Government benefits offered for new car purchases
Looking to buy a new passenger car with an engine capacity of 1.6L or less? Well as from January 1, 2010, such customers are eligible to benefit under the Notice on Simultaneous Entitlement of Subsidies for Car Replacement and Vehicle Purchase Tax Reductions, jointly issued by the Ministry of Finance and the Ministry of Commerce. The Notice allows purchasers to receive a subsidy when replacing their old vehicles. Additionally, the purchaser will be able to benefit from tax reduction also.
Administration of Accounting Firms
As from July 1, 2010, the Ministry of Finance’s new measures titled “Interim Measures on the Administration of the Office of Accounting Firms” (“the Measures”) shall become effective. The Measures differentiates between an office of an accounting firm, and an actual accounting firm. Additionally, the Measures also address issues regarding firm’s liabilities.
CICPA looks to the future
The Chinese Institute of Certified Public Accountants (“CIPCA”) are corresponding with local CPA institutions on the proposal of expanding the scope of services to include dealings with tax consultations, and judicial procedures. Comments are invited to be given by February 5, 2010.
Founded in 1988, the CICPA derives its statutory rights from the Law of the People’s Republic of China on Certified Public Accountants, the Charter of the Chinese Institute of Certified Public Accountants and other supplementary laws and regulations. CICPA’s responsibilities include; the review and approval of CICPA membership, the organisation of training activities; the organisation of annual reviews of the CPA qualification, and the monitoring and implementation of rules CPAs should adhere to.
The CICPA’s website can be located at the following location: http://www.cicpa.org.cn/english/