Tag Archives: The Ministry of Finance

China’s Latest Laws and Regulations in November of 2012, I

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I. The Ministry of Commerce has Issued the Interim Provisions of the Ministry of Commerce on Equity Contributions Involving Foreign-funded Enterprises

On October 24, 2012, the Ministry of Commerce published the Interim Provisions of the Ministry of Commerce on Equity Contributions Involving Foreign-funded Enterprises (“Interim Provisions”), which came into effect on October 22, 2012. The Interim Provisions apply to the formation and modification of foreign-funded enterprises by domestic and foreign investors that hold equity in domestic enterprises as capital contributions. The conditions for equity contributions, procedures for application for approval, and so forth are explicitly defined in the Interim Provisions.

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China’s Latest Laws and Regulations as of October 2012, II

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V. The Supreme People’s Court Published its Third Group of Guiding Cases.

The Supreme People’s Court published the third group of guiding cases on September 28, 2012. Four cases were published, including two civil cases and two criminal cases. The two civil cases mainly concern the concrete application of the Company Law and further clarify the scope of judicial review for litigation to cancel company’s resolutions and shareholder liability for liquidation. The two criminal cases concern new methods of embezzlement and corruption and limited stay of execution with reprieve.

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Chinese Latest Laws and Regulations of September 2012, I

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I. The General Office of the State Council Issued Several Opinions on Promoting Steady Growth of Foreign Trade.

The General Office of the State Council issued the Several Opinions on Promotion of Steady Growth of Foreign Trade of the General of Office of the State Council (the “Several Opinions”) on 18, September, 2012, which provide 16 opinions to promote steady growth of foreign trade in 2012, including doing well with export tax refund and financial service, developing trade facilitation, improving trade environment, optimizing the trade structure and other areas. And the policies of export tax refund and export credit insurance are the hot issues attracting the attentions. The experts said the following detail implementation measures and provisions would be promulgated soon for the implementation of the Several Opinions.

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The Latest Laws and Regulations of July, I

I.  From 1st of August, 2012, Export Enterprises won’t be Required to Go through the Formalities of Collection, Verification, Writing-off of Export Proceeds in Foreign Exchange

The State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation jointly issued the Announcement on Reform concerning to Foreign Exchange Administration System of Goods Trade, and the reform will be implemented nationally on 1st of August, 2012. Reportedly, from 1st of December, 2012, the reform has been piloted in 7 provinces such as Jiangsu, Shandong, etc.. The reform covers the administration method including the cancellation of paper of collection, verification and writing-off of export proceeds, no need to go through the formalities of collection, verification and writing-off of export proceeds; implementation of dynamic sort management referring to classifying the enterprises into 3 sorts according to the compliance and the consistency of export and import of goods; and adjustment to declaration process for export, etc.. Meanwhile, the State Administration of Foreign Exchange has delivered new laws and regulations for administration of foreign exchange of goods trade to the local departments of foreign exchange and banks authorized to deal with foreign exchanges, accordingly the old documents are abolished.

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