Other Briefings
China Urges Local Government to Maintain Minimum Wage Level
Nov. 19 – China’s Ministry of Human Resources and Social Security has instructed local governments to maintain the minimum wage levels to aid companies in dealing with the global credit crisis. “In the light of the current economic situation and real conditions in companies, minimum wage increases have been suspended for the near term,” said […]
New VAT Refund Rates to Take Effect Dec. 1
Nov. 19 – As we reported last week, China recently moved to increase the value-added tax (VAT) refund rate on certain products including steel, grain, chemical goods and thousands of other goods as part of its efforts to quicken growth. The new VAT refund rates, effective Dec. 1, will cover some 3,770 types of exports, […]
Current VAT ‘Encouraged Projects’ to Change Under New Tax Reform
Nov. 14 – China announced earlier this week that beginning January 1, it will reduce value-added tax (VAT) for all industries in an effort to encourage movement from the current production-based VAT regime to a consumption-based one. Under the new system, the VAT-IN paid on importation or local purchase of production equipments will be deductible, […]
China’s First Specialist Financial Court Opens in Pudong
SHANGHAI, Nov. 14 – China’s first court dealing exclusively with financial disputes opened yesterday in the Pudong district of Shanghai. The area is home to a specially created development zone, Lujiazui, which deals exclusively with banks and financial institutions, housing many of the primary global and Chinese players, such as HSBC, Citibank, the Bank of […]
China Announces Export Tax Cuts
Nov. 13 – China’s Cabinet announced on its website that it would increase the value-added tax (VAT) refund rate on some products including steel, grain, chemical goods and thousands of other goods as part of its efforts to quicken growth after the release of a multibillion-dollar economic stimulus package. The VAT refund rate increase, effective […]
China Cuts VAT For All Industries
Nov. 11 – China’s State Council said that beginning January 1, it would reduce value-added tax (VAT) for all industries by more than RMB120 billion. The move is part of a stimulus package worth RMB4 trillion scheduled to be spent by 2010. It is expected to spur Chinese companies to develop technology, increase domestic demand […]
China Releases $586 Billion Economic Stimulus Plan
Nov. 10 – China has released an economic stimulus plan worth an estimated US$586 billion to stimulate its slowing economy and build new railways, communities, subways and airports in the next two years. The stimulus plan is effective immediately, with US$18 billion already earmarked for the last quarter of the year. The US$586 billion package […]
China May Revise VAT System in 2009
Nov. 5 – A senior government official says China may revise its value-added tax (VAT) system in 2009 to help lower business costs and help firms cope with the global downturn. According to China Daily, the government could allow companies to deduct the tax incurred when buying machinery and other capital assets from their VAT […]
