MEP Regulates the Application and Issuance of Pollutant Discharge Permits for the Pharmaceutical Industry and Others
Recently, the Ministry of Environmental Protection (“MEP”) has issued nine national environmental protection standards, including the Technical Specification for Application and Issuance of Pollutant Discharge Permits: Pharmaceutical Industry – Active Pharmaceutical Ingredient Manufacturing (the “Technical Specification”). All standards take effect immediately from the issue date.
Reinforced Implementation of the Super Pre-tax Deduction Policy for R&D Expenses
The Circular states that, with regard to the verification of R&D projects that relate to enterprises' immediate benefits, including the verification of said projects in the process and the verification of ex post checks on projects in question, efforts should be made to unify relevant policies, make clear the special coordination mechanism, work out the implementation of rules for the verification of R&D projects, and standardize the handling procedures.
SAT to Promote Information Sharing for “Consolidating Multiple Certificates into One” Reform
The recently released SAT Circular makes arrangements in several aspects, including “improving information sharing and collaboration with departments of industry and commerce”, “optimizing the supplementary collection of the registration information”, and “doing well in handling tax affairs of existing enterprises that have their old-style business certificates replaced with new certificates marked with the uniform social credit code”.
MOFCOM Improves Effectiveness of Tax Relief for Equipment Imported by Encouraged FIEs
The General Office of the Ministry of Commerce (“MOFCOM”) has recently issued the Circular on Further Effectively Implementing Tax Relief for Equipment Imported by Foreign-invested Enterprises (FIEs) Engaging in Encouraged Category of Foreign Investment, with immediate effect from the issue date.
A two-tier profits tax system will be introduced to increase Hong Kong competitiveness. To ensure the tax benefits target small and medium enterprises, there will be some restrictions imposed by the Government.
SAT on the Integrated Foreign Trade Service Enterprises' Handling of Tax Rebate
The Announcement clarifies the conditions for integrated foreign trade service enterprises to handle tax rebate affairs on others' behalf, specific measures for this purpose, ways to deal with unusual circumstances in commissioned handling, relevant legal liability, and penalty provisions.