Company News

At a press conference held by the Fujian provincial government on October 30, officials from relevant government departments introduced the main contents of VAT reform in the province.

The Ministry of Corporate Affairs has extended the due date for filing e-forms 23AC (Non-XBRL) and 23ACA (Non XBRL) as per the new Schedule VI.

Decree No. 73/2012/ND-CP regarding education management for foreign cooperation and investment was promulgated in September. Accordingly, the forms of foreign investment allowed in education include 100 percent foreign-capitalized educational institutions and associated educational institutions between domestic investors and foreign investors.

On August 21, 2012, Vietnam’s Ministry of Finance promulgated Circular 140/2012/TT-BTC (hereinafter referred to as “Circular 140”), clarifying the country’s 2012 fiscal stimulus measures which aim to resolve some of the present tax difficulties facing organizations and individuals.

In a move to standardize the equity contributions of foreign-invested enterprises (FIEs) and promote foreign investment, China’s Ministry of Commerce (MOC) released the “Interim Provisions on Equity Contributions of Foreign-Invested Enterprises (Order No.8 of MOC, hereinafter referred to as ‘Provisions’)” on September 21, effective as of October 22, 2012.

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 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’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.

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.

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.