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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.
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.
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