Full Text Translation

“Sale” and “for consideration” defined for consumption tax purposes.

The revised Law now requires any work unit or individual wishing to apply for a patent in a foreign country for an invention or utility model completed in China to first submit such invention or utility model to the State Council's patent administrative department for a confidentiality review.

VAT system changed from production-based to consumption-based.

According to the revised Regulations, the amount of consumption tax payable may be calculated ad valorem, at a flat rate or by a combination of the two.

Calculation of business turnover for business tax purposes revised.

Conversion of unlisted foreign investment shares into tradable B-shares streamlined.

The Provisions allow securities companies to engage in margin trading and short sale of securities.

The Circular elaborates matters concerning the Provisions for the Administration of the Solvency of Insurance Companies.

A sponsor shall establish a sound working draft system, and keep separate sponsorship working drafts for each project.