Other Briefings
Hong Kong and Italy Sign Comprehensive DTA
Jan. 28 – On January 14, 2013, Hong Kong and Italy signed a comprehensive double taxation agreement (DTA). The agreement provides legal basis for allocating the taxing rights between the two jurisdictions. Under the DTA, Italian residents will be allowed to credit taxes paid in Hong Kong for HK-derived income against tax payable in Italy. […]
Shenzhen GDP Growth Rate Lowest Since 1979
Jan. 17 – The Shenzhen government has issued a 9 percent GDP growth rate target for 2013, down from the 10 percent achieved last year and against a background of the city mayor, Xu Qin, stating that “double digit growth rates are in the past.” The 2012 growth was the lowest since the city became […]
Shenzhen Adopts New Population and Family Planning Regulation
Jan. 11 – The Standing Committee of the Fifth People’s Congress of Shenzhen Municipality passed the “Shenzhen Special Economic Zone Population and Family Planning Regulations (hereinafter referred to as ‘Regulation’)” on October 30, 2012, which came into effect on January 1, 2013. The Regulation is the first local law in China that clarifies the issue […]
Central China on the Rise
Located in the heart of central China, Wuhan, the capital of Hubei has traditionally being one of the country’s most important economic and transportation centers. However, with the introduction of the reform and opening-up policy to the country’s coastal areas in the 1970s, Wuhan has fallen behind the economic wave. Most investors bypassed the city and throw their capital in places like Shanghai, Guangzhou and Shenzhen.
China Approves Plan for Creation of the Central Plains Economic Zone
To support the balanced development of different regions within the country, China’s State Council officially approved the “Planning for a Central Plains Economic Zone” on November 17, 2012. The proposed economic zone would cover the entirety of Henan Province, as well as twelve municipalities and two counties in adjoining provinces.
Hague Conference Establishes Asia-Pacific Regional Office in Hong Kong
Dec. 13 – The Hague Conference on International Private Law (HCCH), the world’s leading intergovernmental organization in the field of private international law, established its first Asia-Pacific regional office in Hong Kong today. Yuan Guoqiang, the Secretary of Justice of Hong Kong, described the establishment of the office as “a vote of confidence in Hong […]
Regulations Released on VAT Deduction Certificates for General Taxpayers in Guangdong Province
Guangdong’s Provincial Office of the State Administration of Taxation (SAT) released a regulation concerning the VAT deduction certificates of VAT general taxpayers in the province on November 14, clarifying deduction conditions and periods for five types of deduction certificates. Detailed information can be found here.
Guangzhou Releases Circular to Promote Development of MSMEs
Guangzhou released the “Circular on Several Policies to Promote the Development of Micro, Small and Medium-sized Enterprises (MSMEs) on November 1, which clarifies the preferential policies on supporting the development of MSMEs in the city. Detailed information can be found here.
