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Administration of the Interconnection of Public Telecommunications Networks Provisions

PART ONE　GENERAL PROVISIONS

Article 1　These Provisions have been formulated pursuant to the PRC, Telecommunications Regulations, in order to safeguard the interests of the State and the lawful rights and interests of telecommunications subscribers and to ensure fair and effective competition among telecommunications carriers and timely and rational Interconnection between public telecommunications networks.
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Tax

Circular of the State Administration of Taxation on the Relevant Executive Standards for the Individual Income Tax Exemption of Family Visit Expenses Obtained by Foreign Individuals

Taxation bureau of every province, autonomous region, municipality directly under the Central Government and municipality separately listed on the State plan:

Recently, we have received some reports that, in accordance with Article 4 of the “Circular of the State Administration of Taxation on the Execution of the Individual Income Tax Exemption for Relevant Subsidies Obtained by Foreign Individuals,”(GuoShuiFa [1997] No.54) if the individual income tax on family visit expenses obtained by a foreign individual is to be exempted, the taxpayer shall provide documents (duplicates) on the payment for his or her travel to visit family, and such documents shall be examined by the competent taxation organ. The individual income tax may be exempted for the actual expenses for family visits, as well as for a reasonable portion of the standard governing the expenses and occurrence of annual family visits. However, in the execution of the law, it is necessary to further clarify “the reasonable portion of the standard governing the expenses and occurrence of annual family visits.” This issue is hereby addressed uniformly as follows:

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News

Issue of Convertible Bonds By Listed Companies Implementing Procedures

Article 1　These Procedures have been formulated pursuant to the Company Law, the Securities Law, the Administration of Convertible Company Bonds Tentative Procedures and other relevant laws and regulations, in order to regulate the issue of convertible bonds by listed companies and protect the lawful interests of investors.

Article 2　These Procedures shall apply to applications by companies listed in China (Issuers) for the issue in China of convertible bonds to be subscribed to in Renminbi and the listing and trading of such bonds on the stock market.

Article 3　The China Securities Regulatory Commission (CSRC) exercises supervision and administration over the issue and listing, etc. of convertible bonds by listed companies in accordance with the law.

PART TWO　CONDITIONS OF ISSUE

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Investment

Circular of the China Securities Regulatory Commission On Guarantee of Security Companies

All security regulatory offices, representative offices, special commissioner’s offices and all security companies:

The issues concerning guaranty of security companies are as follows, in a bid to standardize guarantee activities of security companies and forestall risks that may be caused by guarantee activities of security companies:
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Tax

Circular of the Ministry of Finance, the State Administration of Taxation Concerning Adjusting the Policies on Business Tax of Enterprises with Foreign Investment and Foreign Financial Enterprises

Finance departments (bureaus), local taxation bureaus, state taxation bureaus of Guangdong Province, Fujian Province, Hainan Province, Shanghai, and Jiangsu Province:

With a view to balancing the taxation among financial enterprises and to promoting fair competition, and upon the approval of the State Council, the business tax rate prescribed by the state shall be uniformly implemented with respect to all the financial enterprises with foreign investment and foreign financial enterprises newly set up within the economic zones (including the Pudong New Area of Shanghai and the Suzhou Industrial Park) from May 1, 2001. The preferential policies on business tax prescribed in Article 3 of the Circular of the State Council Concerning Relevant Issues on Adjusting Tax Policies of the Finance and Insurance Industries [GuoFa [1997] No.5] shall be stopped from implementation.
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Tax

Offical Reply of the State Administration for Industry and Commerce on Relevant Issues Concerning Enterprises with Foreign Investment Investing in the Advertising Industry within the Border of China

The administration for industry and commerce of Shanghai Municipality:

The Request of Instructions on Relevant Questions Concerning China-foreign Equity Joint Ventures Reinvesting to Set up Domestically Funded Advertising Enterprises (HuGongShangGuang [2001] No.134) of your administration has been received. After review, we hereby reply as follows:
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Investment

Circular of the State Administration of Taxation Concerning Providing Duty-paid Certificates and Certificates of Chinese Residents Status to Foreign Individuals and Enterprises

April 13,2001

The state taxation bureaus and local taxation bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and municipalities separately listed on the State plan:

For the purpose of avoiding double taxation on transnational taxpayers, relevant matters concerning providing duty-paid certificates and certificates of Chinese resident status to foreign individuals and enterprises (entities) that constitute Chinese fiscal residents are hereby notified as follows:

1. After the foreign individuals and enterprises(entities) in China have gone through the procedures for taxpaying, the relevant tax authorities shall provide duty-paid certificates promptly to the taxpayers.

2. From January 1. 2001, to the foreign individuals and enterprises (entities) in China that constitute Chinese residents according to the standards for residents determination of Law of the People’s Republic of China on Individual Income Tax, Law of the People’s Republic of China on Income Tax of Enterprises with Foreign Investment and Foreign Enterprises, and of the agreements on avoiding double taxation signed between China and foreign countries, the state taxation bureaus or local taxation bureaus at the county (city) level, according to the administrative power and the requests of the taxpayers, may sign, fill in and issue the Certificate of Chinese Resident Status (applicable for foreign individuals and residents) (see the Attachment, may be printed by the state taxation bureaus or local taxation bureaus according to their needs).

3. The Certificate of Chinese Resident Status attached to this circular only applies to the foreign individuals and enterprises (entities) in China that constitute Chinese taxable residents. The scope of application of the Certificate of Chinese Resident Status and other relevant provisions issued by Document (GuoShuiFa [1994] No. 255) of the State Administration of Taxation on December 7, 1994 shall remain unchanged.

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Investment

Official Reply of the State Administration of Taxation on the Taxation Disposal of Enterprises with Foreign Investment whose Capital from the Foreign Party has not been Put into Place as Provided

GuoShuiHan [2001] No.289

April 17, 2001

Sichuan State Taxation Bureau:

Your Request for Instructions on the Proof of Disposal of Tax Issues in the Case of Chengdu EnWei (ChuanGuoShuiFa [2001] No.55) was received. Upon deliberation, the official reply is hereby given as follows:

Paragraph 2 of Article 4 of the Law of the People’s Republic of China on Chinese-foreign Equity Joint Ventures provides that “the proportion of the foreign party’s investment in an equity joint venture shall be, in general, not less than 25 percent of its registered capital”. Within the term of capital contribution stipulated in the relevant laws, regulations or the investment contracts, where foreign investor as taxpayer doesn’t meet the requirement of this paragraph, and the taxpayer doesn’t report his actual situation to the taxation authorities when going through the tax registration procedures in accordance with the Article 6 of the Implementing Rules of Law of the People’s Republic of China on the

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Tax

Reply of the State Administration for Industry and Commerce on the Issue Whether Companies should Submit Evidence of Triple Newspaper Announcements for Applications for Registration Cancellation

GongShangQiZi [2001] No.102

April 13, 2001

Hubei Administration for Industry and Commerce:

We have studied the Request of Wuhan Administration of Industry and Commerce of your province for Instructions on Whether Companies should Submit Evidence of Triple Newspaper Announcements for Applications for Registration Cancellation (WuGongShang [2001] No.23) and now reply as follows:
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Investment

  Please note that we have quoted our most favourable price and are unable to entertain any counter offer.

 20 January 2004

    Kee & Co., Ltd

    34 Regent Street

    London, UK

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