near Shanghai is lower than forecast
  • NOTE: Earlier, Jan. 13: Elon Musk Loves China, and China Loves Him Back — for Now

To ...