Legislation roundup: Land speculation, copyright remuneration and double taxation
September 26, 2013 | BY
clpstaff &clp articles &A department of CSRC is cracking down on property hoarding. The National Copyright Administration has specified how much authors should be paid and the State Administration of Taxation has clarified how Hong Kong companies can avoid double taxation
Real property
Department of Listed Company Supervision 1 of the China Securities Regulatory Commission, Letter Concerning the Submission by Listed Companies of Relevant Reports When their Acquisitions, Reorganisations and Refinancing Involve Real Property Business
中国证券监督管理委员会上市公司监管一部关于上市公司并购重组、再融资涉及房地产业务提交相关报告的函
With a view to putting a halt to idle land, land speculation, property hoarding and the marking up of housing prices , the Letter specifies that listed companies (including both listed companies in the real property industry and listed companies not in the real property industry) that raise funds through refinancing and use the proceeds in business involving residential housing real property development or projects for the development of commercially developed housing, or that through a material asset reorganisation buy into residential housing real property development business or projects for the development of commercially developed housing are required to submit a dedicated verification report on the development of the land or commercially developed housing involved.
See the digest for more details.
Further reading
General Office of the State Council, Circular on Continuing to Duly Regulate and Control the Real Property Market, Mar/Apr 2013
Intellectual property
National Copyright Administration, Measures for the Payment of Remuneration for the Use of Written Works (Draft for Comments on Amendments)
The Measures specify that the rate for author's remuneration for original works is Rmb100-500 per thousand characters. For a work published in a newspaper or periodical, remuneration is to be paid to the copyright holder at the rate of not less than Rmb150 per thousand characters, if the rate for the payment of remuneration has not been agreed with the copyright holder; and where a written work is used in a digital or network environment, the user is required to pay remuneration with reference to the remuneration payment rate and remuneration payment method specified in the Measures, unless otherwise specified in the contract.
See the digest for more details.
Further reading
PRC Copyright Law (2nd Revision) , Mar 2010
Tax
State Administration of Taxation, Announcement on the Issue Concerning the Recognition of the Tax-resident Status When Implementing the «Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income»
A legal person incorporated outside Hong Kong but that claims its managing or controlling body is in Hong Kong is required to produce its Hong Kong issued company registration certificate or business registration certificate, or if inquired by the Chinese tax authority, a supporting document issued by the Hong Kong Internal Revenue Department to prove its Hong Kong tax-resident status.
See the digest for more details.
Further reading
This premium content is reserved for
China Law & Practice Subscribers.
A Premium Subscription Provides:
- A database of over 3,000 essential documents including key PRC legislation translated into English
- A choice of newsletters to alert you to changes affecting your business including sector specific updates
- Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
Already a subscriber? Log In Now