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Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Taxation

Schedule of components of income/(loss) before tax

The components of income/(loss) before tax are as follows:

		For the year ended December 31,
		2020				2021				2022
		(RMB in millions)
Income/(loss) before tax
Income from Chinese mainland operations			15,803				14,518				16,800
Income/(loss) from non-Chinese mainland operations			35,016				(17,098	)			(2,933	)
Total income/(loss) before tax			50,819				(2,580	)			13,867
Income tax benefits/(expenses) applicable to Chinese mainland operations
Current income tax expenses			(2,201	)			(2,538	)			(4,418	)
Deferred tax benefits			719				651				732
Subtotal income tax expenses applicable to Chinese mainland operations			(1,482	)			(1,887	)			(3,686	)
Income tax expenses applicable to non-Chinese mainland operations
Current income tax expenses			—				—				(307	)
Deferred tax expenses			—				—				(183	)
Subtotal income tax expenses applicable to non-Chinese mainland operations			—				—				(490	)
Total income tax expenses			(1,482	)			(1,887	)			(4,176	)

Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate

		For the year ended December 31,
		2020				2021				2022
Statutory income tax rate			25.0%				25.0%				25.0	%
Tax effect of preferential tax rates and tax holiday			(2.3)%				86.0%				(19.3	)%
Tax effect of tax-exempt entities			(16.8)%				(143.7)%				12.1	%
Effect on tax rates in different tax jurisdiction			(0.5)%				(2.3)%				(3.2	)%
Tax effect of non-deductible expenses			0.5%				(13.8)%				4.0	%
Tax effect of non-taxable income			0.0%				1.4%				(0.4	)%
Tax effect of Super Deduction and others			(4.2)%				105.9%				(19.0	)%
Changes in valuation allowance			1.2%				(131.6)%				28.3	%
Effect on withholding income tax			0.0%				0.0%				2.6	%
Effective tax rates			2.9%				(73.1)%				30.1	%

Summary of income tax holiday

		For the year ended December 31,
		2020				2021				2022
Tax holiday effect (RMB in millions)			1,153				2,219				2,677
Effect of tax holiday on basic net income/(loss) per share (RMB)			0.38				0.71				0.86
Effect of tax holiday on diluted net income/(loss) per share (RMB)			0.37				0.71				0.84

Schedule of deferred tax assets and deferred tax liabilities

		As of December 31,
		2021				2022
		(RMB in millions)
Deferred tax assets
- Net operating loss carry forwards and others			6,303				12,715
- Deferred revenues			553				472
- Inventory valuation allowance			575				1,029
- Allowance for doubtful accounts			603				1,001
- Unrealized fair value losses for certain investments			747				595
Less: valuation allowance			(7,670	)			(14,276	)
Net deferred tax assets			1,111				1,536
Deferred tax liabilities
- Intangible assets arisen from business combination			1,454				5,598
- Withholding tax on undistributed earnings			—				183
- Accelerated tax depreciation and others			443				730
Total deferred tax liabilities			1,897				6,511

Schedule of movement of valuation allowance

		For the year ended December 31,
		2020				2021				2022
		(RMB in millions)
Balance at beginning of the year			3,674				4,289				7,670
Additions			4,393				5,052				7,694
Reversals			(3,778	)			(1,671	)			(1,088	)
Balance at end of the year			4,289				7,670				14,276

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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