Legislation roundup: Environmental tax, foreign-funded banks and enterprise income tax

Environmental protection

Legislative Affairs Office of the State Council, PRC Environmental Protection Tax Law (Draft for Comments)
国务院法制办公室中华人民共和国环境保护税法 (征求意见稿)

The Draft replaces pollutant discharge/emission fees with the environmental protection tax on the strength of a law. Discharged/emitted pollutants in excess of the standards or total amounts will be imposed twice or three times the amount of environmental protection tax.

See the digest for more details.

Further reading
PRC Environmental Protection Law (Revised)
How to survive the environmental regime
Opinion: Time for the courts to go green
New environment law signals warning


Banking

China Banking Regulatory Commission, Implementing Measures for Administrative Permission Items of Foreign-funded Banks
中国银监会外资银行行政许可事项实施办法

Bankruptcy filings by wholly foreign-owned banks and Sino-foreign equity joint venture banks directly regulated by the CBRC will be handled by the CBRC.

See the digest for more details.

Further reading
PRC Regulations for the Administration of Foreign-invested Banks (2nd Revision)
Lifting bans on foreign banks


Tax

State Administration of Taxation, Announcement on Issues Relevant to the Administration of the Levy of Enterprise Income Tax on the Transfer of Assets (Equity)
国家税务总局关于资产（股权）划转企业所得税征管问题的公告

The Announcement defines the four types of internal transfer of equity or assets between tax-resident enterprises of the same group that will enjoy deferral of tax payment.

Further reading
Opinions on Further Optimising the Market Environment for Enterprise Mergers and Restructurings
PRC Enterprise Income Tax Law
China's SAT issues regulations on outbound service payments as part of crackdown on tax evasion