Law Digest

• Other Recent Legislation for this Month

  National LegislationADVERTISING AND MARKETINGDecision on Adjusting Corresponding Articles of Relevant Advertising Regulatory Rules in Accordance with the…

  October 31, 2005

• Ministry of Finance, Measures for the Administration of Debt Provisioning by Financial Institutions

  财政部金融企业呆账准备提取管理办法

  Compared with previous rules regarding debt provisioning, the Measures introduces greater flexibility in making the minimum 1% of year-end balance of risk assets a guideline rather than a mandatory requirement. It changes the nature of general provisions allocated from one of pre-tax deduction to a post-tax distribution of profit. The Measures allows financial institutions to set aside two types of loan loss provisions: specific provisions and special provisions. Further requirements for other categories of the asset impairment provisions, for instance bad debt provisions and provisions for impaired long-term investments, are also in place.

  October 31, 2005

• State Administration for Industry and Commerce, Reply to Issues Concerning the Application of the Law to Administrative Penalties on Offices of Foreign-invested Enterprises

  国家工商行政管理总局关于对外商投资企业办事机构行政处罚适用法律问题的答复

  Penalities for registration amendment of foreign-invested companies in the PRC.

  October 31, 2005

• State Administration of Taxation, Measures for the Administration of Individual Income Tax

  国家税务总局个人所得税管理办法

  Promulgated: July 6 2005Effective: October 1 2005Interpreting authority: State Administration of TaxationApplicability: Measures for the administration…

  October 31, 2005

• State Administration of Taxation, Official Reply to Issues Relevant to Tax Rebates on Re-capitalization of Foreign investors

  国家税务总局关于外国投资者再投资退税有关问题的批复

  Issued: October 20 2005Main contents: Where an application by a foreign investor intending to make use of the profits from a foreign-invested enterprise…

  October 31, 2005

• Press Office of the State Council and Ministry of Information Industry, Provisions for the Administration of Internet News Information Services

  国务院新闻办公室、信息产业部互联网新闻信息服务管理规定

  Regulating online news dissemination and broadcasting within the PRC.

  October 31, 2005

• China Insurance Regulatory Commission, Tentative Measures for the Administration of Investments in Bonds by Insurance Institutional Investors

  中国保险监督管理委员会保险机构投资者债券投资管理暂行办法

  The Tentative Measures provides for investments in government bonds, financial bonds and enterprise/corporate bonds.

  October 31, 2005

• General Administration of Quality Supervision, Inspection and Quarantine, Measures for the Administration of Certification Training Institutions

  国家质量监督检验检疫总局认证培训机构管理办法

  Registration requirement for foreign-established certification and training institutions.

  October 31, 2005

• Ministry of Labour and Social Security, Letter on Issues Relevant to the Occupational Qualification Certificates Held by Foreigners Seeking Employment in China

  劳动和社会保障部关于外国人在中国就业持职业资格证书有关问题的函

  The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC. Where the relevant occupations have foreign characteristics, the Ministry of Labour and Social Security may approve foreigners holding occupational qualification certification notarized by foreign notary. They may also take occupational qualification certification examinations in the PRC.

  October 31, 2005

• China Securities Regulatory Commission, Ministry of Finance and People's Bank of China, Measures for the Administration of the Securities Investor Protection Fund

  中国证券监督管理委员会、财政部、中国人民银行证券投资者保护基金管理办法

  Setting up and operation of state-owned securities investor protection fund.

  October 31, 2005