Chinese walker

By Gary Collyer

Following on from the previous newsletter, this edition addresses further issues that have been raised by corporates and banks over the past 6-7 months. It needs to be recognised that in most cases, the questions that are being raised would have equal application under UCP 500 as they do under UCP 600.

Corporate issues

Article 10 – Amendments.

As an applicant, why can I not include a time limit for the rejection of an amendment? In most cases, the amendment is known to the beneficiary so why cannot I attach some form of limitation on the period for acceptance or rejection?
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Banking amendment, UCP 600 seminars

The first is to allow deduction of the input VAT for purchased fixed assets. Before the amendment, input VAT is not allowed to get deducted from the output VAT. The production type VAT system is adopted and that has increased the tax burden of the enterprise buying the machinery and equipment. To reduce the tax burden, the revised VAT regulations remove the practice of such non-deduction, and allow the taxpayer to deduct the input VAT for purchased fixed assets. That helps achieve the transformation of the production type VAT system to one of consumption type.

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Tax Administration, amendment, BUSINESS, Businesses, china, consumption, ENTERPRISE, growth, payment, policies, Regulations, tax, taxes, VAT

A: The principles having been followed in the amended VAT regulations taking into consideration of the economic situation and the urgency of the transformation reform are as follows:

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Tax Administration, amendment, Economic, Regulations, tax, VAT

Receivables Financing Agreement
THIS FIRST AMENDMENT TO AMENDED AND RESTATED RECEIVABLES FINANCING AGREEMENT, dated as of _________,_________,_________(M,D,Y) (this “Amendment”), is among AAA, Inc. (the “Company”), BBB, Inc. (the “Servicer”), CCC Corp. (the “Lender”) and DDD Bank, National Association, as administrator for the Lender (the “Administrator”).

BACKGROUND
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Doc sample Agreement, amendment, bank