Recent Important Regulation Highlight

Effective 1 December 2024, the Measures of the Customs of People's Republic of China for Tax Collection and Administration on Imported and Exported Goods (2024 Revision) will officially come into effect. This revision optimizes customs tax management processes, including clarifying deadlines for tax payments, simplifying certain clearance procedures, and enhancing the oversight and auditing of tax collection.

Recently, to further optimize the investment environment, China's Ministry of Commerce, China Securities Regulatory Commission, and four other departments jointly revised and issued the Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies. The revised measures, effective 2 December 2024, reduce investment thresholds in five ways:

The General Administration of Customs recently announced the Measures of the Customs of the People's Republic of China for Tax Collection and Administration on Imported and Exported Goods ("Measures"), which will take effect alongside the new Customs Law on 1 December 2024. The Measures specify that tax rates and exchange rates should be calculated based on the date of declaration completion. Additionally, the refund period for overpaid taxes has been extended from one year to three years.

Recently, the MOF and the Chinese SAT issued a new announcement on adjustments to export tax rebate policies, effective 1 December 2024. The announcement specifies the cancellation of export tax rebates for products such as aluminum, copper, and chemically modified animal, plant, or microbial oils and fats. Additionally, the export tax rebate rate for certain finished oil products, photovoltaics, batteries, and some non-metallic mineral products will be reduced from 13 percent to 9 percent.