The Circular clarifies matters relating to the exemption of import taxes on articles imported by foreign-invested research and development centres for scientific and technological development purposes and the refund in full of the value-added tax on Chinese-made equipment procured by them.
If a Representative Office has unsound account books, fails to accurately account for its revenues or costs and expenses, or fails to make accurate filings, the tax authority shall have the authority to determine its taxable income.
The Circular states that the technical service activities relating to the transfer of use rights to proprietary technology shall be deemed as part of the transferred technology.
The Provisions set forth the procedures and requirements for registration of establishment, amendment of registration and de-registration of foreign-invested partnerships.
The Measures set forth the criteria for a commercial bank to take an equity interest in an insurance company and specify the requirements on different aspects of risk management.