Jan. 23 – China’s State Administration of Taxation (SAT) recently clarified the tax treatment towards transfers of natural resource use rights.
According to the “Circular on Business Tax (BT) Policies on Natural Resource Use Right Transfers (caishui [2012] No.6)” issued on January 6, 2012, transfers of natural resource use rights – namely transfers of the rights to explore, exploit and employ natural resources – will be regarded as one type of intangible asset transfers. Continue reading
Jan. 20 – The effects of climate change could seriously damage the Chinese economy in the near future, according to the Chinese government’s latest research into the phenomenon. Both food and water supplies are threatened with critical shortages, while an increase in flooding and drought could ravage vulnerable areas.
The 710-page “Second National Assessment Report on Climate Change” was published last year, but only recently entered the public domain. Authored by teams of government-supervised scientists, the report builds on an initial assessment conducted in 2007 to provide evidence and forecasting which will shape, rather than set, government policy. Continue reading
By Vivian Ni
Jan. 18 – In its newest “12th Five-year Plan on Greenhouse Emission Control (guofa [2011] No. 41),” China has set its new goals of reducing carbon emissions in the next five years and called for pilot programs that aim to promote a low-carbon economy.
New goals
The newly released Plan aims to reduce China’s carbon intensity – the amount of carbon emitted per unit of GDP – by 17 percent by 2015, compared with 2010 levels. Energy consumption intensity by GDP will also be reduced by 16 percent during the same period. Continue reading
Jan. 17 – In order to exploit its massive “oceanic productivity potential,” the Chinese eastern coastal province of Zhejiang is looking to establish a special RMB1 billion fund for the development of its oceanic economy, and another separate RMB1 billion fund for the promotion of its oceanic industries.
The RMB2 billion investment will mainly focus on the advancement of emerging oceanic industries, the development as well as protection of important islands, the expansion of bulk commodity exchange centers, and the improvement of port logistics information interconnection as well as interchange throughout Northeast Asia. Continue reading
Jan. 10 – The beginning of China’s pilot value-added tax (VAT) reform has aimed to make transport services and a list of modern services in pilot areas subject to VAT, instead of business tax. Recently, as a new update to the implementation details of the ongoing VAT reform, China’s Ministry of Finance (MoF) and State Administration of Taxation (SAT) clarified that some of these VATable services can enjoy zero VAT rate and VAT exemption.
Zero VAT rate
According to the “Circular on the Application of Zero VAT Rate and VAT Exemption on VATable Services (caishui [2011] No. 131)” issued on December 20, 2011, the following VATable services provided by taxpayers in pilot areas are subject to the zero VAT rate: Continue reading
Dec. 23 – 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.
The “National 12th Five-year Plan on Environmental Protection (guofa [2011] No.42),” released by the State Council on December 15, complimented China’s achievement in pollution control over the past five years and set new goals for the future. Continue reading
Dec. 16 – The Chinese government recently announced the imposition of two new tariffs on U.S. car imports, bringing higher market access thresholds to U.S. auto manufacturers.
In the “Announcement on Imposing Anti-dumping and Countervailing Measures on Imports of Certain U.S.-made Cars (MoC Announcement [2011] No.84)” issued on December 14, the Ministry of Commerce (MoC) says that, between December 15, 2011 and December 14, 2013, both anti-dumping and countervailing tariffs will apply to U.S-made passenger cars and sports utility vehicles with engine capacities of 2.5 liters and above. Continue reading
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Dec. 15 – China Briefing has launched its mobile app today, with the full website contents being available as part of an application that also bundles together the India, Vietnam, Russia, Mongolia Briefing websites, and 2point6billion.com (emerging Asia) plus a Dezan Shira & Associates section that deals with legal and tax regulatory updates in all these jurisdictions. The app is a free download, and is currently for iPhone. Blackberry and iPad will be available from next week, while the Android version will follow early next year.
Updated every hour, we provide real time news and opinion on matters affecting investment into these countries and regions from the top legal and tax professionals at Dezan Shira & Associates – Asia’s largest independent business advisory practice. Continue reading
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