Legislation roundup: Insurance products, law firms and R&D tax refund
March 26, 2020 | BY
Susan MokInsurance asset management products are offered to private investors, domestic law firms are encouraged to expand overseas and extension is offered to R&D tax refund filings.
Insurance
China Banking and Insurance Regulatory Commission, Tentative Measures for the Administration of Insurance Asset Management Products
Insurance asset management products shall be offered to qualified investors in a private manner. Insurance asset management institutions shall complete the required registration procedures for such products with the organizations recognized by the China Banking and Insurance Regulatory Commission.
The amount of investment in a single fixed-return product of a qualified investor may not be less than Rmb 300,000, that in a single hybrid product may not be less than Rmb 400,000, and that in a single equity-type product, a single commodity or derivative product may not be less than Rmb1 million.
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Further reading
Law Firms
Ministry of Justice and State Administration of Foreign Exchange, Circular on Duly Carrying Out the Administration Work Concerning the Establishment of Overseas Branches of Law Firms
When carrying out record filing with the justice administrative authority regarding the establishment of an overseas branch, a law firm shall, according to actual needs, file the overseas branch's total investment amount, capital contribution percentage accounted for by the domestic party, total capital contribution amount of the domestic party and the investment currency.
After carrying out the record filing, the law firm may carry out overseas direct investment-related foreign exchange registration with the local bank on the strength of the record filing slip and materials specified by relevant foreign exchange regulations.
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Further reading
State Administration of Taxation, Measures for the Administration of Value-added Tax Refunds for Procurement of Domestically Produced Equipment by Research and Development Institutions
The time limit for filing of value-added tax refunds for procurement of domestically produced equipment by research and development institutions shall be from the 1st of the month subsequent to the date of procurement (the issuance date of the voucher) to the filing deadlines of the various value-added taxes before April 30 of the next year.
The deadline of the 2019 value-added tax refund filing is extended to August 31, 2020.
See the digest for more details.
Further reading
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