Other Briefings
Additional post-establishment requirements for companies leasing properties in Shenyang
Shenyang is currently a hotbed for foreign investment, particularly in the high-end retail, real estate and manufacturing sectors. When establishing a company or a branch office the State Tax Bureau requires a Certificate of Tenancy to be issued by the Housing Management Bureau. This sounds straightforward enough, however in order to obtain this document a […]
China’s insurance watchdog issues draft ruling on FDI in sector
China issued a draft ruling yesterday, clarifying the criteria for foreign investors seeking to buy stakes under 25 percent in domestic insurance companies. According to an announcement on the China Insurance Regulatory Commission’s website, overseas investors in Chinese insurance companies must have more than US$2 billion in assets and have made profits for three consecutive years. […]
Sarbanes-Oxley: Five years on
By Andy Scott Aug. 2 – Monday was the fifth anniversary of the signing of the Sarbanes Oxley Act, a law that has had a huge impact on business and accounting practices both in the United States, and overseas. One will remember that as a result of the financial scandals in the United States like […]
China announces new restrictions on processing trade
China announced a new policy on Monday seeking to curb the growth of processing trade in labor-intensive sectors, Beijing’s latest attempt to reduce the country’s soaring trade surplus. Set to take effect August 23, 2007, the new regulations will restrict processing trade of 1,853 products in plastics, furniture and textiles and other labor-intensive industries. According to a […]
Housing fund contributions change for Beijing, Shanghai and Guangzhou
Provincial tax authorities recently announced an amendment to the regulations that govern tax free contributions to basic pension funds, basic medical insurance, unemployment and housing funds (Cai Shui (2006) Circular 10). Effective July 1, 2007, provincial supervision bureaus have put in place new regulations on housing fund contributions for Beijing, Shanghai and Guangzhou. When it was issued […]
China to stop using corn for biofuel in five years
In an effort to develop biofuel alternatives without harming the general food supply, China is shifting its dependence on corn as the main raw material to sorghum, cassava and sweet potato plants in the next five years. Cassava and sweet potato are both high-yield plants, and while edible, are not a stable food like corn and won’t create […]
New rules for foreigners buying property in Shenzhen come into effect
Foreigners are now limited to buying one home for personal use in Shenzhen. The rule, which came into effect Wednesday, states that all non-mainlanders, including overseas nationals, Chinese citizens resident overseas and residents of Hong Kong, Macau and Taiwan, will be allowed to buy property only if they sign a guarantee that the house is […]
China taxes oil exports by foreign firms
China will impose a tax on crude oil exports by foreign partners in offshore joint ventures the Ministry of Finance announced yesterday. As reported in China Daily, the tax – a 5 percent tariff on oil exports – will take effect August 1, but existing contracts will be granted a five-year holiday. “The move is aimed at […]
