Tax

China has further clarified tax preferences for high- and new-technology enterprises (HNTEs) in a recent Working Guideline. Applicants that can satisfy tougher and more precise qualification criteria will benefit from clear and objective evaluation procedures, but must be prepared for broad scrutiny of their tax and legal compliance. HNTE status can be lost through business changes including mergers or acquisitions.

After 12 months of innovative and pioneering work and four months of research, interviewing and profiling, the 2008 China Law & Practice awards were presented in Beijing on September 18. The winning deals and firms were recognised for their impact on China's legal community.

Foreign investors in China's mining sector are now required to report their listing intentions to the Ministry of Commerce and the Ministry of Land and…

Individuals to pay tax for favourable property deals.

Preferential tax policy for purchase of Chinese equipment cancelled.

More organizations allowed to enjoy tax exemption in China and Canada.

The rate for pe-tax deduction of expenses for individual investors of partnerships raised.

Deed duty exempted for internal asset transfer

The rate for the deduction of the expenses before individual income tax of the owners of family proprietorships and of investors in wholly individually-owned enterprises and partnerships is uniformly set at Rmb24,000 per year (Rmb2,000 per month).