The Ministry of Human Resources & Social Security (MOHRSS) recently issued the “Opinions on Several Issues Concerning the Implementation of the Regulations on Work Injury Insurance.” It clarifies that employers should enroll employees in work injury insurance even if their place of registration and place of operation are not under the same overall arrangement. Employees that are not enrolled in a work injury insurance scheme in the place of registration can be enrolled by the employer to a work injury scheme at the place of operation. In addition to this, the Opinion also explains that in cases where construction enterprises enroll in insurance schemes on a project basis, work injury insurance must be enrolled at the project location.
Approved by the State Council, China’s Administration for Industry and Commerce (AIC) recently released the “Decision on Repealing & Revising Certain Rules & Regulations (Draft for Comments).” The Decision aims to revise four rules and regulations regarding foreign-invested enterprises, and is currently seeking public opinions and comments. According to the Decision, the Central Government will delegate the authority of approving matters related to foreign investment into China’s domestic production and operation to the provincial level government, and transform the current annual inspection system for foreign enterprises to an annual report system. Furthermore, China will empower more local AIC bureaus to approve foreign-invested projects in their own administrative regions.
The Ministry of Commerce (MOFCOM) has announced its decision to levy anti-dumping duties on imports of grain-oriented flat-rolled electrical steel originating from the EU, Japan, and South Korea. Preliminary duties between 14.5 and 46.3 percent have been imposed, following accusations that imports from the aforementioned regions have hindered the Chinese steel industry. The MOFCOM has also announced that it would impose anti-dumping duties on acrylic fibers from Japan, South Korea, and Turkey, ranging between 6.1 and 17.8 percent.
Along with the country’s massive value-added tax (VAT) reform, China is looking to rebalance and transform the relationship between the central government and the local governments. Considered one of the top three tasks of the fiscal/tax reform, this move is expected to have a huge positive impact on the country’s tax collection system. The transitional scheme will see VAT revenue split equally between the two systems, with an emphasis on the stability of the scheme. Simultaneously, the proportion of division of consumer tax and VAT to be incrementally introduced depending on the progress of the VAT reform after the central government solicits the opinion of the local authorities.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email firstname.lastname@example.org or visit www.dezshira.com.
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Tax, Accounting, and Audit in China 2016
This edition of Tax, Accounting, and Audit in China, updated for 2016, offers a comprehensive overview of the major taxes that foreign investors are likely to encounter when establishing or operating a business in China, as well as other tax-relevant obligations. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who must navigate the complex tax and accounting landscape in China in order to effectively manage and strategically plan their China-based operations.
Human Resources and Payroll in China 2015
This edition of Human Resources and Payroll in China, updated for 2015, provides a firm understanding of China’s laws and regulations related to human resources and payroll management – essential information for foreign investors looking to establish or already running a foreign-invested entity in China, local managers, and HR professionals needing to explain complex points of China’s labor policies.
An Introduction to Doing Business in China 2015
Doing Business in China 2015 is designed to introduce the fundamentals of investing in China. Compiled by the professionals at Dezan Shira & Associates, this comprehensive guide is ideal not only for businesses looking to enter the Chinese market, but also for companies that already have a presence here and want to keep up-to-date with the most recent and relevant policy changes.
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