Legislation roundup: Environmental protection tax, cybersecurity strategy and cross-border transfer reporting
January 05, 2017 | BY
Katherine Jo &clp articles &The PRC Environmental Protection Tax Law has been issued, the CAC has elaborated on the definition of “critical information infrastructure” and the PBOC has revised the reporting threshold for large transactions
Environmental Protection
PRC Environmental Protection Tax Law
Effective from January 1 2018, environmental protection tax will be levied on the first three largest quantities of taxable air pollutant items from each emission outlet, and on the first five largest quantities of type-one taxable water pollutant items and the first three largest quantities of other type of taxable water pollutant items from each emission outlet.
See the full translation.
Further reading
Cybersecurity
Cyberspace Administration of China, National Cyberspace Security Strategy
The Strategy defines “state critical information infrastructure” to include basic telecommunications networks that provide public communications, radio and television transmission and other such services, important information systems in sectors such as energy, finance, transportation, education, scientific research, water resources, industrial manufacturing, medicine and health, social security and public utilities as well as important internet application systems.
See the digest for more details.
Further reading
Banking
People's Bank of China, Measures for the Administration of the Reporting of Large Transactions and Suspicious Transactions by Financial Institutions
Financial institutions shall report cross-border transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb200,000 or the foreign currency equivalent of at least US$10,000 on the day in question.
The reporting threshold for cash transactions has also been lowered from Rmb200,000 to Rmb50,000.
See the digest for more details.
Further reading
Environmental Protection
PRC Environmental Protection Tax Law
Effective from January 1 2018, environmental protection tax will be levied on the first three largest quantities of taxable air pollutant items from each emission outlet, and on the first five largest quantities of type-one taxable water pollutant items and the first three largest quantities of other type of taxable water pollutant items from each emission outlet.
See the full translation.
Further reading
Cybersecurity
Cyberspace Administration of China, National Cyberspace Security Strategy
The Strategy defines “state critical information infrastructure” to include basic telecommunications networks that provide public communications, radio and television transmission and other such services, important information systems in sectors such as energy, finance, transportation, education, scientific research, water resources, industrial manufacturing, medicine and health, social security and public utilities as well as important internet application systems.
See the digest for more details.
Further reading
Banking
People's Bank of China, Measures for the Administration of the Reporting of Large Transactions and Suspicious Transactions by Financial Institutions
Financial institutions shall report cross-border transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb200,000 or the foreign currency equivalent of at least US$10,000 on the day in question.
The reporting threshold for cash transactions has also been lowered from Rmb200,000 to Rmb50,000.
See the digest for more details.
Further reading
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