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    April 26, 2013

    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.

    April 26, 2013

    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.

    April 26, 2013

    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.

    April 26, 2013

    China Expands RMB Qualified Foreign Institutional Investors Pilot Program

    As part of China’s efforts to internationalize its currency, China initiated the “RMB Qualified Foreign Institutional Investors Pilot Program (RQFII Pilot Program)” at the end of 2011, which allows qualified foreign institutions to invest offshore RMB back into Mainland China’s capital market.

    April 26, 2013

    China Launches Support Program for Micro and Small-Sized Enterprises

    China’s State Council released the “Opinions on Further Supporting the Development of Micro and Small-Sized Enterprises (MSEs) (guofa [2012] No.14)” on April 19, 2012, which put forward 29 supporting measures to help MSEs address the operational difficulties brought on by rising costs, a lack of financing options, and heavy tax burdens.

    April 26, 2013

    China Releases Notice on Thousand Foreign Experts Plan for 2013

    China’s State Administration of Foreign Expert Affairs (SAFEA) recently released the “Supplementary Notice on Commencing Applications for the ‘Thousand Foreign Experts Plan’ of 2013 (hereinafter referred to as the ‘Notice’),” which lays out the specific requirements for eligible candidates under the Thousand Foreign Experts Plan.

    April 26, 2013

    Qianhai Launches Qualified Foreign Limited Partner Pilot Program

    In the “Official Reply on Policies Concerning the Development and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (hereinafter referred to as the ‘Reply’)” released by China’s State Council on June 27, 2012, Qianhai has been chosen as the experimental and demonstrative window for the opening-up of China’s financial sector.

    March 5, 2013

    China Clarifies Corporate Income Tax Treatment for Non-Resident Enterprises under VAT Reform

    China’s State Administration of Taxation (SAT) recently promulgated an announcement concerning the corporate income tax (CIT) treatment for non-resident enterprises in the value-added tax (VAT) pilot reform (SAT Announcement [2013] No. 9, hereinafter referred to as the “Announcement”). The Announcement came into effect on February 19, 2013.

    March 5, 2013

    AIC Releases Requirements for 2012 Annual Inspection

    The 2012 annual inspection season for Chinese enterprises officially began on March 1, 2013 and will end on June 30, 2013. The Administration of Industry and Commerce (AIC) recently promulgated a Circular to remind AIC-registered enterprises to undergo annual inspection on time, specifying the requirements for the inspection. All AIC-registered enterprises should fill out the relevant information in the online annual inspection system and submit the required documentation within this time period.

    March 5, 2013

    China-South Korea Sign Social Insurance Contribution Agreement and Protocal

    China and South Korea signed the “Social Insurance Agreement between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Agreement’)” as well as the “Social Insurance Protocol between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Protocol’)” on October 29, 2012, aiming to solve the issues concerning double contributions of social insurance between the two countries.

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