A. State Council’s “Notice on the Promotion of Stable and Sound Development of the Real Estate Market”
Recently released by the State Council, the Notice on the Promotion of Stable and Sound Development of the Real Estate Market (“the Notice”) outlines that down payment mortgage ratios shall not be less than forty percent where a loan has been used to purchase a house, and a second house is being purchased.
The Notice supports first time buyers in China, by outlining that financial institutions should adhere to rigorous policies regarding the management of mortgages for secondary purchases.
B. MOFCOM’s Circular No.1, 2010
China’s Ministry of Commerce (“MOFCOM”) clarified and expanded upon previous issues regarding extension of anti dumping duties. The MOFCOM announcement provides that sixty days prior to the termination of anti dumping measures, a petition may be made with MOFCOM via written format in order for the Ministry to make a final review as to whether such termination of measures shall allow for the re-emergence of problems the original duties sort to remove.
C. MOF’s Circular No.155, 2009
China’s Ministry of Finance (“MOF”) Circular No. 155 (“the Circular”) issued on December 24th, 2009 deals with the tax policies related to the operation of student departments and restaurants within universities. The Circular outlines the following:
(i) Student’s apartments are exempt from property taxes;
(ii) Apartment’s signed by students are exempt from stamp duty;
(iii) Accommodation incomes are exempt from sales taxes; and
(iv) Income via dinning facilities are exempt from sales taxes.
D. CICPA issue draft auditing rules
The Chinese Institute of Certified Public Accountants have issued draft revisions to the 10 of the 38 auditing rules. These draft amendments concern aspects such as terms and conditions of auditing services, and issues relating to evidence found under Rule No. 1311