Recent Important Regulation Highlight

published on 3 September 2024 | reading time approx. 2 minutes

Tariff Law officially promulgated in China

On 26 April 2024, China formally adopted the Tariff Law of the People’s Republic of China, which will come into effect on 1 December 2024. The enactment of the Tariff Law indicates that the existing interim regulations on import and export duties will formally become law.

Pilot Customs Regulation for Temporary Import of Goods for Repair in Shanghai FTZ

Recently, the Chinese SAT and four other departments jointly issued the Notice on Implementing Relevant Tax Policies for the Temporary Entry for Repair on a Pilot Basis in Shanghai Free Trade Zone and Lingang New Area. The Notice stipulates that from 27 June 2024, overseas goods permitted to enter the pilot area temporarily for repair shall be granted bonded terms and exempted from duties, import value-added tax, and consumption tax if they are re-exported.

SAT optimizes services for cross-region relocation of taxpayers

Recently, the Chinese SAT issued a notice to further facilitate the cross-region relocation of taxpayers, effective from 1 September 2024. Tax authority will enhance services and expedite the handling process in the following aspects:

Optimizing the settlement of outstanding matters
Simplifying the invoice usage procedures
Categorizing the tax risks for further processing
Optimizing tax refund procedures

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