Legislation roundup: Civil Procedure Law, enterprise income tax and FX insurance

Civil Law

Supreme People's Court, Interpretation on the Application of the «PRC Civil Procedure Law»
最高人民法院关于适用的解释

The Interpretation specifies the criteria for accepting public interest cases including:

- a definite defendant;
- specific claims; and
- prima facie evidence that the public interest has been prejudiced.

See the digest for more details.

Further reading
PRC Civil Procedure Law (2nd Revision)
PRC Environmental Protection Law (Revised)


Tax

Ministry of Finance and State Administration of Taxation, Circular on Issues Concerning Enterprise Income Tax Treatment in Connection with the Promotion of Enterprise Restructuring
财政部、国家税务总局关于促进企业重组有关企业所得税处理问题的通知

The Circular lowers the threshold requirements for special tax treatment for equity acquisition and asset purchase. In both cases, it just requires acquisition or purchase of at least 50%, instead of 75%, of the target's or transferor's entire equity or assets.

Further reading
Circular on Several Issues Concerning the Enterprise Income Tax Treatment of Enterprise Restructuring
Restructuring rules restructured


Insurance

State Administration of Foreign Exchange, Guidelines for the Foreign Exchange Control on the Insurance Business
国家外汇管理局保险业务外汇管理指引

The State Administration of Foreign Exchange delegates the authority to approve the market access to and withdrawal from the foreign exchange insurance market, and the conversion of foreign exchange registered capital to local branches. It also removes the requirement to have the foreign exchange insurance business qualifications approved again every three years.

See the digest for more details.

Further reading
PRC Regulations for the Control of Foreign Exchange (2nd Revision)
PRC Insurance Law (Amended)