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Beijing Issues Circular on Implementing Transitional Financial Support Policies
The Beijing Municipal Finance Bureau, the Beijing Local Taxation Bureau and the Beijing Municipal Office of State Administration of Taxation jointly released the “Circular on Implementing the Transitional Financial Support Policies during the Business Tax to Value-Added Tax (VAT) Pilot Conversion Period (jingcaishui[2012] No.1294, hereinafter referred to as ‘Circular’)” on September 10.
Beijing Issued Announcement on VAT Preferential Policy Administration
The Beijing Municipal Office of the State Administration of Taxation (SAT) released the “Announcement on Matters Concerning the Administration of the Value-Added Tax(VAT) Preferential Policies during the Business Tax to VAT Pilot Conversion Period (Announcement [2012] No.8, hereafter referred to as ‘Announcement’)” on September 3, clarifying issues regarding the administration of related VAT preferential policies during the business tax to VAT pilot conversion period in the transportation industry and certain areas of the modern services industries.
China Releases Circular to Crack Down on Tax Over-Collection
To standardize the law enforcement of tax collection and ensure the thorough implementation of tax policies, China’s State Administration of Taxation (SAT) issued the “Notice on Implementing the Inspection over Tax Collection on Individual Businesses (hereinafter referred to as the ‘Notice’)” on September 3, aiming to crack down on the over-collection of tax nationwide.Key provisions of the Notice can be found below.
Shenzhen Issues Guidance on General Taxpayer Recognition
The Shenzhen Municipal Office of the State Administration of Taxation (SAT) issued the “Circular on the Relevant Matters Concerning the Recognition of General VAT Taxpayers under the Business Tax to Value-Added Tax Pilot Conversion (shenguoshuihan [2012] No.227, hereinafter referred to as ‘Circular’)” on September 4, 2012, clarifying issues regarding general taxpayer recognition under its value-added tax (VAT) pilot program. Key provisions of the Circular can be found below.
China Releases Circular on Rare Earth Enterprises
China’s Ministry of Industry and Information Technology (MIIT) released the “Circular on Declaration of Announcement of Rare Earth Enterprises Access (guoxinyuanhan [2012] No.211, hereinafter referred to as ‘Circular’)” on August 24.
China Adopts Decision on Revision of Civil Procedure Law
The “Decision of the Standing Committee of National People’s Congress (NPC) on Revision of the Civil Procedure Law ” has been adopted by vote (140-2-1) at the 28th Session of the 11th NPC Standing Committee, according to an official statement read at the press conference held by the General Office of the NPC Standing Committee on August 31. Highlights of the revised Civil Procedure Law (hereinafter referred to as the ‘Revised Law’) can be found below.
China Releases Announcement on VAT Collection in Beijing and Other Regions
China’s State Administration of Taxation (SAT) released the “Announcement of the SAT on Issues Related to the Tax Collection under the Value-Added Tax (VAT) to Business Tax (BT) Pilot Conversion in Beijing and Seven Other Provinces and Cities in China (Announcement [2012] No.42, hereinafter referred to as the ‘Announcement’),” on August 24, aiming to guarantee the smooth implementation of pilot projects.
China Releases Circular on Cultivating Intellectual Property Rights Utilization
China’s Ministry of Industry and Information Technology (MIIT) released the “Circular of the Ministry of Industry and Information Technology on Carrying out the Program of Cultivating the Intellectual Property Rights Utilization Capability of Industrial Enterprises (gongxinkebu [2012] No.391, hereinafter referred to as ‘Circular’) on August 27.
China Seeks Comments for Establishment of Foreign-Invested Securities Companies
The China Securities Regulatory Commission (CSRC) released a circular on August 24, 2012 seeking comments for amending two laws related to securities company establishment. They are the “Rules on the Establishment of Foreign-Invested Securities Companies (CSRC Order No. 52, hereinafter referred to as the ‘Rules’)” and the “Trial Regulations for the Establishment of Subsidiaries by Securities Companies (Zheng Jian Ji Gou Zi [2007] No. 345, hereinafter referred to as the ‘Trial Regulations’)”. All relevant comments must be submitted by September 22, 2012.
Jiangsu Province Issues Guidance on General Taxpayer Recognition
Jiangsu’s Provincial Office of the State Administration of Taxation recently released an announcement clarifying issues regarding general taxpayer recognition under the value-added tax (VAT) pilot program in Jiangsu Province.
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