Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 41

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 3
Chunk 41
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 subject to a rate of 10%.
Furthermore, under the EIT Law and the Implementation Rules to the PRC Enterprise Income Tax Law, an enterprise established outside of mainland China with its “de facto management body” within mainland China is considered a mainland China resident enterprise and will be subject to mainland China enterprise income tax on its global income at the rate of 25%. See “Item 4. Information on the Company—B. Business Overview—Regulations in China—Regulations on Tax—Mainland China Enterprise Income Tax.” We do not believe that our company or any of its subsidiaries outside of mainland China is a mainland China resident enterprise for the year ended December 31, 2024, because neither we nor these subsidiaries are controlled by a mainland China enterprise or mainland China enterprise group, and because our records and these subsidiaries’ records (including the resolutions of the respective boards of directors and the resolutions of the respective shareholders) are maintained outside mainland China. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term “de facto management body.” If the PRC tax authorities determine that our company or any of its subsidiaries outside of mainland China is a mainland China resident enterprise for mainland China tax purposes, they would be subject to a 25% mainland China enterprise income tax on their global income. In addition, if our company is considered a mainland China resident enterprise for mainland China tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-mainland China resident enterprises, including the holders of our ADSs. Furthermore, non-mainland China resident enterprise shareholders (including our ADS holders) may be subject to a 10% mainland China tax on gains realized on the sale or other disposition of ADSs or ordinary shares, if such income is treated as sourced from within mainland China. It is unclear whether our non-mainland China individual shareholders (including our ADS holders) would be subject to any mainland China tax on dividends or gains obtained by such non-mainland China individual shareholders in the event we are determined to be a mainland China resident enterprise. If any mainland China tax were to apply to such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty. However, it is also unclear whether our non-mainland China shareholders would be able to claim the benefits of any tax treaty between their country of tax residence and mainland China in