Tax

As China faces up to the challenges of a global recession, lawyers are calling for changes to the country's regulatory regime for mergers and acquisitions. Proper support for acquisition financing and foreign currency conversion will boost the market and encourage investors. More clarification of joint-venture funding and anti-monopoly rules will also help.

Report suggests provinces bear responsibilities for their own emissions

More high-end products subject to consumption tax.

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

Calculation of business turnover for business tax purposes revised.

New approach needed in falling property market

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.

China once welcomed foreign exchange inflows; now, hot money is threatening its developing economy. To control the flow of trade funds, the regulator has set requirements for compliance with rules on advance payments and deferred receipt of payments. The new rules could lead to tax losses and fines for exporters. By David Wang, Chris Yang and Chris Chen, Broad & Bright Shanghai Office.