LAND CONTRACT IN RURAL AREAS LAW
Law of the People’s Republic of China on Land Contract in Rural Areas | |
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Law of the People’s Republic of China on Land Contract in Rural Areas | |
CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON DOMESTIC INSTITUTIONS USING RENMINBI AS PRICING CURRENCY IN FOREIGN TRADES
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The State Administration of Taxation Supplementary Circular of the State Administration of Taxation Concerning the Preferential Policy of Enterprise Income Tax for Enterprises GuoShuiHan [2003] No.368 March 28, 2003 For the purpose of implementing the Circular of the State Administration of Taxation and Ministry of Finance Concerning the Preferential I. About the scope of hortative items According to the provisions of the Circular of the State Administration of Taxation on Implementation of New Guidance Catalogue for II. About calculation of the incremental registered capitals after multiple additional investments All the production items formed through multiple additional investments after initial investment of an enterprise with foreign ivestment, III. About calculation of original registered capital The “original registered capital” specified in CaiShuiZi [2002] No.56 refers to the registered capital formed before the enterprise IV. About calculation of preferential periods of abatement or exemption of taxes for the additional investments For the production item formed from merging multiple additional investments of an enterprise with foreign ivestment, which enjoys |
The State Administration of Taxation
2003-03-28
The State Administration of Foreign Exchange Circular of the State Administration of Foreign Exchange on Improving the Administration of Foreign Exchange in Foreign Direct Investments HuiFa [2003] No.30 March 3, 2003 Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous In order to adapt to the new international investment trend, introduce overseas investments through multiple channels, continuously I. Administration of the Accounts of and Capital Contributions by Foreign Investors 1. A foreign investor who makes direct investment or engages in activities relevant to direct investment in China without establishing (1) Investment accounts. After obtaining non-legal person business license, foreign investors who engage in construction contracting, (2) Acquisition accounts. Foreign investors who plan to establish enterprises with foreign investment in China may, if it is necessary (3) Expense accounts. Foreign investors who plan to establish enterprises with foreign investment in China may, if it is necessary to (4) Security accounts. Prior to making investments in China, if the foreign investors are required to provide to domestic institutions 2. Where foreign investors make capital contributions to enterprises with foreign investment in China from funds in offshore accounts 3. In addition to making capital contributions in a way of freely convertible currencies, imported equipments and other material items, (1) The enterprises with foreign investment increase the enterprise capitals by transferring the development funds and reserve funds (2) The enterprises with foreign investment increase the enterprise capitals by transferring their unallocated profits, dividends payable (3) The enterprises with foreign investment increase capitals by transferring of the principals and current interests of registered foreign (4) The foreign investors make reinvestments in the way of properties gained through early recouped investments or assets derived from 4. Where foreign investors and investment-type enterprises with foreign investment acquire stock equities of domestic enterprises, they 5. Where non-investment type enterprises with foreign investment establish enterprises or acquire enterprises in China in accordance 6. A domestic enterprise to which the ratio of foreign investor’s capital contribution is below 25% shall complete foreign exchange registration II. Capital Verification Inquiry and Foreign Investment and Foreign Exchange Registration The capital verification inquiries of enterprise 1. In establishing enterprise with foreign investment, if the foreign exchange capital contributed by a foreign investor exceeds the 2. Where a foreign investor who contributes investment in tangible assets the enterprise with foreign investment entrusts an accounting 3. Where a foreign investor who contributes only intangible assets to an enterprise with foreign investment entrusts an accounting firm 4. Where a foreign investor makes investment or equity participation at a premium, or where the value of in-kind contribution made by 5. Where the enterprise that “processes raw documents on clients’ demands, assembles parts for the clients and process according to the 6. Where the name of the foreign investor to a enterprise with foreign investment is inconsistent with the name of the overseas payer 7. For easy queries from different localities, the administration of foreign exchange shall indicate the names of relevant contract persons 8. Where any designated foreign exchange bank is found to open accounts for enterprises without permission, making entry of capital in III. Administration of Registered Capital Reduction of Enterprise with Foreign Investment and Adjustment to Some Administration Business 1. Where a foreign investor’s capital contribution to a enterprise with foreign investment is reduced, which involves sale/purchase of 2. The mechanism of paid-up capital prescribed by Company Law of the People’s Republic of China shall apply to the capital contributions 3. During the course of handling foreign exchange business, if the administration of foreign exchange needs to examine capital verification 4. In order to further improve the efficiency in supervision on capital settlement and facilitate the operation of investment capital (1) A written application of the enterprise, indicating the account number of the capital account of the enterprise, situation of capital (2) The Foreign Exchange Registration Certificate; (3) Other supplementary documents required in light of the circumstances. Other examination requirements shall as usual be in accordance 5. Where a Chinese-foreign cooperative enterprise pays in form of depreciation of fixed assets or amortization of intangible assets to (1) If the Chinese-foreign cooperative enterprise has outstanding debts (bank loan or shareholder’s loan from foreign investor), the (2) If the outstanding debt of the Chinese-foreign cooperative enterprise is shareholder’s loan provided by foreign investor, a guarantee (3) If the Chinese-foreign cooperative enterprise has no debts, no letter of guarantee shall be provided by the foreign investor. Other IV. Othe Matters 1. The term “administration of foreign exchange ” mentioned in this Circular refers to the State Administration of Foreign Exchange, 2. All branches and foreign exchange administration departments are required to transmit the following parts involving bank operations (1) Article 1 , 2 and 3 of Part I, Administration of the Accounts of and Capital Contributions by Foreign Investors, as well as Attachments (2) Article 1 and Paragraph 1, Article 8 of Part II, Capital Verification Inquiry and Foreign Investment and Foreign Exchange Registration; (3) Article 4 of Part III, Administration of Registered Capital Reduction of Enterprise with Foreign Investment and Adjustment to Some 3. This Circular shall enter into force as of April 1, 2003. If there is any question in the implementation, please contact the Capital Attachments: 1. Examination and approval on open, alteration and cancellation of foreign investor’s special foreign exchange account(omitted); 2. Examination and approval on settlement of funds in foreign investor’s special foreign exchange account (four categories in all) 3. Examination and approval on transfer of funds from foreign investor’s special foreign exchange account (four categories in all) 4. Examination and approval on transfer of foreign exchange funds from non-resident individual exchange account opened with banks 5. Examination and approval on transferring of development fund, reserve fund (or capital public reserve and surplus reserve), unallocated 6. Examination and approval on reinvestment to be made by foreign investors by property gained through early recouped investment or 7. Registration on foreign investment and foreign exchange in respect of proceeds of foreign exchange paid as consideration by foreign 8. Report on foreign investment and foreign exchange registration in the region on yearly and monthly basis (form) (omitted); 9. Examination and approval on capital verification inquiry and Examination and approval on for the enterprises that “process raw 10. Examination and approval on reduction of registered capital by foreign parties in the enterprise with foreign investment (omitted). |
The State Administration of Foreign Exchange
2003-03-03
Circular of the State Administration of Foreign Exchange Concerning Administration of Foreign Exchange of Fund Management Companies HuiFa [2003] No.44 Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous For the purpose of regulating the administration on foreign exchange of fund management companies with foreign shares, this Circular I. “Fund management companies with foreign shares” mentioned in this Circular shall include the fund management companies which corporate II. No fund management company with foreign shares shall open foreign exchange account before obtaining approval from the China Securities (I) Where the CSRC has granted approval for commencement of business to a fund management company established through joint capital contribution 1. A written application to open account; 2. Joint venture agreement/contract; 3. The approval document from the CSRC for granting commencement of its business. 4. The Approval Certificate of Foreign Investment Enterprise issued by the foreign economic and trade department; 5. The Notice for Advance Examination and Approval of an Enterprise Name issued by the administration of industry and commerce of the 6. Other documents and materials required by the Administration of Foreign Exchange. (II) A fund management company with foreign shares which corporate nature has been changed through subscribing the stock equity of an already III. Verification on input of capital fund from foreign shareholders into a fund management company with foreign shares shall be conducted IV. The scope of income for a foreign exchange capital account of the fund management company with foreign shares shall be the capital V. In case a fund management company with foreign shares needs to settle the exchange at the foreign exchange capital account, it shall (I) A written application for settlement; (II) Vouchers representing usage of the settled fund or description of the same; (III) Bank statements of the foreign exchange capital account in current period of the company; and (IV) Other documents required by the administration of foreign exchange. VI. In the case a fund management with foreign shares needs to pay profits to foreign shareholders, it shall make applications to the (I) A written application for purchase and payment of exchange; (II) Tax payment receipt and tax declarations form; (III) Auditing report issued by an accounting firm on profits and profits distribution at the year of realization of profit of the company; (IV) Resolution passed by the board of directors of the company on profit distribution; (V) Bank statements of the foreign exchange capital account in current period of the company. (VI) Other materials required by the administration of foreign exchange. ithin four months after the expiry of each fiscal year, the fund management with foreign shares that fails to purchase and remit outside VII. Where the corporate nature is changed through stock transfer from a domestic fund management company to foreign shareholders, such VIII. Where transfer of stock equity of a fund management company with foreign shares is approved by CSRC and foreign economic and trade (I) A written application for purchase and payment of exchange; (II) The stock equity transfer agreement; (III) Approval documents from the CSRC and foreign economic and trade department granting approval to the transfer; (IV) Bank statements on all foreign exchange account of the transferee; (V) If proceeds are accrued by the transfer on part of the foreign party, the transferee shall present tax payment receipt on withholding (VI) Other materials required by the administration of foreign exchange. IX. Where the foreign shareholder of a fund management company with foreign shares has obtained approval from the CSRC and foreign economic (I) A written application for purchase of exchange; (II) Resolution passed by the board of directors of the company on reduction (withdrawal) of investment by foreign party; (III) Approval documents from the CSRC and foreign economic and trade department granting approval to the reduction (withdrawal) of investment; (IV) Latest capital verification report and auditing report of the company issued by an accounting firm; (V) Bank statement of foreign exchange capital account of the company; (VI) If proceeds are accrued by the reduction (withdrawal) of investment on part of the foreign party, tax payment receipt on withholding (VII) Other materials required by the administration of foreign exchange. X. Fund management companies with foreign shares shall only conduct businesses specified by CSRC. Without approval of the State Administration XI. The State Administration of Foreign Exchange and its branches shall have the power to make on-site investigations to the foreign exchange XII. Where a fund management company with foreign shares acts in breach of this Circular and other regulations on administration of foreign XIII. This Circular shall enter into force as of May 1, 2003. The State Administration of Foreign Exchange shall be responsible for the |
The State Administration of Foreign Exchange
2003-03-29
The State Administration of Foreign Exchange Circular of the State Administration of Foreign Exchange Concerning Canceling Partial Categories for Recording Import Payments in HuiFa [2003] No.34 March 5, 2003 Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous In order to adapt to the new trend after China’s entry of WTO, further perfect the administration on the foreign exchange of current I. Recording and registration requirements for three categories, including “transshipment trades of paying-first-and-then-collecting”, II. When an importer purchases/pays foreign exchange under the “transshipment trade of paying-first-and-then-collecting”, it shall present III. When the importer is filling in the Verification Form of Import Payments in Foreign Exchange (that may be regarded as a declaration IV. After the procedures for selling/paying foreign exchange are completed, the designated foreign exchange banks shall transmit the paper-based V. After the importers have paid the foreign exchange for the items of the above-mentioned three categories, it shall go through the VI. This Circular shall enter into force as of April 1, 2003. If any previous provisions are inconsistent with this Circular, this Circular All branches shall transmit this Circular to their central sub-branches, foreign-funded banks and relative units upon receiving this |
The State Administration of Foreign Exchange
2003-03-05
The China Securities Regulatory Commission Announcement of China Securities Regulatory Commission on Canceling the Second Group of Administrative Approval Items and on Changing China Securities Regulatory Commission April 1,2003 According to the requirements of the Decision of the State Council on Canceling the Second Group of Administrative Approval Items 1. Since the day of issuance of the decision of the State Council, February 27, 2003, China Securities Regulatory Commission (the CSRC) 2. The CSRC and the agencies thereof will no longer accept the relevant applications filed by the parties according to the administrative 3. The CSRC will issue special circulars with respect to the subsequent management methods and follow-up work related to the cancelled 4. The CSRS will start to sort out the departmental regulations and regulatory documents related to the second group of administrative 5. The CSRC has decided to change the management methods of 7 administrative approval items, namely: “ratification of the qualification 6. After the second group of administrative approval items are abolished and the management methods for some administrative approval Attachment:Catalogue of the Second Group of Administrative Approval Items Canceled by China Securities Regulatory Commission (27 items) No. Item Name Establishment Basis 1 Ratification of A-share settlement banks Measures for the Administration of Client Transaction Settlement Fund (Decree No.3 of 2001 2 Record of the contracts signed between securities companies and depository banks, or chief depository banks Measures for the Administration 3 Record of the contracts signed between settlement companies and settlement banks Measures for the Administration of Client Transaction 4 Record of the documents of the members’ assembly of Stock Exchanges Measures for the Administration of Stock Exchanges (Decree No.4 5 Record of the business agreements between securities registration and settlement institutions and Stock Exchanges Measures for the 6 Record of the suspension or restoration of the trading of listed securities by Stock Exchanges Measures for the Administration of 7 Approval of the suspension or restoration of the trading of listed securities by Stock Exchanges Measures for the Administration 8 Record of listing agreements Measures for the Administration of Stock Exchanges (Decree No.4 of 2001 of the CSRC) 9 Record of the internal administrative systems and work procedures of securities registration and settlement institutions on business, 10 Approval of the period for keeping of original business proofs fixed by securities registration and settlement institutions Measures 11 Examination and approval for the services provided by Stock Exchanges for the transaction types that are not listed by them Measures 12 Examination and acceptance of the preparation for establishment of securities companies Circular of the CSRC on distributing the 13 Examination and approval of the establishment of securities institutions abroad by non-securities institutions Circular of the 14 Ratification of the change, addition or reduction of representatives, deputy representatives, and staff members of foreign nationalities 15 Record of the employment of Chinese citizens to be ordinary staff members by the representative offices in China of foreign securities 16 Ratification of the representatives and deputy representatives of the representative offices in China of foreign securities institutions 17 Examination and approval of the cancellation of securities institutions set up overseas by domestic non-securities institutions 18 Recommendation for the securities companies entering the Inter-bank borrowing market Circular of the People’s Bank of China on 19 Designation of the training institutions of securities practitioners Circular of the Securities Commission of the State Council 20 Record of the personnel employed by securities intermediary institutions Circular of the Securities Commission of the State Council 21 Record of the change of employers of securities practitioners Circular of the Securities Commission of the State Council on Distributing 22 Record of the part-time jobs in non-commercial institutions of the managerial personnel and fund managers Promulgation of No.6 23 Record of the appointment and dismissal of the assistants to the general manager and department managers of fund management companies 24 Record of the relevant materials of establishment of offices within China by fund management companies Circular of the CSRC on 25 Examination and approval for the establishment of futures and investment consultation institutions Circular of the Securities Commission 26 Review of the letters of legal advice issued by Chinese lawyers concerning the issuing of stocks and listing overseas by overseas 27 Record of the agreements on listing of convertible company bonds Circular of the Securities Commission of the State Council on |
The China Securities Regulatory Commission
2003-04-01
The State Administration of Foreign Exchange Circular of the State Administration of Foreign Exchange Concerning the Sale and Purchase of Foreign Exchange for the Non-trade Items HuiFa [2003] No.35 March 6, 2003 Branches and Foreign Exchange Administration Offices under the State Administration of Foreign Exchange at levels of provinces, autonomous For the purpose of improving the administration on foreign exchange for non-trade items, settling the issues on sale and purchase I. For the sale/purchase of foreign exchange for a non-trade item unspecified in the laws and regulations currently in force, which sum II. The credit enterprises with export proceeds in foreign exchange without any violation of correlative regulations on foreign exchange III. When designated banks of foreign exchange audit the authenticity of the sales/purchases of foreign exchange for non-trade items unspecified IV. When the AFEs audit the authenticities of the sales/purchases of foreign exchange for non-trade items unspecified in the laws and V. When the AFEs and the designated banks of foreign exchange audit the authenticity of the sales/purchases of foreign exchange for non-trade VI. The designated banks of foreign exchange shall record all the transactions of sales/purchases of foreign exchange for non-trade items VII. This Circular shall enter into force as of April 1, 2003. Each local AFE (foreign exchange administration department) shall transmit this Circular to the central branch offices and foreign-invested Attachment: Registration Form of Sales/Purchase of Foreign Exchange for Special Non-Trade Items (omitted) |
The State Administration of Foreign Exchange
2003-03-06
The China Securities Regulatory Commission Circular on Doing Well in Ongoing Regulatory and Dovetailing Works Upon Canceling the Second Group of Administrative Approval Items ZhengJianFa [2003] No.17 April 1, 2003 Securities regulatory offices, agencies and special agencies, stock exchanges and futures exchanges, Shanghai and Shenzhen Stock Exchanges On March 27, 2003, the State Council promulgated the Decision on Canceling the Second Group of Administrative Approval Items and on 1. For the administrative approval items revoked in the Decision (see the attachment), the CSRC and its agencies will no longer accept, 2. For the ongoing regulatory and dovetailing works upon cancellation of the relevant administrative approval items, please enforce as 3. For the change of management methods of some administrative approval items, please do well in the transfer of the relevant works to 4. According to the requirements for the Decision and this Circular, please research on and timely cope with the circumstances and problems Attachment:Follow-up and Dovetailing of the Ongoing Management Methods and Work Upon Cancellation of the Second Group of Administrative Approval
CONSTITUTION ACT, 1982 – page 22
NOTES
(1) The enacting clause was repealed by the Statute Law Revision Act, 1893, 56-57 Vict., c. 14 (U.K.). It read as...
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