Company News
Latest News
China Minimum Wage Update
China’s Ministry of Human Resources and Social Security revealed the latest minimum wage levels across China in a press conference last month. The table below shows that most provinces and cities have set up minimum wage levels of more than RMB1,000.
Ten Cities and Provinces Apply to Participate in VAT Reform Pilot Scheme
At a conference with the China Certified Tax Agents Association, Deputy Director of the Department of Goods and Services Tax under the State Administration of Taxation, Long Yuehui, revealed that 10 cities and provinces have officially applied to participate in the value-added tax (VAT) reform pilot scheme so far, including Beijing, Chongqing, Shenzhen, Tianjin, Xiamen, Anhui Province, Fujian Province, Hainan Province, Hunan Province and Jiangsu Province.
Huizhou Launches Enterprise Registration and Examination Reform
The Huizhou government held a mobilization conference on May 17 to officially launch its enterprise registration and examination trial reform, which aims to “simplify what can be simplified; permit what can be permitted; accelerate what can be accelerated; and optimize what needs to be optimized.”
China Clarifies Filing Process for Foreign-Funded Venture Capital Enterprises
In order to improve the management of foreign-funded venture capital enterprises (VCs), China’s Ministry of Commerce (MOFCOM) issued the “Ministry of Commerce Circular on Improving the Administration of Record Filing for Foreign-funded Venture Capital Enterprises (shangzihan[2-12] No.269, hereinafter referred as the “Circular”)” on May 7, clarifying the filing procedures for foreign-funded VCs.
Severance Pay Subject to Individual Income Tax in China
On May 14, officials from China’s State Administration of Taxation answered questions on several hot issues regarding ambiguities in tax payments, clarifying that individual income tax should be paid when an employee receives compensation for termination of their contract.
Obtaining a Z Visa, Work Permit and Residence Permit in China
The Beijing Public Security Bureau announced the commencement of a three-month campaign beginning May 15 to “clean up” illegally entered/stayed/employed foreignersthrough its Sina Weibo account in an effort to establish a comprehensive mechanism for managing foreigners in China.
China Releases 12th Five-Year Plan for Oceanic Affairs
China’s State Oceanic Administration and the Standardization Administration of the People’s Republic of China jointly released “The 12th Five-Year Plan for the Standardization of Oceanic Affairs (hereinafter referred as the Plan)” to work out a set of standards on oceanic affairs covering ocean planning, ocean investigation, ocean energy utilization, and island development.
China Orders ‘Big Four’ Auditors to Restructure
China’s Ministry of Finance, Administration for Industry and Commerce, Ministry of Commerce, State Administration of Foreign Exchange, and the China Securities Regulatory Commission jointly issued the “Scheme for Localized Transformation of Sino-foreign Cooperative Accounting Firms (hereinafter referred as the “Scheme”)” last Thursday.
China Announces VAT Pilot Project for Agricultural Products
The Ministry of Finance and the State Administration of Taxation issued on April 6, 2012 the “Circular on Measures for the Pilot Project of Assessment and Deduction of Input Value-added Tax (VAT) on Agricultural Products in Certain Industries (caishui[2012] No.38, hereafter referred to as ‘Pilot Project Circular’).
China Issues New Guidelines to Help Minimize Tax Uncertainty
The State Administration of Taxation (SAT) published a notice regarding the “Working Guidelines on Replying to Specific Tax Matters (Trial) (guoshuifa[2012] No. 14, hereinafter referred to as ‘Guidelines’)” on February 10, 2012, which took effect from March 1, 2012.