- The State Administration of Taxation of the PRC Promulgates the General Tax Avoidance Prevention Measures (for Trials)
On 2nd of December 2014, the State Administration of Taxation of the PRC promulgated the General Tax Avoidance Prevention Measures (for Trials), which will come into effect on 1st of February 2015.
This file has specified the characteristics of tax avoidance cases, tax adjustment measures, the general tax avoidance control procedure comprised of three processes, i.e. filing, investigating and closing a case, functions and authority different taxation authorities have in each process, and the rights of investigated businesses to raise objections, request remedies, act as mediators for settlement of disputes.
Sourced from the official website of the State Administration of Taxation of the PRC
http://www.chinatax.gov.cn/n810341/n810755/c1395341/content.html
- The State Administration of Taxation Promulgates the Measures for Administration of Payment and Collection of Personal Income Taxes on Income from Share Transfer (for Trials)
On 7th of December 2014, the State Administration of Taxation promulgated the Measures for Administration of Payment and Collection of Personal Income Taxes on Income from Share Transfer, which came into effect on 1st of January 2015.
This file has specified that individuals who have transferred equity or shares held in China-based enterprises or other organizations shall pay personal income taxes. Besides, it has defined seven kinds of share transfer actions, for which personal income taxes shall be payable, rights and obligations of tax payers and payees in the course of share transfer, and included provisions with respect to the share transfer scope, rights and obligations of share transferors and transferees and businesses involved, income from share transfer and original value of shares transferred, tax payment schedules, administration and service standards of tax authorities, etc.
Other important documents published by the State Administration of Taxation in December 2014 include the Serious Tax Cases Trial Measures, the Vehicle Purchase Tax Collection Measures, the Announcement on Amendment of Provisions on Value Added Tax Declaration, etc.
Sourced from the official website of the State Administration of Taxation of the PRC:
http://www.chinatax.gov.cn/n810341/n810755/c1394141/content.html
- The State Council Promulgates the Interim Real Estate Registration Regulations
On 22nd of December 2014, the State Council promulgated the Interim Real Estate Registration Regulations, which will come into effect on 1st of March 2015.
Such Regulations have specified that the competent department for land and resources affiliated with the State Council should cooperate with other relevant departments to build up a unified real estate registration information management platform, where information registered with all kinds of real estate registration departments should be stored and shared in real time.
In addition, real estate owners and other interested parties should have access to and the right to copy registered real estate materials, while real estate registration departments should provide such parties with relevant materials at their request under applicable laws. Any organization or individual filing a request to gain access to registered real estate materials shall inform the registration department, with which such request is filed, of the purpose of filing such request, and shall not use any material obtained as a result of such request for any purpose other than the one about which it has informed the registration department, or disclose any registered material without consent by real estate owners shown by such material.
Sourced from http://www.gov.cn/zhengce/content/2014-12/22/content_9325.htm
- The State Council Promulgates the Newly Amended Chinese Foreign Banking Supervisory Rules
On 20th of December 2014, the State Council promulgated the newly amended Chinese Foreign Banking Supervisory Rules, which came into effect on 1st January 2015.
Based on new rules, requirements for foreign invested banks applying for admission to the banking industry of P.R.China have been relaxed, China-based branches of wholly-owned and Sino-foreign jointly invested banks can be granted an unlimited number of non-refundable operating funds by their headquarters, foreign bank owners are no longer required to set up a foreign representative office in P.R.China before their establishment of wholly-owned or Sino-foreign jointly invested banks or first establishment of branch banks in P.R.China, and also the requirements for launching RMB transactions by operational institutions affiliated to foreign banks have been relaxed.
Sourced from the official website of the State Council:
http://www.gov.cn/zhengce/content/2014-12/20/content_9309.htm
- The Ministry of Commerce and the Ministry of Civil Affairs Encourages Foreign Investors to Establish For-profit Organizations Rendering Services for the Elderly in Mainland China
On 24th of November 2014, the Ministry of Commerce and the Ministry of Civil Affairs promulgated the Announcement on Encouragement of Foreign Investors to Establish For-profit Organizations Rendering Services for the Elderly in Mainland China.
According to such Announcement, foreign investors are encouraged by Chinese governments to establish wholly-owned businesses or joint ventures in mainland China, for the purpose of rendering services for the elderly. Such businesses and ventures may be involved in local investment projects relating to services for the elderly and are encouraged to develop chain operation systems of rendering services for the elderly. In addition, the Announcement specifies foreign invested businesses rendering services for the elderly shall enjoy the same benefits such as tax breaks, administrative charge reduction and exemption, etc. as locally invested counterparts.
Sourced from the official website of the Ministry of Civil Affairs of the PRC:
http://www.mca.gov.cn/article/zwgk/fvfg/shflhshsw/201412/20141200736849.shtml
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