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China Cancels Import Duties for Major Technical Equipment
With a view to boost domestic demand and promote industrial upgradation across the country, China’s Ministry of Finance, together with three other central departments, released the “Circular on Adjusting the Catalogs Relating to Import Duties for Major Technical Equipment (Caiguanshui [2013] No.14, hereinafter referred to as ‘Circular’)” on March 25, 2013, which scraps import duties and import-related value-added taxes on a range of technical equipment from April 1, 2013.
Cities Across China Tighten Control Over Real Estate Market
In an effort to rein in the country’s soaring property prices, China’s State Council released the “Circular on Effectively Regulating the Real Estate Market (guobanfa [2013] No.17, hereinafter referred to as ‘Circular’)’ on March 1, 2013. The Circular has rolled out an array of property cooling measures, including a 20 percent capital gains tax on property sales in cities where housing prices are believed to be rising too quickly.
China Releases Administrative Measures on Software Enterprise Recognition
With the view to promote the development of the software industry in China, the Ministry of Industry and Information Technology (MIIT), together with three other central departments, released the “Administrative Measures for Software Enterprise Recognition (gongxinbulianruan [2013] No. 64, hereinafter referred to as ‘Measures’)” on February 6, which lists out the requirements for software enterprise recognition in China.
China Releases Guiding Opinions on Attracting Foreign Investment
China’s Ministry of Commerce (MOC) released the “Guiding Opinions on Attracting Foreign Investment in 2013 (shangzifa [2013] No. 82, hereinafter referred to as ‘Opinions’)” on March 14, 2013, which sets out measures for China to attract foreign investment in 2013.
China to Further Strengthen Intellectual Property Rights Protection
China’s State Intellectual Property Office (SIPO) released the “Promotion Plan for the Implementation of 2013 National Intellectual Property Strategy (hereinafter referred to as the ‘Plan’)” on March 21, 2013. The Plan provides a total of 84 measures in eight key areas relating to China’s intellectual property (IP) development in 2013.
China Specifies Lock-up Period for RMB Qualified Foreign Institutional Investors
With the aim to better facilitate the implementation of the pilot program for domestic securities investments by RMB qualified foreign institutional investors (RQFII Pilot Program), China’s State Administration of Foreign Exchange (SAFE) released the “Circular on Issues Concerning the RQFII Pilot Program (hereinafter referred to as the ‘Circular’)” on March 11, 2013, which specifies the lock-up period for the investment principal.
China’s SAT Issues FAQs Relating to Tax Payments: Part V
China’s State Administration of Taxation (SAT) has recently issued a set of frequently asked questions relating to real estate tax and individual income tax (IIT). The answers provided are based on existing regulations.
China Revises Labor Contract Law
China’s National People’s Congress adopted the “Decision on Revising the Labor Contract Law of the People’s Republic of China (Order No.73 of the PRC President, hereinafter referred to as the ‘Decision’)” on December 28, 2012, which tightens loopholes on hiring dispatched workers and offers better protection to the interests of such workers.
Mandatory Business License Update Ordered for Companies in Shenzhen
According to the “Regulations on Commercial Registration within the Shenzhen Special Economic Zone,” commercial subjects (including enterprises and individually-owned businesses) registered in Shenzhen before March 1, 2013 shall apply for an updated business license with the commercial registration authorities.
China’s SAT Issues FAQs Relating to Tax Payments: Part IV
China’s State Administration of Taxation (SAT) has recently issued a set of frequently asked questions relating to tax payments and pre-tax deductions. The answers provided are based on existing regulations.
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