Legislation
Circular of the Ministry of Human Resources and Social Security and the Ministry of Finance on Raising the Minimum Standard for Basic Pensions under the National Basic Endowment Insurance for Urban and Rural Residents in 2018 Ren She Bu Gui [2018] No.3 May 10, 2018 People's governments of all provinces, autonomous regions; municipalities directly under the Central Government, and the Xinjiang Production and Construction Corps, and people's governments of cities specifically designated in the state plan, In accordance with the principle of the Guiding Opinions of the Ministry of Human Resources and Social Security and the Ministry of Finance on Forming the Mechanism for Determining Basic Endowment Insurance Benefits for Urban and Rural Residents and Regularly Adjusting the Basic Pension (Ren She Bu Fa [2018] No.21), considering the income growth of urban and rural residents, price changes and adjustments to security standards including the basic endowment insurance for employees,... ...
Circular on the Pre-tax Deduction Policy for Employee Educational Funds of Enterprises Cai Shui [2018] No.51 May 7, 2018 Departments (bureaus) of finance, local offices of the State Administration of Taxation, local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and cities designated in the state plan, and the Bureau of Finance of the Xinjiang Production and Construction Corps, To encourage enterprises to increase their employee's educational input, the pre-tax deduction policy for employees' educational funds is hereby announced as follows: I. The expenditures of employees' educational funds incurred by an enterprise, are deductible in full when the enterprise's taxable income for the enterprise income tax purpose is calculated, if such expenditures are not higher than eight percent of the total wages and salaries; otherwise, the portion in excess of the said eight percent may be carried forward to the succeeding tax... ...
Cases
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Legal News
The National Development and Reform Commission ("NDRC") has recently distributed the Circular on Reducing the Power Price for the General Industry and Commerce to the Equivalent Extent of the Adjustment to the Value-added Tax Rate for the Power Industry (the "Circular"), with effect from May 1, 2018. The Circular clearly specifies that, after the value-added tax (VAT) rate applicable to the power industry has been adjusted from 17 percent to 16 percent, the reduction in the tax-inclusive transmission and distribution prices of provincial power grid enterprises and in the criteria of governmental funds as well as the surcharges, and the lump-sum refund of period-end uncredited VAT, will be all used for cuts in the power price for the general industry and commerce. Moreover, the Circular requires that competent price authorities of all provinces (autonomous regions and municipalities directly under the Central Government) shall lose no time in working out the detailed plan with... ...
The National Development and Reform Commission ("NDRC") and the Ministry of Finance ("MOF") have recently issued the Circular on Improving the Market Restraint Mechanism and Taking Strict Precautions Against Foreign Debt Risks and Local Debt Risks (the "Circular"). The Circular outlines arrangements in eight aspects, stating that, among others, "an enterprise that intends to borrow medium- and long-term foreign debts is required to establish the thorough and standardized corporate governance structure, the decision-making management mechanism and the financial management system", "it is necessary to form the market-oriented investment return mechanism and create sustainable, stable and feasible expected financial yields, for fundraising-based investment projects financially aided by funds of foreign debts" and "an enterprise that intends to borrow medium- and long-term foreign debts is required to standardize its information disclosure". In particular, the Circular provides... ...
