Company News

China’s State Administration of Taxation (SAT) has recently issued a set of frequently asked questions relating to real estate tax and individual income tax (IIT). The answers provided are based on existing regulations.

China’s National People’s Congress adopted the “Decision on Revising the Labor Contract Law of the People’s Republic of China (Order No.73 of the PRC President, hereinafter referred to as the ‘Decision’)” on December 28, 2012, which tightens loopholes on hiring dispatched workers and offers better protection to the interests of such workers.

According to the “Regulations on Commercial Registration within the Shenzhen Special Economic Zone,” commercial subjects (including enterprises and individually-owned businesses) registered in Shenzhen before March 1, 2013 shall apply for an updated business license with the commercial registration authorities.

China’s State Administration of Taxation (SAT) has recently issued a set of frequently asked questions relating to tax payments and pre-tax deductions. The answers provided are based on existing regulations.

As part of China’s efforts to internationalize its currency, China initiated the “RMB Qualified Foreign Institutional Investors Pilot Program (RQFII Pilot Program)” at the end of 2011, which allows qualified foreign institutions to invest offshore RMB back into Mainland China’s capital market.

China’s State Council released the “Opinions on Further Supporting the Development of Micro and Small-Sized Enterprises (MSEs) (guofa [2012] No.14)” on April 19, 2012, which put forward 29 supporting measures to help MSEs address the operational difficulties brought on by rising costs, a lack of financing options, and heavy tax burdens.

China’s State Administration of Foreign Expert Affairs (SAFEA) recently released the “Supplementary Notice on Commencing Applications for the ‘Thousand Foreign Experts Plan’ of 2013 (hereinafter referred to as the ‘Notice’),” which lays out the specific requirements for eligible candidates under the Thousand Foreign Experts Plan.

In the “Official Reply on Policies Concerning the Development and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (hereinafter referred to as the ‘Reply’)” released by China’s State Council on June 27, 2012, Qianhai has been chosen as the experimental and demonstrative window for the opening-up of China’s financial sector.