Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 111

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 111
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 management bodies”
are located in China are considered “resident enterprises” and subject to the uniform 25% enterprise income tax rate on their
worldwide taxable income. According to the implementing rules of the EIT Law, “de facto management body” refers to a managing
body that in practice exercises overall management control over the production and business, personnel, accounting and assets of an enterprise.

On April 22, 2009, the State Administration
of Taxation issued the Notice on the Issues Regarding Recognition of Enterprises that are Domestically Controlled as PRC Resident Enterprises
Based on the De Facto Management Body Criteria, which was retroactively effective as of January 1, 2008. This notice provides that an
overseas incorporated enterprise that is controlled by PRC domestic companies will be recognized as a “tax-resident enterprise”
if it satisfies all of the following conditions: (i) the senior management responsible for daily production/business operations are primarily
located in the PRC, and the location(s) where such senior management execute their responsibilities are primarily in the PRC; (ii) strategic
financial and personnel decisions are made or approved by organizations or personnel located in the PRC; (iii) major properties, accounting
ledgers, company seals and minutes of board meetings and stockholder meetings, etc., are maintained in the PRC; and (iv) 50% or more of
the board members with voting rights or senior management habitually reside in the PRC.

Given the short history of the
EIT Law and lack of applicable legal precedent, it remains unclear how the PRC tax authorities will determine the resident enterprise
status of a company organized under the laws of a foreign (non-PRC) jurisdiction. If the PRC tax authorities determine that a certain
company is a “resident enterprise” under the EIT Law, a number of tax consequences could follow. First, that company could
be subject to the enterprise income tax at a rate of 25% on its worldwide taxable income, as well as PRC enterprise income tax reporting
obligations. Second, the EIT Law provides that dividend income between “qualified resident enterprises” is exempt from income
tax. As a result, if that company is treated as a “qualified resident enterprise,” all dividends paid from its PRC subsidiaries,
should be exempt from the PRC enterprise income tax.

As of the date of this Annual
Report, there has not been a definitive determination by Antelope Enterprises, Success Winner or the P