Company: ZDAN
Filing Date: 2025-07-28
Form Type: F-1/A
Source: 0001683168-25-005450
Chunk: 198

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-07-28
Form: F-1/A
Chunk 198
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 declared to non-PRC
resident enterprise investors that do not have an establishment or place of business in the PRC, or that have such establishment or place
of business but the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends
are derived from sources within the PRC.

| 122 |

In 2009, the State Administration
of Taxation, or the “SAT,” issued the Circular of the State Administration of Taxation on Issues Relating to Identification
of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the De Facto Standards of Organizational
Management, or “SAT Circular 82,” which provides certain specific criteria for determining whether the “de facto management
body” of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore
enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria
set forth in SAT Circular 82 may reflect the SAT’s general position on how the “de facto management body” text should
be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular 82, an offshore incorporated
enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its “de
facto management body” in China and will be subject to the PRC enterprise income tax on its global income only if all of the following
conditions are met: (i) the primary location of senior management to carry out daily operations or perform their duties is in China;
(ii) decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval by organizations
or personnel in China; (iii) the enterprise’s primary assets, accounting books and records, company seals, and board and shareholders’
meeting minutes, are located or maintained in China; and (iv) at least 50% of the voting board members or senior executives habitually
reside in China.

The SAT issued the Public
Notice Regarding Certain Enterprise Income Tax Matters on Indirect Transfer of Properties by Non-Resident Enterprises, or “SAT Public
Notice 7,” in February 2015. SAT Public Notice 7 extends its tax jurisdiction to not only indirect transfers, but also transactions
involving transfer of other taxable assets, through the offshore transfer of a foreign intermediate holding company.

The SAT also issued the Public
Notice