China Tax Weekly Update - Issue 8
China Tax Weekly Update - Issue 8
Issue 8, March 2016
The following matters are covered in this issue:
- VAT reform fully implemented from 1 May 2016 and effective tax burden of all industries shall be reduced
- Global tax cooperation reaches new high. All non-G20 countries and jurisdictions are invited to join
- State Council eliminates tax pre-approvals and amends foreign investment procedures for telecoms and insurance sectors (State Council Order No. 666)
- The State Council issues provisions to facilitate the transformation of scientific and technological results (Guo Fa [2016] No.16)
- Incentives for state-owned science and technology enterprises expanded to whole country (Cai Zi [2016] No. 4)
- SAT implements the State Council’s decision on cancellation of 152 administrative approval items (Shui Zong Fa [2016] No. 23 / SAT Announcement [2016] No. 10)
- State Council collates and standardizes the 2nd batch of 192 administrative approval items which involve intermediary services (Guo Fa [2016] No. 11)
- SAT’s replies on tax-related suggestions and proposals from NPC and CPPCC
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