Other Briefings
Customs Department Clarifies Outsourced Processing Trade Procedures
Sept. 1 – China’s General Administration of Customs has issued a circular clarifying the administration procedures for trade companies outsourcing their processing businesses and relevant H2000 administrative systems. Circular 51 confirms that processing trade companies with limited production capacity and technical capabilities can outsource their processing operations; pending approval of the local customs office. The […]
China Issues National Anti-Avoidance Audit Regulations
Aug. 31 – China’s State Administration of Taxation (SAT) has issued two new circulars to enforce tax collection and administration measures for maintaining tax revenue growth and widening its domestic tax collection base. Circular No. 85 titled “Several Opinions on Improving Tax Collection and Closing Tax Loopholes, ” and Circular No. 114 called “Detailed Measures […]
SAFE Improves Foreign Exchange Administration, Nullifies Regulatory Documents
Aug. 27 – The State Administration of Foreign Exchange released a circular on Tuesday announcing that 25 regulatory documents have been repealed or nullified to improve the laws on foreign exchange administration. Of the 25 regulatory documents, 17 include the Circular on Adjusting the Examination and Approval Procedures for Financial Institutions Carrying Out Foreign Exchange […]
CBRC Tightens Lending Policy
Aug. 24 – The China Banking Regulatory Commission is issuing guidelines effective from next month that slow down or even prevent banks from making new loans, in efforts to curb the excessive growth in consumer credit. The move comes against fears of creating a platform of bad debt. The new guidelines being drafted tighten capital […]
China’s Fire Safety Law Affecting Foreign-Owned Factories and Warehouses
Aug. 20 – The release of amendments to China’s fire safety laws following an increase in the numbers of fatal fires in commercial premises on the mainland last year is affecting businesses, which are now having to ensure adequate measures in fire prevention, evacuation and extinguishing are implemented. The amendments took effect May 1 and […]
China Tax Bureau Clamping Down On Use of Fake Receipts
Aug. 19 – China’s State Administration of Tax appears to be concentrating efforts on curbing a rise in the use of faked receipts for businesses filing their monthly business taxes and reports to the local tax bureau. The use of false receipts, or fapiaos, to justify expenditure (and thus reduce income tax liability) has been […]
Pudong Issues Rules on Foreign Invested Equity Investment Enterprises
SHANGHAI, Aug. 14 – Pudong New Area authorities have just issued guidelines for foreign private equity companies opening in the area. According to the circular, foreign-invested equity investment management enterprises (FIEIMEs) can establish offices in the following forms: contractual joint venture; equity joint venture; or wholly foreign-owned enterprise. Registered capital for is pegged at a […]
Visas May be Difficult to Obtain After September 15
SHANGHAI, Aug. 14 – Businessmen planning to visit China in the early–mid autumn period are advised that visas may be difficult to obtain for dates after September 15 due to the government’s 60th founding anniversary on October 1. The restrictions are likely to be in force for about four to six weeks. Foreigners residing in […]
