Other Briefings
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 […]
Hong Kong and mainland to further liberalize CEPA
On June 29, Hong Kong and Beijing agreed on further liberalize services and economic co-operation under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) by signing Supplement IV to CEPA. The mainland will introduce a total of 40 liberalization measures covering 28 services areas, including 17 existing CEPA services areas and 11 new […]
Schedules to the BVI Companies Act amended
The BVI Financial Services Commission announced on Tuesday that the BVI Executive Council has issued an order amending the schedules to the BVI Business Companies Act. This order is important as it paves the way for a number of new initiatives including new simplified provisions for the transitioning of bearer share companies to non-bearer share […]
China Adopts Labor Contract Law
On Friday, June 29, 2007 China’s top legislature, the National People’s Congress (NPC) adopted the labor contract law. The controversial bill gained increased exposure and was all but guaranteed passage after the Shanxi brick kill slavery scandal of early June. The law, which will come into effect on January 1, 2008, won 145 of the […]
VAT rebate reduction update
As many of Dezan Shira & Associates clients and China Briefing Blog readers will know, the Chinese government has reduced the amount of VAT rebates applicable upon export of some 2,831 different types of products in a circular that takes effect from this Sunday, July 1, 2007. This was anticipated in the May issue of […]
Mandatory registration for internet access in Shenzhen
Companies in Shenzhen have recently received letters from the local Public Security Bureau (PSB) reminding them to register their internet access or face punishment and blockage from the internet for six months. This reminder is in line with a rule that states every company with access to the internet must register with the Shenzhen PSB within […]
Compensation payments for deceased employees in Dalian
The has been plenty of press about the various additions and subtractions to the second draft labor law – China Briefing looked at it in May – and with all the recent focus on worker’s rights, we decided to post a recent case blog contributor Adam Livermore of Dezan Shira & Associates’ Dalian office dealt with regarding deceased […]
New developments for foreign trade companies inside the Yantian and Futian FTZs
The Notice on Relevant Issues in the Administration of Foreign Trade in Free Trade Zones and Bonded Logistics Parks was issued on July 13, 2005 and clarified that trade companies inside the Yantian & Futian FTZs may apply to the Ministry of Commerce for foreign trade and distribution rights. Since the first of March, the […]
