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China Law Deskbook Legal Update – June/July 2012
Jim Zimmerman, the China managing partner of U.S. law firm Sheppard Mullin, is a good friend of China Briefing and is also both the chairman emeritus of Amcham China and the author of the China Law Deskbook – considered by many to be the bible of China law. Jim has recently introduced a regular update service to the China Law Deskbook and has kindly given permission for China Briefing to host it here.
China-Hong Kong to Promote Further Liberalization under CEPA
To enhance cooperation between Hong Kong and Mainland China in the services sector, and to facilitate mutual economic development, the Chinese central government and the government of the Hong Kong Special Administrative Region signed the “Ninth Supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) (hereinafter referred as ‘the Ninth Supplement’)” on June 29, which is scheduled to take effect on January 1, 2013.
The Ninth Supplement introduces a total of
China Clarifies Export Refund Policies
Over the past few years, the Ministry of Finance (MOF) and State Administration of Taxation (SAT) have issued a series of regulations regarding value-added tax (VAT) and consumption tax (CT) on export goods and processing, repair and replacement services. In an attempt to clean up the multitude of regulations and clarify China’s export refund policies, two regulations have been issued recently.
Vietnam, EU Announce Free Trade Negotiations
The announcement of negotiations on a Vietnam-European Union (EU) free trade agreement (FTA) this week is promising for business leaders with interests on the intersection of Europe and the whole of the Southeast Asian region.
Corporate Social Responsibility in India
Paths have been cleared for reintroduction of the Companies Bill, 2011, in the monsoon session. If the bill is passed after endorsing all the propositions made by the Parliamentary Standing Committee on Finance, corporate social responsibility (CSR) would become mandatory for the first time in the world in any country.
New Service Tax Regime Introduced from July 1, 2012
A new service tax system has been introduced this week in India based on a list of 38 exemptions, rather than the previous list of 119 explicitly taxed activities. Under this regime, a tax of 12 percent will be levied on all services not included in the exemption list.
Guangzhou Adjusts Housing Fund Base
In accordance with figures released by the municipal statistical department, Guangzhou’s Housing Fund Management Center issued on July 10, 2012 a notice adjusting the maximum housing fund contribution base for 2012 to RMB23,945 (i.e. RMB 4,789×5).
Shenzhen Adjusts Housing Fund Base and Work-Related Injury Insurance Rates
Shenzhen’s Housing Fund Management Center released a supplementary notice adjusting the 2012 housing fund contribution base (shen gong ji jin [2012] No.60) on June 26.
Beijing Likely to Commence VAT Reform in August
In July 2012, tax authorities in Beijing started requiring companies falling under certain sectors to submit forms that include surveys requesting information on total business revenue, as well as applications for general VAT taxpayer status under the pilot project.
China Approves Policies for the Qianhai Shenzhen-Hong Kong Modern Services Zone
China’s State Council released the “Official Reply on Policies Concerning the Development and Opening-up of Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (guohan[2012] No.58, hereinafter referred to as ‘Reply’)” on June 27.
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