Tax

Definition of services provided in the PRC that are subject to business tax clarified.

The Implementing Rules clarify the levy of VAT for mixed sales and the definition of "small taxpayer".

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

As China faces up to the challenges of a global recession, lawyers are calling for changes to the country's regulatory regime for mergers and acquisitions. Proper support for acquisition financing and foreign currency conversion will boost the market and encourage investors. More clarification of joint-venture funding and anti-monopoly rules will also help.

As China faces up to the challenges of a global recession, lawyers are calling for changes to the country's regulatory regime for mergers and acquisitions. Proper support for acquisition financing and foreign currency conversion will boost the market and encourage investors. More clarification of joint-venture funding and anti-monopoly rules will also help.

Report suggests provinces bear responsibilities for their own emissions

More high-end products subject to consumption tax.

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

Calculation of business turnover for business tax purposes revised.