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Vietnam Introduces Favorable Tax Policies for Certain Entities
On June 21, the 8th National Assembly of the Socialist Republic of Vietnam approved Resolution No. 29/2012/QH13, aiming to introduce a number of tax policies in order to “resolve difficulties for organizations and individuals.”
VAT Pilot Reform to be Implemented in Beijing and Other Regions from September
On July 31, 2012, the Ministry of Finance and the State Administration of Taxation issued the “Notice on Commencing the Business Tax (BT) to Value-added Tax (VAT) Conversion Pilot Reform in the Transportation and Certain Modern Services Industries in Beijing and Seven Other Provinces and Municipalities (hereinafter referred to as the ‘Notice’)”.
China to Expand Value-Added Tax Reform, Support Central Region
China’s Premier Wen Jiabao hosted an executive conference with China’s State Council standing committee on July 25, where it was decided that the scope of China’s value-added tax (VAT) pilot project will be expanded, the development of China’s central region will be further promoted, and the minimum living standard guarantee will be strengthened and improved.
China Issues Guiding Opinions to Regulate Taxation Administrative Discretion
To standardize the enforcement of taxation law and safeguard the legitimate rights and interests of taxpayers, China’s State Administration of Taxation (SAT) issued the “Guiding Opinions on Regulating the Administrative Discretion of Taxation Authorities (guoshuifa[2012] No.65, hereinafter referred to as ‘Opinion’)” on July 3. The Opinion puts forward five guiding opinions based on the current situation of tax collection.
China Reforms Foreign Exchange Administration for Trade in Goods
To better facilitate trade and further enhance the foreign exchange services and administration of trade in goods, China’s State Administration of Foreign Exchange (SAFE), General Administration of Customs (GAC) and State Administration of Taxation (SAT) jointly released the “Announcement of the State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation Concerning the Reform of the Foreign Exchange Administration System for Trade in Goods (gonggao[2012] No. 1, hereinafter referred to as ‘Announcement’)” on June 29, which is scheduled to take effect on August 1, 2012.
China Clarifies the Determination of Beneficial Owners under Double Taxation Agreements
Over the past 20 years, China has entered into various DTAs with its foreign counterparts in order to avoid double-taxation regarding dividends, interest and licensing fees, as well as other income.
Dispute Resolution in China – The Disintegration of CIETAC
CIETAC-Shanghai has declared its independence from CIETAC-China, and claims it is a separate arbitral institution. This has implications for any party that includes a China International Economic and Trade Arbitration Commission (CIETAC) arbitration clause in its contracts. The highlights of the current situation are as follows:
China Law Deskbook Legal Update – June/July 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. Jim has recently introduced a regular update service to the China Law Deskbook and has kindly given permission for China Briefing to host it here.
China-Hong Kong to Promote Further Liberalization under CEPA
To enhance cooperation between Hong Kong and Mainland China in the services sector, and to facilitate mutual economic development, the Chinese central government and the government of the Hong Kong Special Administrative Region signed the “Ninth Supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) (hereinafter referred as ‘the Ninth Supplement’)” on June 29, which is scheduled to take effect on January 1, 2013.
The Ninth Supplement introduces a total of
China Clarifies Export Refund Policies
Over the past few years, the Ministry of Finance (MOF) and State Administration of Taxation (SAT) have issued a series of regulations regarding value-added tax (VAT) and consumption tax (CT) on export goods and processing, repair and replacement services. In an attempt to clean up the multitude of regulations and clarify China’s export refund policies, two regulations have been issued recently.
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