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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.
Comments Sought for Administration of Overseas Drug Manufacturers
China’s State Food and Drug Administration (SFDA) released the “Administrative Measures for the Inspection of Overseas Drug Manufacturers (Draft for Comments) (hereinafter referred to as ‘Draft’)” on August 20, and is now seeking public comments. All the comments should be submitted by October 8, 2012.
China Releases 12th Five-Year Plan for Energy Saving and Emission Reduction
China’s State Council released the “Circular of the State Council on the Printing and Distribution of the 12th Five-Year Plan for Energy Saving and Emission Reduction (guofa [2012] No.40, hereinafter referred to as ‘Circular’)” on August 8, 2012, aiming to transform the mode of economic development, establish an energy-saving and environmentally-friendly society, and strengthen the capacity of sustainable development.
Shenzhen Passes China’s First Anti-Gender Discrimination Law
The Standing Committee of the Fifth People’s Congress of Shenzhen Municipality passed the “Regulation of Shenzhen Special Economic Zone on the Promotion of Gender Equity (Announcement [2012] No.89, hereinafter referred to as ‘Regulation’)” on June 28, 2012, effective as of January 1, 2013. The law is the first of its kind in Mainland China to ensure gender equality.
VAT Pilot Reform in Beijing and Other Regions: General Taxpayer Recognition
China’s State Administration of Taxation released an announcement clarifying issues regarding general taxpayer recognition under the Value-added Tax (VAT) pilot program in Beijing and seven other provinces and cities in China.
Comments Sought for Draft Revision to Patent Law
China’s State Intellectual Property Office (SIPO) released the “Draft Revision of the Patent Law of the People’s Republic of China (Draft for Comments) (hereinafter referred to as ‘Draft’)” on August 9, and is now seeking public comments.
Deadline for Annual Audit and Compliance: September 30, 2012
All companies in India need to file their annual return by September 30, 2012 (November 30, 2012 for companies required to file a certificate on global transactions liable to transfer pricing) of the assessment year, stating income, expenses, taxes paid and taxes due for the previous year.
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