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China Releases Report on Foreign Trade Situation (Fall 2012)
China’s Ministry of Commerce (MOC) released the “Report on China’s Foreign Trade Situation (Fall 2012)” on October 26, which reviews the performance of China’s foreign trade in the first three quarters of 2012, as well as predicts the trends thereof for the fourth quarter of 2012 and going into 2013.
Interim Measures Issued on the Administration of Tax-free Shopping Policy
China’s General Administration of Customs (GAC) released the “Interim Measures for the Supervision and Administration on the Tax-free Shopping of Visitors Departing from Hainan Island (Announcement of the GAC [2012] No. 50, hereinafter referred to as ‘Announcement’)” on October 24, 2012.
China Adjusts Tax-Free Shopping Policies for Hainan Island
In a move to boost tourism in the island province of Hainan, China’s Ministry of Finance (MOF) released the “Announcement on Adjusting the Tax-free Shopping Policies for Visitors Departing from Hainan Island (Announcement [2012] No.73, hereinafter referred to as ‘Announcement’) on October 22, which is scheduled to take effect from November 1, 2012.
Jiangsu Province Releases Announcement on Transitional Tax Policies
Jiangsu’s Provincial Office of the State Administration of Taxation (SAT) released the “Announcement on Operation Details of the Transitional Preferential Policies in the Pilot Collection of Value-Added Tax (VAT) in Lieu of Business Tax in Transportation and Certain Areas of Modern Service Industries (Announcement [2012] No. 8, hereinafter referred to as the ‘Announcement’)” on October 15, which is retroactively effective from August 1, 2012.
Guangzhou Releases Plan for VAT Pilot Collection
The People’s Government of Guangzhou released the “Notice on the Plan for the Pilot Collection of Value-added Tax (VAT) in Lieu of Business Tax in the Transportation Industry and Certain Modern Service Industries (suifuban [2012] No.47, hereinafter referred to as ‘Notice’)” on October 12, aiming to promote the smooth implementation of the pilot collection.
VAT General Taxpayer Recognition in Non-Pilot Regions
Pursuant to the “Administrative Measures for Recognition of Value-added Tax General Taxpayers (Order No. 22 of the SAT),” issues regarding the recognition of VAT general taxpayers in non-pilot regions are hereby announced as follows.
Announcements on Tax Payments for Asset Reorganization
China’s State Administration of Taxation released the “Announcement on Issues Relating to the Business Tax for Assets Reorganization by Taxpayers (Announcement [2011] No. 51)” and “Announcement on Issues Relating to the Value-Added Tax for Assets Reorganization by Taxpayers (Announcement [2011] No. 13)” in 2001, addressing issues concerning tax payments for asset reorganization by taxpayers.
China Releases Circular on Reporting VAT Collection Data
To establish a mechanism for reporting the dynamic information and data relating to the pilot collection of value-added tax (VAT) in lieu of business tax, China’s Ministry of Finance (MOF) released the “Circular on Properly Handling the Reporting of Information and Data on the Pilot Collection of Value-added Tax in Lieu of Business Tax (caishuiban[2012] No. 29, hereinafter referred to as the ‘Circular’)” on September 27, 2012.
China Releases Circular on Inspection of Corporate Income Tax
To strengthen the administration on collection of corporate income tax generated from trans-regional operations, China’s State Administration of Taxation (SAT) released the “Circular on Inspection of Distribution of Consolidated Payments of Corporate Income Tax on Trans-Regional Operations (guoshuihan [2012] No. 445, hereinafter referred to as the ‘Circular’)”on September 24.
China Clarifies Budget Management Issues Under VAT Reform
China’s Ministry of Finance (MOF), the People’s Bank of China (PBC) and the State Administration of Taxation (SAT) jointly released the “Circular on Budget Management Issues Concerning the Pilot Collection of Value-Added Tax (VAT) in Lieu of Business Tax (caiyu [2012] No.367, hereinafter referred to as ‘Circular’)” on August 17.