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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.
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.
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.
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