The State Council Legislative Affairs Office, Ministry of Finance (MOF), and State Administration of Taxation (SAT) jointly released the long-awaited Enterprise Income Tax Law Implementing Regulations on December 11.
China Market Intelligence
The PRC State Council recently announced new annual leave regulations and the 2008 PRC holiday schedule, both of which take effect January 1, 2008.
Since the US government representatives involved in the US-China Strategic Economic Dialogue (SED) have returned to Washington, DC, from Beijing, new details have emerged about what occurred during the third round of the high-level talks.
Heading into the new year, China's leaders appear increasingly concerned about inflation and runaway lending. At China's 2007 Economic Work Conference, which took place December 3-5, the PRC leadership formally presented the country's official economic plan and goals for the upcoming year.
The US-China Business Council (USCBC) hosted luncheons on intellectual property rights (IPR) protection in Washington, DC, and Shanghai on December 12 and 13, respectively.
The PRC National Development and Reform Commission (NDRC) and State Environmental Protection Administration (SEPA) recently released the long-delayed 11th Five-Year Plan (FYP, 2006-10) for Environmental Protection and announced new funding for environmental protection.
The 18th session of the US-China Joint Commission on Commerce and Trade (JCCT) concluded in Beijing on Tuesday, with further incremental progress on various issues important to companies, but no single headline-grabbing outcome likely to capture the attention of the US media or satisfy critics of China's trade regime.
With less than a month before the PRC Enterprise Income Tax Law takes effect on January 1, 2008, the PRC State Administration of Taxation (SAT) has yet to release the law's crucial explanatory implementing regulations, leaving companies' financial planning for 2008 riddled with uncertainties.
The online payments system in China has grown rapidly over the past five years. According to iResearch Consulting Group, China's online sales may reach RMB 51 billion ($6.9 billion) in 2007, up from RMB 31.2 billion ($4.2 billion) in 2006 and RMB 18.6 billion ($2.5 billion) in 2005.