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China’s Long-term Plan to Import Thousands of Highly-Qualified Foreigners
With the recent issuance of the “Circular on Issues of Facilitating Visas and Residence Permits for Highly-Qualified Foreigners’ Entry into China (MHRSS Circular [2012] No. 57),” more attention has been drawn to the long-term plan of China to import talented experts from abroad. Currently, the plan that the Chinese government gives the most preferential treatment to is the Recruitment Program of Global Experts (also known as the “Thousand Talents Plan,” hereinafter referred to as the “Plan”), which was initiated by the General Office of the CPC Central Committee in December 2008.
Shenzhen Clarifies Transitional Financial Support Policies for VAT Reform
The Shenzhen Municipal Financial Committee, Shenzhen Municipal Office of the SAT, and the Shenzhen Local Taxation Bureau jointly released the “Circular on the Transitional Financial Support Policies for Business Tax to Value-Added Tax (VAT) Pilot Conversion in Shenzhen Municipality (shencaifa [2012] No.41, hereinafter referred to as ‘Circular’)” on October 30, clarifying financial support issues regarding VAT reform in the city. The main content of the Circular can be found below.
China Cuts Administrative Examination and Approval Items
For some time now, the over-regulated administrative approval system in China has led to unnecessary government intervention in the country’s economic development and resulted in both low market efficiency and bureaucratic corruption. In 2001, China began to reform its administrative approval system by reducing administrative examination and approval items with the aim of clearing systematic obstacles for its social and economic development and helping to curb corruption.
Highly-Qualified Foreigners to Face Easier Visa Formalities in China
China’s Ministry of Human Resources and Social Security (MHRSS) and four other departments of the Chinese government jointly promulgated the “Circular on Issues of Facilitating Visas and Residence Permits for Highly-Qualified Foreigners’ Entry into China (MHRSS Circular [2012] No. 57, hereafter referred to as the ‘Circular’)” on September 28, 2012.
Guangzhou Issues FAQs Regarding VAT Reform
At a recent press conference held in Guangzhou, several frequently asked questions (FAQs) relating to the VAT reform in the city were answered by officials from relevant government departments. Details of the answers can be found below.
China Law Deskbook Legal Update – September/October 2012
Jim Zimmerman, the China managing partner of U.S. law firm Sheppard Mullin, is a good friend of China Briefing and is also both the Chairman Emeritus of Amcham China and the author of the China Law Deskbook – considered by many to be the bible of China law. Jim has recently introduced a regular update service to the China Law Deskbook and has kindly given permission for China Briefing to host it here.
Guangdong Province Releases Announcement on Invoice Issuance
Guangdong’s Provincial Office of the State Administration of Taxation (SAT) released the “Announcement on Matters Concerning the Issuance of Invoices on Behalf of Taxpayers in the Pilot Collection of Value-Added Tax (VAT) in Lieu of Business Tax (Announcement [2012] No.11, hereinafter referred to as ‘Announcement’)” on October 23, 2012.
Vietnam Set to Lower Corporate Income Tax
Vietnam’s Ministry of Finance has announced it will be making changes to the Law on Corporate Income Tax, to be revised by the National Assembly in 2013. The ministry has also announced plans to reduce tax burdens for foreign-invested enterprises that engage in expansion projects for existing investments.
Vietnam Changes the Law Governing Personal Income Tax
On November 22, 2012, the Vietnamese National Assembly promulgated Law No. 26/2012/QH13, amending and supplementing a number of articles within the Law on Personal Income Tax – including increasing personal income tax thresholds.
Da Nang Offers Massive Tax Incentives for Dutch Businesses
Da Nang City is calling for foreign investment in its hi-tech park by promising attractive incentives.
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