Other Briefings
SAFE Adjusts Management Approach of Mainland Institutions
Aug. 3 – The State Administration of Foreign Exchange recently issued a notice regarding the management approach of mainland institutions vouching for overseas organizations. Huifa [2010] No. 39, issued on July 30, stipulates that SAFE will further monitor the balance management control for domestic banks which provide external financing guarantees to overseas institutions. For domestic […]
Chris Devonshire-Ellis: In China, White Goods Become Red
Op-Ed Commentary: Chris Devonshire-Ellis Jul. 30 – As the central government encourages a re-balancing of the economy towards more domestic consumption, companies are finding subtleties of selling in China that will shape the way forward for foreign manufacturers doing business here. Gone are the days when a manufacturer would only sell within a region, now […]
CIRC Allows Interest Rate Exchanging Among Insurance Agencies
Jul. 30 – The China Insurance Regulatory Commission (CIRC) recently issued a notice regarding insurance agencies engaging in interest rate exchanging. According to the notice, the number of agencies that can develop the interest rate exchanging business as derivatives has been extended to the entire industry. Baojianfa [2010] No. 56, issued on July 20, stipulates […]
Foreign Firms Assisting China’s Legal Reform
Jul. 29 – Foreign firms in China are assisting with the pace of legal reform and development with the Chinese government, says Jim Zimmerman, author of the new China Law Deskbook. In an interview in the July/August issue of the American Chamber of Commerce’s magazine, Zimmerman stated that “legal exchanges between foreign law firms and […]
Qingdao Tax Authorities Update Invoice Management
Jul. 29 –Qingdao’s local taxation bureau recently issued a supplementary notice regarding several updates on the subject of invoice issuance and management. Qingdishuihan [2010] No. 82, issued on July 19, introduces two new types of invoices while, at the same time, abolishing several kinds of invoices including the “International Cargo Transport Agent Invoices,” “International Shipping […]
Xinjiang and Tibet Raise Minimum Wages
Jul. 28 – Xinjiang and Tibet have raised their minimum monthly and hourly wages, according to regional authorities. The minimum monthly wages in Xinjiang now range from RMB640 to RMB960 across different regions – an increase of 24.6 percent on average. The adjusted minimum hourly wage ranges from RMB6 to RMB8.80. The adjusted minimum wages […]
China Studies Proposal to Tax Real Estate Based on Market Value
Jul. 27 – China is weighing a proposal that would tax commercial property based on its market value in an effort to reform its tax system and discourage speculative buying. Commercial property tax is currently based on the original purchase price. Taxpayers who use commercial property for their own use are charged a 1.2 percent […]
SAT Releases Tax Exemption Guidelines for Overseas Corporate Income
Jul. 26 – The State Administration of Taxation recently released the Operating Guidelines on Tax Exemptions for Overseas Corporate Income, effective January 1, 2010. SAT Announcement [2010] No. 1, issued on June 28, indicates that China has decided to give similar tax credit to taxes paid abroad by the Chinese branch of a non-resident enterprises […]
