Other Briefings
Notice on Overseas VAT Refunds Released for Tianjin
TIANJIN, Apr. 19 – China has issued a circular concerning export value-added tax refunds for vessels transferred overseas under finance leases in Tianjin, effective April 1 and for a pilot run period of one year. Circular Caishui [2010] No. 24, jointly released on March 30 by the Ministry of Commerce, the State Administration of Taxation […]
SAFE to Implement Pilot Reforms of Import Verification System
Apr. 9 – The State Administration of Foreign Exchange is implementing new pilot reforms of China’s import verification system. Circular Huifa [2010] No. 14, released on April 2, states that seven provinces and cities including Tianjin, Jiangsu, Shandong, Hubei, Inner Mongolia, Fujian and Qingdao, will begin these pilot reforms of their import verification system from […]
China Industry: Apr. 9
Apr. 9 – This is a regular series of relevant industry news from around China. Wind power Danish wind turbine maker Vestas Wind Systems A/S retained the number one spot in BTM Consult’s Wind Market Update 2009 report as Chinese manufacturers sneaked into the top five. Vestas captured 12.5 percent of the global market, while […]
Guangdong Province Revises Business Tax Rates for the Entertainment Industry
Apr. 7 – The Guangdong provincial tax bureau recently issued a notice amending business tax on the entertainment industry. The business tax rates, now 5 percent, 10 percent, and 15 percent based on the entertainment category, are effective from January 1, 2010. For general entertainment including bars, pool halls and bowling alleys, the business tax […]
Annual Audits for ROs Not Required in Zhuhai
Apr. 6 – The Zhuhai tax bureau does not require representative offices to undergo an annual audit for tax clearance purposes. As a result of this lack of an audit requirement, ROs in Zhuhai are able to conduct annual tax clearance without an audit report. This regulation in Zhuhai appears to be unique in China. […]
Shanghai to Raise Minimum Wage Levels and Social Benefits from April 1
SHANGHAI, Mar. 31 – The Shanghai municipal government is raising monthly minimum wage levels from RMB960 to RMB1,120 effective from April 1, 2010. The Shanghai Municipal Human Resources and Social Security Bureau released a circular on March 28 adjusting the minimum wage standards in the city while also stipulating that social security fees, housing funds, […]
Hong Kong Signs Tax Treaties with Netherlands, Brunei
Mar. 29 – Hong Kong recently signed tax agreements with Brunei and the Netherlands for the avoidance of double taxation and the prevention of fiscal evasion of income tax. The deals come at the urging of the Organization for Economic Cooperation and Development, which has asked China’s Special Administrative Region to incorporate a more transparent […]
New Bonded Logistics Center Established in Zhongshan
Mar. 29 – The bonded logistics center of Zhongshan became operational at the beginning of 2010 as one of the city’s 11th five-year plan key projects. Under the supervision of the General Administration of Customs (GAC), the bonded logistics center is operated by one legal enterprise. It is also joined by many enterprises which are […]
