Tag Archives: state council

Laws and Regulations Update in July 2016

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1. The State Council Publishes the Guiding Opinions on the Establishment and Strengthening of the Credit-Based Incentive and Punishment System in Order to Accelerate the Build-up of Social Credit and Moral Awareness

 

On 12th June 2016 the State Council published the Guiding Opinions on the Establishment and Strengthening of the Credit-Based Incentive and Punishment System in Order to Accelerate the Build-up of Social Credit and Moral Awareness (“Guiding Opinions”)

The Guiding Opinions indicates the necessity of the rapid development of the social credit system, making information about a person’s credit more widely available and shared, by using motivation and restraint in a legal way and creating a credit-based incentive and punishment mechanism involving government authorities and other communities in various regions, departments and areas, in order to make sure that people could do businesses in legal and honest ways without violating the good market order, in a society with good moral awareness. [Full Text]

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China Laws and Regulations Update in December 2014

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  1. The State Council Releases the Catalogue of Investment Projects Subject to Government Verification and Approval (2014 Edition)

On 31st of October 2014, the State Council released the Notice of the State Council on Promulgating the Catalogue of Investment Projects Subject to Government Verification and Approval (2014 Edition), which became effective on the same date.

Enterprises that intend to invest in and construct the fixed-asset investment projects listed in the Catalogue shall apply to relevant project verification and approval authorities for verification and approval in accordance with pertinent provisions. Enterprises that intend to invest in and construct projects other than those listed in the Catalogue shall be subject to record-filing administration. Projects invested and constructed by public institutions, social organizations, etc. shall be governed by the Catalogue.

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China Laws and Regulations Update in March 2014

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1. The State Council has begun circulating the “Registered Capital Registration System Reform Plan”

On February 7th, 2014 the State Council issued the Registered Capital Registration System Reform Plan (the “Plan”) with the purpose of promoting the development and efficiency of business registration systems.

The Plan makes it clear that requirements for registered capital of companies applying to be incorporated will be lowered. However, minimum registered capital restrictions could remain applicable to companies in given industries subject to relevant laws, administrative rules and decisions made by the State Council. The new guidelines stipulate that the minimum registered capital restrictions of RMB 30,000 on limited companies, RMB 100,000 on solely- owned limited companies and RMB 5,000,000 on stock-limited companies will generally be lifted. Additionally, restrictions on the proportion of registered capital that is initially subscribed by all shareholders (or initiators) upon incorporation of a company as well as the proportion of registered capital subscribed in cash by all shareholders (or initiators) to the total registered capital of a company will be lifted. The duration of existence for a company with registered capital not fully paid by its shareholders (or initiators) will also no longer be limited.

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A Brief Analysis of the 2013 Amendment to the China Company Law

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(By Yu ZhiYuan) On 28 December 2013, the decision on amending the previous company law was promulgated by the National People’s Congress. The amendment this time will concentrate solely on changing the corporate capital system dramatically in the following three ways. First, the registered capital to-be-paid-in system will be launched. Second, the minimum registered capital will no longer be required. Third, the maximum proportion of intangible assets to the total registered capital will no longer be required. Obviously the amendment was made as a response of legislative authorities to the resolutions approved at the Third Plenary Session of the Eighteenth Central Committee. This article provides an analysis and brief comments on the amendment.

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New Chinese Laws & Regulations of May, 2012 (2)

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IV. The Ministry of Commerce ( the “MOC”) Issued the Provisions on Procedures for Commerce Administrative Penalty (the “Provisions”)

On 12th May, 2012, MOC issued the Provisions to regulate the detail procedures of administrative penalty implemented by commerce administration, particularly the hearing procedure. According to the Provisions, in the case a citizen is to be fined no more than RMB 50 or other organizations to be fined no more than RMB 1000, and there are conclusive facts of violation and legal basis, the enforcement officials can apply the summary procedure to make the decision of administration penalty on site. However, in the case a citizen is to be fined no less than RMB 5000 or a legal person or other organizations to be fined no less than RMB50, 000, and in the event that administrative penalty involves suspense, cancellation and revocation of license or qualification certificates, the party concerned shall be notified his right to apply for hearing and details when a Prior Notice on Commerce Administrative Penalty is issued to the him.

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New Chinese Laws and Regulations of January, 2012 (1)

Today, Bridge IP Law Commentary will introduce you the latest regulations and policies in China.

I. The Pilot Enterprises Levied Value-added Tax (VAT) in Lieu of Business Tax

Whose Tax Bearing are Increased can Apply for Financial Support in Shanghai

Recently, according to the Meeting on Pilot Reform of Levying VAT in Lieu of Business Tax, the Shanghai government has made the detailed implementation measures for transitional financial support policy mainly includes “enterprises shall apply in accordance with facts, various financial supports for various enterprises, and timely funds pre-allocation”. The finance and taxation departments shall arrange the pilot enterprises fill the Declaration (Review) for Changes of Tax Bearing by Enterprises Levied VAT in Lieu of Business Tax when they conduct pilot enterprises to declare for the tax and collect the tax. The pilot enterprises can, comparing the current tax bearing with that before reform, apply to the finance and taxation departments for financial support if the actual tax bearing is ultimately increased.

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