Legislation

Real deposit account system for the processing trade postponed.

IPO sponsors required to keep working drafts.

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

Negotiation of share prices allowed for bankruptcy restructuring

Securities companies allowed to apply for margin trading and short selling.

Limits on shareholding period of securities companies to prevent short-term speculation.

Calculation of business turnover for business tax purposes revised.

Stricter criteria for sale of investment-type insurance by property insurance companies

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