Mainland Update. Mainland Affairs

Transcription

1 Mainland Update Rules on Matters Relating to the Approval of Mainland Enterprises to Establish Companies in Hong Kong and Macau The Hong Kong & Macau Affairs Office of the PRC State Council and the Ministry of Commerce (MOC) issued the Rules on Matters Relating to the Approval of Mainland Enterprises to Establish Companies in Hong Kong and Macau (!"#$%&'()*+ -) on 31 August The new rules are aimed at facilitating Mainland enterprises in setting up companies in Hong Kong & Macau, and simplifying the relevant application procedures. The rules set out the application procedures and documents required for Mainland companies to invest in Hong Kong & Macau. According to the rules, only Mainland enterprises planning to be listed overseas indirectly or of an investment-holding nature and the establishment of companies in Hong Kong & Macau by central enterprises ( ) need to be approved by MOC; other applications for establishing companies in Hong Kong & Macau from Mainland enterprises shall be approved by the relevant provincial departments. The documents required include: (i) the written application; (ii) the memorandum, agreement or contract; (iii) the business licence or other relevant certificates stipulated by laws/regulations; (iv) the approved document for the use of foreign currency, and etc. The rules came into effect on 31 August For more detailed information on the rules, please visit the following webpage of MOC at _1.xml. Rules on Issues Concerning Expanding the Scope of VAT Credit in Northeastern Region The Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly released the Rules on Issues Concerning Expanding the Scope of VAT Credit in the Northeastern Region ( -./ -*. ), Caishui ()[2004]No.156, on 14 September According to the rules, the general VAT payers from the following six sectors, i.e. equipment assembly, oil and petrochemical, metallurgy, ship-building, automobile manufacturing and agricultural product processing, are entitled to claim deduction of input VAT (!" ) incurred in the purchase of fixed assets against output VAT (!" ) incurred in sales of their products. The VAT payers can claim input VAT only if it is incurred on or after 1 July 2004 and is supported by valid VAT invoices. There are some restrictions on the VAT claim, i.e. the annual claim shall not exceed the incremental VAT payable as compared to the VAT payable for the year 2003; any unclaimed amount should be carried forward. The rules took effect on 1 July For more detailed information on the rules, please visit the website of SAT at Accounting-related Rules Issued by MOF MOF has issued the Provisional Rules on Internal Accounting Control Guarantee!"#$%&'() EFand Provisional Rules on Internal Accounting Control Foreign Investment!"#$%!"#EFE[2004] No. 6) on 19 August These two rules set out the detailed requirements for establishing a sound internal accounting control system for guarantee and foreign investment made by enterprises in the Mainland. It was reported on the website (www. casc.gov.cn) of the MOF s Accounting Standards Committee (!"#!"#) that the Accounting System for Non-Profit Organisations (!"#$%&'() has been issued by MOF recently. The System will take effect on 1 January MOF issued an exposure draft on Provisional Rules on the Accounting Treatment for the Transfer of Financial Assets by Financial Institutions (!"#$%!"#$%) ( =[2004] No.29) on 29 September The provisional rules set out the general rules, definition, accounting treatments and disclosure requirements for the transfer of financial assets by financial institutions in the Mainland. Please visit the website at for details. Notice on the Registration of the Qualifications of Independent Directors of Listed Companies The Shanghai and Shenzhen Stock Exchanges of the PRC (!"#$ ) have recently issued a Notice on the Registration of the Qualifications of Independent Directors of Listed Companies (!"#$%&'()!"#$%&). According to the notice, when a listed company gives notice of convening the shareholders meeting for the election of independent directors, it should submit a Statement of Nominator for the Independent Director (!"#$ ), Statement of Nominee for the Independent Director (!"#$ ), Curriculum Vitae of the Independent Director (!"#$) and Supplementary Statement on the Independence of Nominee for the Independent Director (!"#$!"#$%&') to the Shanghai/ Shenzhen Stock Exchanges. The first three documents shall be submitted to the China Securities Regulatory Commission (CSRC) and other related authorities at the same time. Upon the receipt of the submissions, the Shanghai/ Shenzhen Stock Exchanges shall review the relevant documents in line with the requirements set by the Guidelines for Establishing Independent Directors System of Listed Companies issued by the CSRC within 15 working days. The listed company may convene the shareholders meeting on schedule if it has not received any objection to the nomination of the independent director/directors from the Shanghai/ Shenzhen Stock Exchanges after the 15-day period. 48

2 Roger Best, president of the Institute (centre, first row), pictured with the trainees from Tianjin. Patrick Tam (fourth right, first row) pictured with the delegates from Tianjin. Mainland visitors to the Institute The Institute recently received the following delegations from the Mainland: A three-member delegation from the Guangdong Institute of Certified Public Accountants (GdICPA) (!"#$!) led by Xiong Zhan Yu, president of GdICPA (!"#$!!%&'()*), visited the Institute on 27 September The delegation was received by Paul MP Chan, vice-president and Patrick Tam, director of admission, mainland and corporate affairs. During the visit, Mr Chan briefed the delegation on HKICPA s selfregulatory reforms, registration of members and member practices, and the CPD requirement. A 37-member delegation from the Tianjin Institute of Certified Public Accountants (TjICPA) (!"# ), led by Jin Xiang Lin, president of TjICPA (!"#$!"#$%), visited the Institute on 15 September 2004 during their training programme in Hong Kong. The delegation was received by Patrick Tam, director of admission, mainland & corporate affairs, and Tracy Wong, assistant director (mainland & international affairs). During the visit, Mr Tam briefed the delegates on the Institute s latest developments and its structure and operations. Earlier, Roger Best, president of the Institute, officiated at the opening ceremony of the training programme organised by the University of Hong Kong School of Professional and Continuing Education (HKU SPACE).!"#$%!!"#$%&=EF E!"#$%&'()$*+F!"#$%&'#()*+ -!"#$%&'()*+*, - -!"#$%&=E!"#!"#$%F (-./!"#$%&'()%*!"#$%&'()*+!"#$%&'()%&*!"#$%&'()#*+!"#$%&'()*+!"#$%&'()*#+!"!"#$%&'()*+ -!"#$%&'( )*+!"#$%&'(!) !"#$%&'()*#+,-!"#$%&'()*%+,!"#$%&'()*!+, -# -!"#$%&' &()* 49

3 Mainland Affairs,!"#$%&' ()*+,,!"#$%&'()#$,#!"#$%&'(!"#$%&'( )*+,,!"#$%,!"#$%&'()*+,,,(,,,,,!" #$%&'()*+,!"#$%"&'()$*!"#$%&'()*=!!"#$=!"#$%&',!" #$%&'()*+,,, =!"#$%&'()*!"#$%&'(=!",#!"#$%&'()&*+,!"#$%&'()'*+,!,!" #$%&'()*+,!"#$%&'&()* +,,!"#$%&'(#)'$*!"#$%&'()*+,-=!"#$%&'(=!"!"#=!!"#$%&'($%)*+,- 50!"#$%&'()*,!"#$%&'()!"#$%&"#'()*+,!"#$%&'() *+,!"#$%&'()*%+, xommpznq!"#$%&',,%!"#$%&'(")*+,!"#$%&,!"#$%&'($%)*+,,!"#$%&'($)*+,,,,,,,,!"#$%&#'()*+,,,!"#$%&'()*"=!"#$%&'( )*+, =!"#$%&'(!%!"#=!!"# $%&'()*,!"#$%&'(!)*+(,,-.!"#$%&'() *+,!"#$%&'()*!+,!"#$%&'!()*+,,!"#$% &'( )*+,-.!"#$%&' ()*+,!"#$ %& '()*+!"#$%&'#()*+,!"#$%&'(xommpznq!"#$%&',-!"#$% &'()*+!"!#$%&'()*+,,,-., -. xommpzopu!"#$%!"&!"#$#%&'() NRB,!"#$%&'(!"#$%$&'()*&+,=,-.,-.,+! "#$%&'()*+,,!!,,!"!#$%&'(!!"!"#$%$&'()*+!",!"#$%&'$%()*+,=!"#$%$&'()*!"#,!"#$%&'&(!"!"#$%&'()* +!!"#$!"%&'()*+!"#$%&'( )*+,!"#$!"%&'()*+,=!"#$%$&'()*+!",!"NRB!"#$%&!"#$%&'()*+,,-. =!"!#$%&'()*,!"#$"% &'()*+!"=!"#$%&'(!"#$%&'=!"#$,!"#$%=!"#$%&!"#$%&'()*+ E!F

4 !!"#$%$&'!"#$%&'()!"#!"#$%&'() ( NVVQNQU!"#$NVVRNOR!"#NVVRMVU!"#$%& -./0 -./ OMMQT!"#$%&'()*!"#$%&'()OMMQVT! -./0 -./0 -./0!"#$%&'() *" /0 -./!"#$%&'()VM!"#!"#$%NUP!"#$% VM!"#$%$&'( )*!"#$%&NUP!"#$ -. &- -./!"#$%&'(!Z!"#$%&'()!ñ!J!"#ñ!!L!"#$%&'(ñ!"#L!!"#$%&'(VM!"#$!"#NUP!"#$%&'!"#"$%&'()*+,!" -. VM!"#$%$&'( )*+!"#$NUP!"#$%&'!"!#$%&'()*+,-.!"#$%&$'()*+,-. -./!"#$%&'()*!Z!"#$%&'()!ñ!J!"#ñ!!L!!"#$%&'()*+&,-.!"#"$%&'()*+,!"!"#$%&'()$*+,-./ -./ -./ %-./ -./0!Z!"#$%&'()!ñ!J!"#ñNJ!"#L!"#$%&'(ñ!"#$%L!"!"#$%&'()*+!"#$%$&'()*+,-. -./ -./!"#$%&!"#$%$&'()*+, !"#$%&'()* - -.!"#$%$&'()*+,-.!"#$%&'()*$+,!"#$VM!"#$%& -./ -,.!"#$%&'!"#$%$&'()*+,- -VM!"#$%&'()*+%#,-. "-./!"#$%$&'()*+,-!"#$%& '()!*!"#$%&'()*+, -./!!Z!"#$%&'() ñ!j!" -.!"#$%&'&()*+,-!"#$%&'()* -./!"#$%$&'()*+,-. -./ -./ -./ -./ -./ #-.!"#$%&'()&*()&+!"#$%& N=!"#$%&'()!*+!"#$% O=!"#$%&'!()*+ -./!"#$%& P= -!!"#$%&'()*+!"#$%&!'()*+,!"#$%&'()#*+,-. -./!Z!"#$%&'()!"#ñ!J!" -.!"#"$%&'()*+,-.!"#$ %&'(!)*+,- -*. -. N!"#$%&'(")*+, -./!"#$%&'( O -!"#$%&'("#)*+ -./ /!"#$% &'()*+,-. -!"#$%&'()!*+, -.!"#$%&'()*+$, 51

5 !"#$%!"#$%&'()'(*+, -./ -+!"#$%&'()* $%!"#$%&'(&')*+,- -./!"#$!"#$!"#$%&'(%)*+OMMQNSJNT!"#$%!!!"#$%&'( ExOMMQzOMF NSLTLOMMQ -./ ExOMMQzQTF OULSLOMMQ -./012 ExOMMQzQF NLTLOMMQ!"#$%&'()*%&+,-./ ExOMMQzNUTF TLTLOMMQ!"#$EF!"#$%&' ExOMMQzNNSF NMLTLOMMQ!"#$%&'()#*+,-./ ExOMMQzNORF NMLTLOMMQ -.&/0 ExOMMQzNOMF PMLSLOMMQ -./0"#$%&'12345 E!xOMMQzNSU! QLULOMMQ!"#$%&'()*+),-./012 E!xOMMQzVU PMLSLOMMQ!!"#$%&'(OM OULULOMMQ!"#$%&'(ON OULULOMMQ!"#$%&'(OO OULULOMMQ -./ E xommqzsof OLULOMMQ ExOMMQzRPF OPLTLOMMQ -./ E!xOMMQzNNVSF OQLSLOMMQ!"#$%&'() E!"#$%&'() OMMQRF OTLTLOMMQ!"#$%&'()*++,-EF ExOMMQzSF NVLULOMMQ!"#$%&''()*+EF! -./ ExOMMQzNPOF OMLULOMMQ -./ E!xOMMQzQPF OVLSLOMMQ G=!"# $%&EW!"#$%TTJTV!"#$NTF!OMMN -.!"#$%EF!=xOMMQzTRN!"#$%&' -./! N!"#$%&'()*R NOP!"#$%&'!"#$%&'()QR -.!"#$%&'(&)%&*!"#$%&'()'*+,!"#$%&'(&')*+,! "#$%&'%()*+,!"#$%!"#$% &'()*+,-!"#$%&'()!*! N!"#$%&'()*+ O!"#$%&'()#$*!"#$%&"#'() P!"#$%&'()*!"#$%&'( 52

6 Q! -.!"#$%&'()*N!!"#$%#&'()*+,- -!"#$%&!'(#)*+,!"#$!%&'()*+,- *-!"#$%&'()* O -!"#$%&'!"#$%&#'()&*+, -.!"#$%&'() O!"#$%"&'()*+,- -!"#$%&'()#*+,-!"#$%&'()*!+, P!"#$%&'()*$+! Q!"#$%&#'()*+,-!"#$%&' R OMMQNN xommqzsq!"#$%&'( -./0 N -./!"#$%&'($%)!"#$%&'()*+!"#$%&'()*+!"#$% O - -.!"NUM!"#$%&'!"#$% P!"#$%&'(VM -./ -.!" Q OMMQNN W=!"#$%&'()!" 53