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This issue of Tax China Newsletter mainly includes: (1) Certain types of distributed profits re-invested in resident enterprise by overseas investors will enjoy beneficial tax deferral policy (Announcement of the State Administration of Taxation (“SAT”)  No. 3 and Cai Shui  No. 88); (2) The definition of the beneficial owner in tax treaties has been further clarified under Announcement of the SAT  No. 9; (3) Announcement of the SAT  No. 11 has further clarified a number of issues in the implementation of double taxation treaties; (4) The SAT issued the Announcement of the SAT  No.46 regarding the country by country report; and (5) Implementation Regulations of Environmental Protection Tax Law is in effect since January 1, 2018.