Legislation roundup: Consumer finance companies, VAT issues and Guangzhou real estate
November 28, 2013 | BY
clpstaff &clp articles &The CBRC has issued Measures over pilot consumer finance companies and the SAT has produced an Announcement on VAT issues for restructuring the assets of taxpayers. Guangzhou has released Opinions further regulating real estate
Financing
China Banking Regulatory Commission, Measures for the Administration of Pilot Consumer Finance Companies
The revised Measures allow non-financial enterprises with business revenue of at least Rmb30 billion in the previous year to be the principal investor of a consumer finance company. The minimum shareholding percentage requirement of the principal investor has also been lowered from 50% to 30%. The geographical restriction has been lifted, allowing consumer finance companies to operate outside their place of registration.
See the digest for more details.
Further reading
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Taxation
State Administration of Taxation, Announcement on Value-added Tax Issues Relevant to the Asset Restructurings of Taxpayers
Where a taxpayer, in the course of an asset restructuring, transfers, by way of a merger, division, sale, exchange or otherwise, all or part of its physical assets and the claims and liabilities relating thereto on multiple occasions and the ultimate transferee and recipient of the manpower are the same entity and individual, the transfer therein of goods on multiple occasions shall not be subject to value-added tax.
See the full translation.
Further reading
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Real property
Guangzhou City, Opinion on Improving the Regulation and Control of the Real Property Market
Guangzhou has provisionally decided that a resident household whose permanent residence is not in Guangzhou that can provide proof of having paid individual income tax or social insurance in Guangzhou for at least three years in succession during the five years before the date of purchase of residential premises can only purchase one residential unit (including both newly constructed commercially developed residential units and previously owned residential units).
See the digest for more details.
Further reading
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