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VAT Pilot Reform in Beijing and Other Regions: General Taxpayer Recognition
China’s State Administration of Taxation released an announcement clarifying issues regarding general taxpayer recognition under the Value-added Tax (VAT) pilot program in Beijing and seven other provinces and cities in China.
Comments Sought for Draft Revision to Patent Law
China’s State Intellectual Property Office (SIPO) released the “Draft Revision of the Patent Law of the People’s Republic of China (Draft for Comments) (hereinafter referred to as ‘Draft’)” on August 9, and is now seeking public comments.
Deadline for Annual Audit and Compliance: September 30, 2012
All companies in India need to file their annual return by September 30, 2012 (November 30, 2012 for companies required to file a certificate on global transactions liable to transfer pricing) of the assessment year, stating income, expenses, taxes paid and taxes due for the previous year.
Latest on GAAR
The Central Board of Direct Taxes (CBDT) recently issued draft guidelines on General Anti-Avoidance Rules (GAAR), which will be applicable to income accruing on or after April 1, 2013. The guidelines state that GAAR applies only where an overseas institutional investor takes advantage of double taxation avoidance treaties.
China Releases Measures for Strengthening Credibility Supervision in Securities and Futures Market
In order to strengthen the integrity and maintain the order of the securities and futures market, as well as protect the legitimate rights and interests of investors, China’s Securities Regulatory Commission (CSRC) issued the “Interim Measures for the Supervision and Administration of Securities and Futures Market Credibility (CSRC Order No. 80, hereinafter referred to as ‘Measures’)” on July 25.
Clarification Issued on Consumption Tax for Taxable Consumer Goods
The Ministry of Finance and the State Administration of Taxation issued a notice interpreting provisions in the “Detailed Implementing Rules for the Interim Regulations of the People’s Republic of China on Consumption Tax (MOF Order No. 51, hereinafter referred to as the ‘Rules’)” on July 13.
Tax Refund Pilot Policy in Effect for Certain Goods Transiting through Shanghai
The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly released the “Notice on the Trial Implementation of the Ports of Departure Tax Refund Policy in Shanghai (caishui[2012] No.14, hereinafter referred to as ‘Notice’)” earlier this year, which came into effect on August 1, 2012. The Notice gives green light to Shanghai to pilot a system of tax refund at certain ports of departure (“tax refund pilot program”).
China Issues Industrial Transfer Guidance Catalogue
China’s Ministry of Industry and Information Technology (MIIT) issued the “Industrial Transfer Guidance Catalogue (2012 Version) (Announcement [2012] No.31, hereinafter referred to as the ‘Transfer Catalogue’)” on July 26. The Transfer Catalogue is promulgated for the purpose of promoting coordinated regional development, facilitating orderly industrial transfer, as well as resolving the various problems that have arisen in the process of industrial transfer, such as blind competition among the various regions and backward production capacities.
Shanghai and South China Sub-commissions Declare Independence from CIETAC
On August 4, 2012, the Shanghai and South China (located in Shenzhen) sub-commissions of China International Economic and Trade Arbitration Commission (CIETAC) issued a joint announcement declaring their independence from CIETAC. This move is in response to CIETAC headquarters’ announcement on August 1, 2012 revoking its authorization to the two sub-commissions for accepting and administering arbitration cases because they refused to apply CIETAC’s new arbitration rules. CIETAC also stated that parties that have agreed to arbitrate their disputes by the two sub-commissions should instead submit their applications for arbitration to the CIETAC headquarters.
State Administration of Taxation Issues FAQs Relating to Deed Tax and VAT
Recently, China’s State Administration of Taxation (SAT) issued frequently asked questions relating to deed tax and value-added tax (VAT). The answers provided are based on existing regulations. They are as follows:
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