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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.
China’s SAT Issues Measures for Claiming Zero-Rated VAT
Following the pilot value-added tax (VAT) reform and the issuance of the “Circular on the Application of Zero VAT Rate and VAT Exemption on VATable Services (caishui[2011] No. 131, hereinafter referred to as ‘No. 131’),” China’s State Administration of Taxation (SAT) on April 5 issued the “Announcement on Promulgating the Administrative Measures on Applying Tax Exemption, Offset and Refund on Taxable Services of Zero Value-added Tax Rate in Pilot Areas for Value-Added Tax in Lieu of Business Tax (Interim) (SAT Announcement [2012] No. 13, hereinafter referred to as ‘Announcement No. 13’).”
China Law Deskbook Legal Update – March/April 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.
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