v3.22.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

(Loss) income Before Income Taxes

(Loss) income before income taxes consists of:

		For the years ended December 31,
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions)
PRC			13,076				19,711				15,055				2,362
Non-PRC			(13,416	)			3,379				(4,277	)			(671	)
			(340	)			23,090				10,778				1,691

Components of Income Tax

Income taxes consist of:

		For the years ended December 31,
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions)
Current income tax			3,564				4,668				3,636				571
Income tax refund due to reduced tax rate			(920	)			(719	)			—				—
Adjustments of deferred tax assets due to change in tax rates			9				(5	)			109				17
Deferred income tax (benefit) expense			(705	)			120				(558	)			(88	)
			1,948				4,064				3,187				500

Reconciliation of Effective Income Tax Provision of Tax Computed By Applying Statutory Income Tax Rate to Pre-Tax Income

The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory income tax rate to pre-tax income is as follows:

		For the years ended December 31,
		2019				2020				2021				2021
		RMB				RMB				RMB				US$
		(In millions, except for per share data)
Expected taxation at PRC statutory tax rate			(85	)			5,773				2,694				423
Effect of differing tax rates in different jurisdictions			3,299				208				656				103
Non-taxable income			(419	)			(995	)			(89	)			(14	)
Non-deductible expenses			2,124				3,416				965				150
Research and development super-deduction			(1,245	)			(1,549	)			(1,645	)			(258	)
Effect of PRC preferential tax rates and tax holiday			(1,327	)			(2,891	)			(1,557	)			(244	)
Effect of tax rate changes on deferred taxes			9				(5	)			109				17
Reversal of prior year’s income taxes			(1,134	)			(951	)			(734	)			(115	)
PRC withholding tax			(224	)			122				615				97
Valuation allowance			950				936				2,173				341
Taxation for the year			1,948				4,064				3,187				500
Effective tax rate			(573%)				18%				29.6	%			29.6	%
Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share (Note)			0.49				1.06				0.56				0.09

Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Balances

The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2020 and 2021 are as follows:

		As of December 31,
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Deferred tax assets:
Allowance for credit losses			452				622				98
Accrued expenses, payroll and others			5,456				6,988				1,095
Fixed assets depreciation			106				112				18
Net operating loss carry-forwards			1,811				2,980				468
Less: valuation allowance			(5,895	)			(8,068	)			(1,266	)
Deferred tax assets, net			1,930				2,634				413

		As of December 31,
		2020				2021				2021
		RMB				RMB				US$
		(In millions)
Deferred tax liabilities:
Long-lived assets arising from acquisitions			406				508				80
Withholding tax on PRC subsidiaries’ undistributed earnings			1,381				1,803				283
Tax on capital gains			943				996				156
Others			593				241				38
			3,323				3,548				557

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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