Other Briefings
Guangzhou Simplifies Electronic VAT Declaration Procedures
Guangzhou’s value-added tax small-scale taxpayers are now not required to submit paper declaration forms when they file electronic VAT declarations.
Zhejiang to Invest RMB2 Billion into Oceanic Economy
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 […]
Twenty Years Ago, Deng Changed China Forever
The “socialist market economy” was born this week in 1992 Op-Ed Commentary: Chris Devonshire-Ellis Jan. 16 – An anniversary occurs this week that may well go unnoticed by many – the 20th year since Deng Xiaoping, China’s premier at the time, visited Shenzhen as part of an unusual South China tour. To set the scene […]
Guangdong Party Boss Warns CPPCC of Hard Times Ahead
Jan. 13 – Wang Yang, the head of the Communist Party for China’s wealthy Guangdong Province, has alerted the Chinese People’s Political Consultative Conference (CPPCC) that the province faces a tough and difficult year ahead in 2012. Guangdong is by far the richest province in China, having boomed during China’s export crescendo, but has been […]
Shenzhen, Beijing Raise Minimum Wage Standards
On December 31, 2011, both Shenzhen and Beijing announced their new minimum wage standards for 2012. Following the adjustment, Shenzhen’s minimum wage standard will reach RMB1,500, the highest in the whole country.
Beijing Details Foreigners’ Mandatory Social Insurance Participation
Following the promulgation of a national decree ordering foreign employees’ mandatory participation in China’s social insurance system, Beijing recently issued its own implementation details in a bid to strengthen the enforcement of the new policy.
China Specifies Services Eligible for Zero VAT Rate and VAT Exemption
The beginning of China’s pilot value-added tax 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 clarified that some of these VATable services can enjoy zero VAT rate and VAT exemption.
Shanghai SAFE Requires Additional Documents for Forex Settlement
On July 29, 2011, the Shanghai branch of SAFE issued a Circular requiring designated foreign exchange banks to comply with the “Supplementary Circular” issued by the SAFE earlier. However, for small-amount invoices under RMB2,000, the documentation required is simplified in Shanghai.
