Other Briefings
Following Shanghai, Beijing to Roll out VAT Reform in July
Following the experiment in Shanghai, the Chinese government has approved Beijing to become the second city that implements a value-added tax reform pilot scheme, according to the state-run China National Radio.
Update: Minimum Wage Hikes Across China
A number of local governments have decided to raise their minimum wage levels to new 2012 standards, in an effort to put up with the national annual minimum wage growth target of 13 percent set up in China’s latest 12th Five-year Plan on employment improvement.
American Express Extends Reach to China’s e-Payment Market
By Vivian Ni Jan. 30 – Although China has made it more difficult for foreign investors to enter its e-payment sector over the last year, the potential profits offered by the country’s massive consumer population are proving too attractive to miss. Recently, American Express – the U.S. financial service provider that has long considered China […]
Shanghai Offers Fiscal Support to Promote VAT Reform
Shanghai’s newly included value-added taxpayers (pilot enterprises) may receive fiscal compensation if they see increases in their actual tax burdens under the new tax scheme, local authorities said recently.
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 […]
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.
Hangzhou to Raise Maternity Insurance Contribution Rate
Hangzhou, the capital city of Zhejiang Province, has recently announced a new regulation on maternity insurance, a move that may bring employers in the city higher expenses on social security coverage.
