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Dezan Shira Opens Office in Singapore
Just in time for its 20th year anniversary, Dezan Shira & Associates is celebrating the opening of its 20th office in Asia. As the financial centre of the ASEAN region, Singapore has become a trade hub for the region, a major financial center in its own right and is also a strategic and low tax […]
253 Items of Administrative and Institutional Fees Pertaining to Enterprises Cancelled
The Ministry of Finance (MOF) and the National Development and Reform Commission (NDRC) recently issued a notice announcing the decision to eliminate 253 items of administrative and institutional fees pertaining to enterprises (“fees”) imposed by provinces, autonomous regions and municipalities directly under the central government, resulting in the reduction of enterprises’ burden by approximately RMB10 billion.
Beijing Applies for Implementation of VAT Reform Pilot Project
To resolve the issue of duplicate taxation on goods and services and support the development of the modern service industry, the State Administration of Taxation (SAT) and Ministry of Finance (MOF) issued the “Pilot Project Plan for Replacing the Collection of Business Tax with Value-added Tax (caishui [2011] No. 110)” (“Pilot Project Plan”) in November 2011.
Beijing Implements Local Education Surcharge
In November 2010, the Ministry of Finance issued a circular (caizong [2010] No. 98, “Circular 98”) unifying Local Education Surcharge (LES) at 2% for all enterprises and individuals (including FIEs).
2011 Foreign Investment Industrial Guidance Catalogue Promulgated
The National Development and Reform Commission and the State Administration of Commerce promulgated the 2011 version of the Foreign Investment Industrial Guidance Catalogue (2011 Catalogue) on December 24, 2011, which will take effect January 30, 2012.
Dalian Re-instates Cap on Social Insurance Contributions
On December 27 the Dalian Social Insurance Fund Management Centre released a document stating that the cap on contributions by employers to the various social insurance funds are to be re-instated (as they had been removed from September 2011) and that the previous method for the calculation of bases for contributions would also be re-adopted (this was also changed as of September 2011).
Shanghai SAFE Requires Additional Documents for Foreign Exchange Settlement
The State Administration of Foreign Exchange (SAFE) issued the Supplementary Circular on Issues Relating to Improving Business Operations with Respect to the Administration over Payment and Settlement of Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa [2011] No. 88, “Supplementary Circular”) on July 18, 2011, which came into effect on August 1, 2011.
Tax Agreement Signed between Hong Kong and Malta
On November 8, 2011, a comprehensive agreement for the avoidance of double taxation (DTA) was signed between the Hong Kong special administrative region government and the Maltese government. It will come into force after both governments finalize their respective ratification procedures.
China Unveils Its 12th Five-year Plan on Environmental Protection
In the pursuit of a more environmentally friendly economy, the Chinese government has recently laid out a blueprint on pollution reduction goals between 2011 and 2015. Experts believe the new plan will shift the future investment focus in China from infrastructure development to “green” projects.
China Clarifies Tariff Implementation in 2012
China’s Ministry of Finance recently published the “Tariff Implementation Plan 2012 (shuiweihui [2011] No.27),” where it clarified both import and export tariffs on specific products for next year.
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