Legislation

“Sale” and “for consideration” defined for consumption tax purposes.

The revised Law now requires any work unit or individual wishing to apply for a patent in a foreign country for an invention or utility model completed in China to first submit such invention or utility model to the State Council's patent administrative department for a confidentiality review.

Boundary between bribery and gift giving clarified.

More high-end products subject to consumption tax.

Conversion of unlisted foreign investment shares into tradable B-shares streamlined.

Criteria for assessing solvency of insurance companies elaborated

Real deposit account system for the processing trade postponed.

IPO sponsors required to keep working drafts.

VAT system changed from production-based to consumption-based.