China Accounting News Weekly[No.263]
Posted by:Admin|Published:08/26/2015 11:19|hits:41

  Return to Investment Might Drop by 10% Due to Sewage Treatment Value-added Tax

  Yang Guang, the Chairman of Chengdu's local state-owned water company Xing Rong Group, said since the implementation of the "Document No.78" on July 1st, the value-added tax (VAT) exemption for sewage treatment had been abolished. Under the new policy, their VAT and income tax had a net increase of ¥28 million in 2014. "This is a huge bad news."

  The Central Bank "Relaxed" Restrictions on the Investment of Foreign Institutions

  On July 30th, the central bank issued Notifications to Foreign Central Banks, International Financial Institutions, and Sovereign Wealth Funds on Investments in the Inter-Bank Market with RMB. It says for countries where the Ministry of Finance manage foreign exchange reserves, there is no restrictions on their investment in China’s inter-bank market, and “the central bank and other official reserve managers can enter the market”.

  The Customs Fully Implements the Aggregation Tax Reform

  Since July 27th this year, the customs fully implements the aggregation tax reform. Under the premise of effective supervision, it changes the traditional mode of “check every order, tax first and pass later” to the new mode of “pass first and tax later, and charge aggregated tax”.

  Methods for New Tax Relief and Management: Avoid Four Mistakes

  The four mistakes are: Tax relief can only be applied for in advance; after the abolition of examinations and approvals, there is no need to get approvals of tax relief from tax authorities; the simplified procedure means that taxpayers’ duties are mitigated; the tax authorities will loosen their management of tax matters.

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