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China’s Grass-Root Courts to Handle Patent Dispute Cases
China’s Supreme People’s Court released the “Decision on Revising Several Provisions Concerning the Application of Law in Hearing Patent Dispute Cases (hereinafter referred to as the ‘Decision’)” on April 14, which states that the Supreme People’s Court may, depending on actual circumstances, designate grass-roots people’s courts to exercise jurisdiction over first-instance trials of patent dispute cases. The Decision came to effect on April 15, 2013.
China Releases Interpretation on Tariff Misclassification
In China, importers and exporters are required to make a complete and accurate declaration of goods through the customs authorities within a designated time, including the correct Harmonized System (HS) code. The customs authorities will then review such declarations and make sure the correct HS codes have been declared. In practice, tariff mis-classification may lead to the seizure of goods, interruptions in the supply chain, monetary fines, or even criminal penalties.
Shenzhen Releases Measures on Special Fund Management for Qianhai
The Shenzhen Municipal Government released the “Measures on Special Funds Management for the Pilot Development of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (shencaijian [2013] No.28, hereinafter referred to as the ‘Measures’)” on March 28, which specifies that the Chinese central government and Shenzhen local government will jointly allocate special funds to support the development of four major industries in Qianhai.
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.
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