Legislation roundup: Resource tax, credit assets and processing trade approval
May 19, 2016 | BY
Katherine Jo &clp articles &The MOF and SAT have expanded the tax reform of natural resources, the CBRC has set provisioning requirements to suppress shadow banking and processing trade approvals were abolished nationwide
Tax
Ministry of Finance and State Administration of Taxation, Circular on the Comprehensive Implementation of the Resource Tax Reform
On the basis of the implementation on coal, crude oil, and natural gas of the reform of levy on an ad valorem basis, the reform shall be comprehensively implemented for other mineral resources. The levy of resource tax on natural resources such as water, forests, grasslands and tidelands shall gradually commence.
See the digest for more details.
Further reading
Banking
Office of the China Banking Regulatory Commission, Circular on Regulating the Credit Asset Benefit Right Transfer Business of Banking Financial Institutions
The transferring bank shall allocate capital in the full amount of the original credit assets once credit asset benefit rights have been transferred. The transferring bank may not directly or indirectly invest its wealth management proceeds in its own credit asset benefit rights.
See the digest for more details.
Further reading
Trade
State Council, Several Opinions on Promoting a Steady Increase in Foreign Trade
Approvals for processing trade are abolished on a nationwide basis, to be replaced by the establishment and improvement of a during-the-event and post-event oversight mechanism. The premium rate for short-term export credit insurance will be further reduced.
See the digest for more details.
Further reading
Tax
Ministry of Finance and State Administration of Taxation, Circular on the Comprehensive Implementation of the Resource Tax Reform
On the basis of the implementation on coal, crude oil, and natural gas of the reform of levy on an ad valorem basis, the reform shall be comprehensively implemented for other mineral resources. The levy of resource tax on natural resources such as water, forests, grasslands and tidelands shall gradually commence.
See the digest for more details.
Further reading
Banking
Office of the China Banking Regulatory Commission, Circular on Regulating the Credit Asset Benefit Right Transfer Business of Banking Financial Institutions
The transferring bank shall allocate capital in the full amount of the original credit assets once credit asset benefit rights have been transferred. The transferring bank may not directly or indirectly invest its wealth management proceeds in its own credit asset benefit rights.
See the digest for more details.
Further reading
Trade
State Council, Several Opinions on Promoting a Steady Increase in Foreign Trade
Approvals for processing trade are abolished on a nationwide basis, to be replaced by the establishment and improvement of a during-the-event and post-event oversight mechanism. The premium rate for short-term export credit insurance will be further reduced.
See the digest for more details.
Further reading
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