Legislation roundup: VAT, commercial banks and construction projects
March 28, 2019 | BY
Susan MokVAT rates are lowered, commercial banks are required to disclose NSFR information and advisory services are encouraged for the entirety of construction projects.
Tax
Ministry of Finance, State Administration of Taxation and General Administration of Customs, Announcement on Policies for Intensifying Value-added Tax Reform
Where a value-added tax (VAT) taxable sales act or import of goods occurs and the general VAT taxpayer is currently subject to a 16% tax rate, such tax rate is revised to 13%; if such general VAT taxpayer is currently subject to a 10% tax rate, such tax rate is revised to 9%.
See the digest for more details.
Further reading
Banking
China Banking and Insurance Regulatory Commission, Measures for the Disclosure of Information on the Net Stable Funding Ratio by Commercial Banks
A bank approved to implement advanced capital measurement approaches by the China Banking and Insurance Regulatory Commission in accordance with the Measures for the Administration of the Capital of Commercial Banks (Trial Implementation) shall disclose in its financial reports or on its official website information on the net stable funding ratio for the previous two quarters at least once per half year.
Further reading
Construction
National Development and Reform Commission and Ministry of Housing and Urban-rural Development, Guiding Opinions on Promoting the Development of Advisory Services for the Entirety of Projects
In the course of the construction of premises, public infrastructure and other such works, owners are encouraged to engage a consulting entity with comprehensive capabilities to provide advisory services for the entire process of constructing the project, including bid invitation agency, surveying, design, supervision, pricing and project management.
Further reading
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