Other Briefings
Shanghai Plans Property Tax to Curb Housing Prices
SHANGHAI, Apr. 12 – The city government of Shanghai may impose a property tax on investors owning multiple properties, aiming to curb price gains and moderate the housing market. The government has already completed the basic outline of the property tax, which targets speculative investors owning more than one property for capital appreciation, together with […]
Derivatives Trading may Make China Busiest Futures Market
Apr. 12 – China’s increased trading in equities from index futures may help China to surpass the United States as the world’s busiest stock market. According to the China Financial Futures Exchange, China will start trading of contracts based on the CSI 300 Index on April 16, tracking the 300 biggest stocks on the Shanghai […]
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 […]
Notice on Refund Policy of General Small Trade across Border Areas
Apr. 8 – China’s State Council, Ministry of Commerce, General Administration of Customs, and State Administration of Foreign Exchange jointly issued a notice effective March 1 regarding the refund policy for general small trade which is conducted in RMB across border areas. According to the notice, the existing refund policy in Yunnan is now extended […]
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. […]
China Considering Revising Social Benefits, Introducing Social Security Tax
Apr. 5 – China’s Ministry of Finance is considering levying a social security tax in an effort to narrow the wide gap in income distribution, Chinese media reported on Friday, citing Finance Minister Xie Xuren. Xie said that the government would reform personal income taxes in 2010, and funds collected from taxes would be better […]
New Regulations for VAT General Taxpayers
Apr. 2 – To help manage the qualification of general taxpayers status for the payment of value-added taxes, the State Administration of Taxation recently issued a new management approach effective March 20, 2010. It stipulates that if VAT taxpayers’ annual taxable sales pass the level of the small-scale taxpayer set by the Ministry of Finance, […]
