Legislation

The Circular states that conduit companies are not beneficial owners. It also sets forth factors that are not conducive to the recognition of an applicant's status as a beneficial owner.

These Measures shall apply to non-tax-residents with tax obligations in China that wish to avail themselves of the treatment under the agreements for the avoidance of double taxation executed by China with foreign governments and regions.

TV and radio ads for tobacco and prescription drugs banned.

Greater deduction of advertising expenses allowed for three industries.

Reputation risk management to increase banks' transparency.

Written contract needed for pledge of trade mark right.

Transfer of a QFII's investment limit is no longer allowed.

Proceeds in excess of companies listed on China Gem may not be used for securities investment.

Investment limit of a QDII may be taken back by Safe if not used effectively.