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Vietnam Promulgates Fiscal Stimulus Measures
On August 21, 2012, Vietnam’s Ministry of Finance promulgated Circular 140/2012/TT-BTC (hereinafter referred to as “Circular 140”), clarifying the country’s 2012 fiscal stimulus measures which aim to resolve some of the present tax difficulties facing organizations and individuals.
Interim Provisions Issued on Equity Contribution of FIEs
In a move to standardize the equity contributions of foreign-invested enterprises (FIEs) and promote foreign investment, China’s Ministry of Commerce (MOC) released the “Interim Provisions on Equity Contributions of Foreign-Invested Enterprises (Order No.8 of MOC, hereinafter referred to as ‘Provisions’)” on September 21, effective as of October 22, 2012.
China Issues White Paper on Energy Policy
China’s Information Office of the State Council released the “White Paper on China’s Energy Policies 2012 (hereinafter referred to as the ‘Paper’)” on October 24. The Paper summarizes the current status of energy development in China and puts forward the development policies and objectives for the energy industry.
China Overtakes U.S. as World’s Leading FDI Destination
China surpassed the United States to become the world’s largest recipient of foreign investment in the first half of 2012, according to the Global Investment Trends Monitor released by the United Nations Conference on Trade and Development (UNCTAD) on October 23, 2012.
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.
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