Regulatory Updates

• 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. →
• China Customs Revises Hong Kong CEPA Ad Valorem Definition
  On March 28, China’s General Administration of Customs decided to revise Article 6 of the “Provisions on the Implementation of the Rules of Origin for Trade in Goods under the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong (haiguanzongshuNo.107, modified under No. 142 and No. 198),” which is effective from April 1, 2012. →