Legislation roundup: WTO disputes, VAT and freezing assets
May 31, 2013 | BY
clpstaff &clp articles &MOFCOM has issued Draft Rules for trade remedy disputes after the WTO's ruling. MOF and SAT have issued a Circular expanding the VAT reform to cover the whole country
WTO
Ministry of Commerce, Tentative Rules for Implementation of the Trade Remedy Dispute Rulings of the World Trade Organisation (Draft for Comments)
商务部执行世界贸易组织贸易救济争端裁决暂行规则 (征求意见稿)
According to the Draft, MOFCOM may, after the WTO ruling on China's trade remedy, carry out further investigation and make a decision on whether to revise or cancel the trade remedy or take other appropriate measures. Interested parties should be informed of the investigation and given reasonable time to put forward their opinions. In the case of an amendment to or cancellation of a trade remedy, there is no retroactive effect and taxes paid will not be refunded.
See the digest for more details.
Further reading
PRC Foreign Trade Law (Revised), May 2004
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Tax
Ministry of Finance and State Administration of Taxation, Circular on the Launch of Pilot Tax Policies for the Levy of Value-added Tax in place of Business Tax in the Transport Industry and Certain Modern Service Industries Nationwide
财政部、国家税务总局关于在全国开展交通运输业和部分现代服务业营业税改征增值税试点税收政策的通知
The VAT reform will be expanded to cover all of China from August 1. Radio, film and television services are now included in the reform. The VAT rate for leasing of tangible movable property is 17%, transport services 11%, modern services (excluding tangible movable property) 6% and other specified taxable services 0%.
See the digest for more details.
Further reading
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Banking
People's Bank of China, Measures for the Administration of Freezing of Assets Involved in Terrorist Activities (Draft for Comments)
中国人民银行涉及恐怖活动资产冻结管理办法 (征求意见稿)
The Draft requires financial institutions and designated non-financial organisations to promptly freeze the capital or other assets directly or indirectly owned or controlled by terrorist organizations or terrorists. If the capital or assets are jointly owned or controlled by others and cannot be separated or the relevant percentages cannot be determined, such capital or assets will be frozen altogether. The customers or entrusting party concerned should be informed and given reasons for the freezing.
See the digest for more details.
Further reading
PRC Anti-money Laundering Law, Dec 2006/Jan 2007
New PRC Legislation against Money Laundering, Dec 2006/Jan 2007
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