In this Special Topic Newsletter, we look at Policy Amendments that are encouraging multinational companies to establish regional headquarters in Shanghai. As China becomes more and more active in the global market, Shanghai Municipal People’s Government recognizes that Shanghai plays a leading role in China’s opening-up reform. Through amending the policy framework for encouraging (...)
Wine re-exported from Hong Kong enjoys instant customs clearance in all customs districts of the Mainland starting from November 9, 2017. Under the relevant facilitation measures, pre-registered Hong Kong wine traders may submit advance wine consignment information online and enjoy instant customs clearance upon their consignments' arrival at Mainland ports. The measures are exclusive (...)
According to SAT Announcement n.36 provisions: starting from January 1, 2018, issues related to the continuation to deduct taxes indicated on the overdue VAT deduction vouchers must be subject to the approval granted by provincial level SAT offices; from November 1, 2017 if a taxpayer applies on a regular basis for paying both VAT (...)
Recently, the Ministry of Environmental Protection (“MEP”) has issued nine national environmental protection standards, including the Technical Specification for Application and Issuance of Pollutant Discharge Permits: Pharmaceutical Industry – Active Pharmaceutical Ingredient Manufacturing (the “Technical Specification”). All standards take effect immediately from the issue date.
The recently released SAT Circular makes arrangements in several aspects, including “improving information sharing and collaboration with departments of industry and commerce”, “optimizing the supplementary collection of the registration information”, and “doing well in handling tax affairs of existing enterprises that have their old-style business certificates replaced with new certificates marked with the uniform (...)
The General Office of the Ministry of Commerce (“MOFCOM”) has recently issued the Circular on Further Effectively Implementing Tax Relief for Equipment Imported by Foreign-invested Enterprises (FIEs) Engaging in Encouraged Category of Foreign Investment, with immediate effect from the issue date.
A two-tier profits tax system will be introduced to increase Hong Kong competitiveness. To ensure the tax benefits target small and medium enterprises, there will be some restrictions imposed by the Government.
The Announcement clarifies the conditions for integrated foreign trade service enterprises to handle tax rebate affairs on others' behalf, specific measures for this purpose, ways to deal with unusual circumstances in commissioned handling, relevant legal liability, and penalty provisions.
The 2017 Catalogue launches a negative list of foreign investment for the first time across all the country except the Free Trade Zones, differently from the previous 2015 Catalogue. The 2017 Catalogue follows the same line of general stability of policies on encouraged investment, opens up more sectors and further relaxes restrictions for foreign business.
The Circular decides to apply zero tariff starting as of July 1, 2017 on 6 types of goods originating from Hong Kong and on 27 types of goods originating from Macau that are involved in the newly completed negotiations on the rules of origin.