' 2003 PricewaterhouseCoopers. 中 国 经 济 法 规 信 息 摘 要 2003年2月份 China Trade Regulations Update February 2003 投资管理 • The following requirements should be met in order to incorporate a JVEIT: Investment - The foreign investor’s trade volume with China for the three years preceding 关于设立中外合资对外贸易公司暂行办法 the submission of the application should 对外贸易经济合作部于2003年1月31日以 average to be at least US$30 million 令[2003]年1号发布了本办法。要点如下： each year; the average can be reduced to • 在合资外贸公司的注册资本中，外方投资US$20 million if the JVEIT is to be 者所占比例应在25%以上； incorporated in the central or western • 设立合资外贸公司应符合下列条件： regions; - The Chinese investor should have - 外方投资者申请前三年年平均对华贸foreign trading rights; demonstrated 易额在3,000万美元以上；合资外贸import / export volume of at least 公司注册地在中西部地区的，外方投US$30 million on average in the three 资者申请前三年年平均对华贸易额在years preceding the submission of the 2,000万美元以上； application; the average can be reduced - 中方投资者应具有外贸经营权；申请to US$20 million if the JVEIT is to be 前三年年平均进出口额在3,000万美incorporated in the central or western 元以上；合资外贸公司注册地在中西regions; and - The registered capital of the JVEIT 部地区的，中方投资者申请前三年年should be no less than Rmb 50 million; 平均进出口额在2,000万美元以上； if it is to be registered in the central or - 合资外贸公司注册资本不得低于western regions, then the registered 5,000万元人民币；注册地在中西部capital requirement can be reduced to 地区的，注册资本不得低于3,000万Rmb 30 million. 元人民币。 • Provisionally until 11 December 2003, no • 2003年12月11日前，对中方在合资外application will be accepted if the Chinese 贸公司注册资本中所占比例低于51%的investment ratio is lower than 51% of the registered capital of the JVEIT; and 申请暂不受理； • The Regulations should be effective within • 该办法自发布之日起30日后施行。199630 days from their issuance. Simultaneously, 年9月30日发布的《关于设立中外合资the “Provisional Regulations on Foreign 对外贸易公司试点暂行办法》同时废止。 Trade Joint Venture Companies with Foreign Equity Investment (Pilot)” issued on PROVISIONAL REGULATIONS ON 30 September 1996 will be abolished. INCORPORATION OF SINO-FOREIGN INVESTMENT JOINT VENTURES 外商投资创业投资企业管理规定 ENGAGING IN INTERNATIONAL TRADE 对外贸易经济合作部、科学技术部、国家工The Ministry of Foreign Trade and Economic 商行政管理总局、国家税务总局和外汇管理Cooperation issued the Regulations as Order 局于2003年1月30日以令[2003]年第2号[2003] on 31 January 2003. The key points 发布了本规定。要点如下： are as follows: • 该规定所称创业投资是指主要向未上市高• For any Sino-foreign Investment Joint Ventures Engaging in International Trade 新技术企业（以下简称所投资企业）进行(JVEIT), the foreign shareholding ratio 股权投资，并为之提供创业管理服务，以should be no less than 25% of the registered 期获取资本增值收益的投资方式； capital; Page 1 of 13
' 2003 PricewaterhouseCoopers. February 2003 • 创投企业可以采取非法人制组织形式或公券市场上市。创投企业可以依法通过司制组织形式； 证券市场转让其拥有的所投资企业的• 设立创投企业应具备相关条件，包括： 股份。 • 创投企业中属于外国投资者的利润等收益- 投资者人数在2人以上50以下；至少拥有一个必备投资者；汇出境外的，应当凭分配决议，由会计师 事务所出具的审计报告、外方投资者投资- 非法人制创投企业投资者认缴出资总额的最低限额为资金流入证明和验资报告、完税证明和税1,000万美元；公司制创投企业投资者认缴资本总额的最务申报单（享受减免税优惠的，应提供税低限额为务部门出具的减免税证明文件），从其外500万美元。除必备投资者外，其他每个投资者的最低认缴出资汇账户中支付或者到外汇指定银行购汇汇额不得低于出； 100万美元。 • 创投企业的经营期限，一般不得超过12• 必备投资者应当具备下列条件： 年； - 在申请前三年其管理的资本累计不低于• 非法人制创投企业必备投资者承担的连带1亿美元，且其中至少5,000万美元已经用于进行创业投资。在必备投责任不因非法人制创投企业的终止而豁资者为中国投资者的情形下，本款业免； 绩要求为：在申请前三年其管理的资• 创投企业投资属于服务贸易领域逐步开放本累计不低于的外商投资项目，按国家有关规定审批； 1亿元人民币，且其中至少• 创投企业的所投资企业注册资本中，如果5,000万元人民币已经用于进行创业投资；创投企业投资的比例中外国投资者的实际 出资比例或与其他外国投资者联合投资的- 非法人制创投企业的必备投资者，对创投企业的认缴出资及实际出资分别比例总和不低于25%，则该所投资企业不低于投资者认缴出资总额及实际出将享受外商投资企业有关优惠待遇； 资总额的• 已成立的含有境内自然人投资者的内资企1%，且应对创投企业的债务承担连带责任；公司制创投企业的业在接受创业投资企业投资变更为外商投必备投资者，对创投企业的认缴出资资企业后，可以继续保留其原有境内自然及实际出资分别不低于投资者认缴出人投资者的股东地位； 资总额及实际出资总额的• 该规定自2003年3月1日起施行。200130%。 年8月28发布的《关于设立外商投资创• 非法人制创投企业的投资者可以根据创业投资进度分期向创投企业注入认缴出资，业投资企业的暂行规定》同日废止。 最长不得超过5年。公司制创投企业投ADMINISTRATIVE REGULATIONS ON 资者的出资及相关变更按现行规定办理； FOREIGN INVESTMENT VENTURE • 创投企业可以经营以下业务： CAPITAL ENTERPRISES - 以全部自有资金进行股权投资，具体The Ministry of Foreign Trade and Economic 投资方式包括新设企业、向已设立企Cooperation and other four government 业投资、接受已设立企业投资者股权authorities issued the Regulations as Order [2003] 转让以及国家法律法规允许的其他方 on 30 January 2003. The key points are as 式； follows: - 提供创业投资咨询； • VC investment in the Regulations refers to - 为所投资企业提供管理咨询。 equity investments in unlisted hi-tech • 创投企业出售或以其他方式处置其在所投enterprises (hereinafter referred to as investees) along with the provision of VC 资企业的股权时，可以依法选择适用的退management methods in order to obtain 出机制，包括： increase in capital value; - 将其持有的所投资企业的部分股权或• A FIVCE can be incorporated in the form of 全部股权转让给其他投资者； a non-legal organization or a corporation; - 与所投资企业签订股权回购协议，由• The following requirements should be met 所投资企业在一定条件下依法回购其in order to incorporate a FIVCE: 所持有的股权； - The FIVCE has more than 2 but less - 所投资企业在符合法律、行政法规规than 50 investors of which at least 1 will 定的上市条件时可以申请到境内外证be the principal investor; Page 2 of 13
' 2003 PricewaterhouseCoopers. February 2003 - For a FIVCE that is set up as a non-- Provide management consulting to legal person, capital subscribed by its investees. investors should be no less than US$ 10 • A FIVCE can use a number of measures to million; for a FIVCE that is a legal withdraw / dispose of its equity investments person, capital subscribed by its in investees, including the following: investors can be no less than US$ 5 - Transfer part or all of its equity million. Except for the principal shareholdings in investees to other investor, each investor’s capital investors; subscription should be no less than US$ - Enter into a repurchase agreement with 1 million. investees so that the investees would be • The principal investor should meet the required to repurchase its equity should following requirements: certain criteria be met; and - Accumulated capital under its - Investees can, if eligible, apply for IPO management in the three years prior to in domestic and overseas securities submitting the application should be no markets. Then the FIVCE can sell its less than US$ 100 million, amongst shares through these securities markets. which at least US$ 50 million has • In order to remit profit attributed to foreign already been put into VC investments. investors outside of the PRC, a FIVCE For any principal investor from the PRC, should submit board of director’s resolution the accumulated capital under its on profit distribution, audit report signed by management in the three years prior to CPA, supporting documents evidencing the submitting the application should be no source of the capital contributed by foreign less than Rmb 100 million, amongst investors along with capital verification which at least Rmb 50 million has reports, tax completion reports and tax already been put into VC investments; returns (for those that are tax-exempt, - For any principal investor of a non-legal documents issued by the tax authorities entity FIVCE, the ratio of subscribed concerning the exemption). Remittance can and contributed capital should not be be made directly using available money in lower than 1 % of the total subscribed its foreign currency accounts. Remittance and contributed capital from all can also be made by purchasing foreign investors respectively, and it should be currencies from designated FX banks; jointly liable for all obligations of the • In general, the operation period of a FIVCE FIVCE; for any principal investor of a should be no longer than 12 years; corporate FIVCE, its subscribed and • For any principal investor of a non-legal contributed capital ratio should not be entity FIVCE, its joint liability will not be lower than 30 %, respectively. waived even with the liquidation of the • Investors of a non-legal entity FIVCE can FIVCE; contribute their capital in phases in line with • VC investment that fall under the industry other contributed capital so long as they are catalogue of services and trading which are contributed in full within 5 years. For gradually opening up to foreign investors investors of a corporate FIVCE, capital will be subject to corresponding approval contribution and any changes to capital processes; should be processed pursuant to regulations • An investee will not be entitled to any currently under effect; preferential policies applicable to FIEs if the • FIVCEs can undertake the following investment from FIVCE’s foreign investors, businesses: or such investment plus those from other - Use its own funds to make equity foreign investors, is less than 25% of the investment, including invest in newly investee’s registered capital; incorporated companies, invest in • Any domestic natural person investor can existing companies, transfer of equity retain his / her status as a natural shareholder from existing shareholders of other after a domestic enterprise, receiving companies and any other methods investments from FIVCE, convert into FIEs; currently allowed under the law; and - Provide VC management consulting; • The Regulations will be effective from 1 March 2003. Simultaneously, the Page 3 of 13
' 2003 PricewaterhouseCoopers. February 2003 “Provisional Regulations on Incorporation overseas parent companies documenting the of Venture Capital Investment Enterprises basic functions to be undertaken by the with Foreign Investment” will be abolished. regional headquarters, balance sheets of the foreign investors for the preceding three 《上海市鼓励外国跨国公司设立地区总部的years, for those foreign investors that had contributed paid-in capital using reinvested 暂行规定》实施细则 capital denominated in Rmb, then tax and 上海市对外经济贸易委员会办公室于2003年capital verification reports should be 2月9日以沪经贸办[2003]102号文发布了本presented; and 实施细则。要点如下： • For headquarters that have received official • 外国投资者以投资性公司形式在上海设立certificates, are entitled to subsidy when 地区总部的，应当向市外经贸委提出申providing staff training. Headquarters, 请，并按要求相关材料，包括提交母公司which are registered in Pudong, are entitled 法定代表人签署的地区总部基本职能的授to the preferential policies available in 权文件； Pudong. • 外国跨国公司以管理性公司的形式在上海 设立地区总部的，应当向市外经贸委申报财务会计 相关材料，包括外国投资者签署的设立地Finance and Accounting 区总部基本职能的授权文件；外国投资者 最近三年的资产负债表；外国投资者以人关于企业为职工购买保险有关财务处理问题民币利润作为其向管理性公司注册资本出的通知 资的，应当提供相关证明文件及完税凭证财政部于2003年2月9日以财企[2003]61作为审批和验资的必备文件；号文发布了本通知。要点如下： • 各类型企业参加基本养老保险、失业保• 取得认定证书的地区总部，为其员工提供关键技能培训服务的，可以按照有关规定险、基本医疗保险等社会保险统筹，为职获得资助。取得认定证书并且工商注册和工缴纳的除基本医疗保险费以外的社会保税务登记均在浦东新区的地区总部，享受险费，作为劳动保险费列入成本(费用)，浦东新区的优惠政策。为职工缴纳的基本医疗保险费，从应付福 利费中列支； DETAILED IMPLEMENTATION RULES • 有条件的企业为职工建立补充养老保险，ON THE “PROVISIONAL REGULATIONS 辽宁等完善城镇社会保障体系试点地区的ON SHANGHAI ENCOURAGING 企业，提取额在工资总额4%以内的部MULTINATIONAL CORPORATIONS TO 分，作为劳动保险费列入成本(费用)；非ESTABLISH REGIONAL 试点地区的企业，从应付福利费中列支，HEADQUARTERS” 但不得因此导致应付福利费发生赤字。参The Shanghai Foreign Economic and Trade 加基本医疗保险的企业，为职工建立补充Commission issued the Detailed Implementation 医疗保险，所需费用在工资总额4%以内Rules as Hu Jing Mao Ban [2003] on 9 的部分，从应付福利费中列支，应付福利February 2003. The key points are as follows: 费不足部分作为劳动保险费直接列入成本• To establish regional headquarters in (费用)； Shanghai in the form of holding companies, • 经过董事会或者经理(厂长)办公会决议，foreign investors should submit applications with the necessary documents to SHFETC. 企业在实际发放工资和社会保险统筹之They include authorization letters signed by 外，为职工购买商业保险，作为职工奖励legal representatives of their overseas parent 的，所需资金从应付工资中列支；作为职companies documenting the basic functions 工福利的，所需资金从结余的应付福利费to be undertaken by the regional 中列支，但不得因此导致应付福利费发生headquarters; 赤字； • To establish regional headquarters in • 公益金属于企业所有者权益的组成部分，Shanghai in the form of management 企业在正常生产经营期间，按规定应当用companies, foreign investors should submit 于职工集体福利设施方面的资本性支出，applications with required documents to 不得用于支付职工的保险费用； SHFETC. They include authorization letters signed by legal representatives of their Page 4 of 13
' 2003 PricewaterhouseCoopers. February 2003 •insurance is regarded as personal reward. If 该通知自2003年4月1日起执行。《关the insurance is purchased to provide better 于商贸金融企业有关保险资金列支渠道问social welfare conditions, it should be 题的通知》(财商字[1998]104号)同时废accounted for using balances in the "Welfare 止。其他文件与该通知相抵触的，以该通Payable" account. However, in no event 知为准。 should the balance in the "Welfare Payable" account become negative. This circular only CIRCULAR ON ENTERPRISES' concerns accounting treatments and all tax ACCOUNTING TREATMENT treatments should follow the relevant tax CONCERNING STAFF INSURANCE regulations; EXPENDITURES • The statutory common reserve fund is part The Ministry of Finance issued the Circular as of owner's equity. During an enterprise' Cai Qi [2003] on 9 February 2003. The normal operations, amounts appropriated key points are as follows: can only be used towards building capital • Regarding contributions made by enterprises facilities for the benefit of employee welfare. on employees' social welfare insurance Contributions towards insurance payments (including basic pension, unemployment, should not be made out of this account; and basic medical, etc.) which are required by • The Circular will be effective from 1 April the government, only the amounts pertaining 2003. Any other regulations that are to basic medical insurance can be paid out of inconsistent with this Circular, including Cai the balance within the "Welfare Payable" Shang Zi [1998] , should be account. All other types of social welfare abolished simultaneously. contributions (pension and unemployment insurance) should be accounted for as the 关于印发《内部会计控制规范——采购与付enterprises' costs (expense). Personal 款（试行）》和《内部会计控制规范——销contributions to social welfare insurance 售与收款（试行）》的通知 payments should be direct deductions from 财政部于2002年11月23日以财会[2002]21the employees' salary; 号文发布了本通知。 • For those qualified enterprises that has plans to provide supplementary pension to its employees, if they are set up in more CIRCULAR ON ISSUANCE OF developed areas that have launched the “GUIDELINES ON INTERNAL social security pilot programme (such as ACCOUNTING CONTROL – Liaoning Province), they can include as PROCUREMENT AND PAYMENT costs (expense) amounts that are no more (TRIAL)” AND “SALES AND RECEIPT than 4% of total salary. For enterprises (TRIAL)” operating in non-pilot areas, supplementary The Ministry of Finance issued the Circular as pension contributions should be made out of Cai Kuai [2002] on 23 November 2002. balances within the "Welfare Payable" account. In no event should the balance 审计 within the "Welfare Payable" account Audit become negative. For those enterprises that participate in basic medical insurance plans 关于报告2002年度上市公司年报审计变更会and those that provide supplementary 计师事务所情况的通知 medical to their employees, contributions 中国注册会计师协会于2003年1月27日以 that fall within 4% of total salary should be 会协[2003]17号文发布了本通知。要点如paid out of the "Welfare Payable" account. 下： If the balance in "Weflare Payable" falls • 如上市公司2002年报审计期间发生变更short of contributions, then the excess 事务所的情况，包括不再续聘2001年年should be included as costs (expense); 报审计的事务所，前、后任事务所均应即• If enterprises purchase commercial 时向中国注册会计师协会和所在地注册会insurance for their employees as approved 计师协会予以报告，并说明上市公司变更by the board of directors or any other policy-事务所的原因。 making bodies, such expenditures should be accounted for as "Salary Payable" if the Page 5 of 13
' 2003 PricewaterhouseCoopers. February 2003 CIRCULAR ON REPORTING OF LISTED 关于做好2002年度外商投资企业和外国企业COMPANIES CHANGING CPA FIRMS 所得税汇算清缴工作有关问题的通知 ENGAGING IN THE AUDIT OF THE 2002 国家税务总局于2003年2月8日以国税函ANNUAL FINANCIAL STATEMENTS [2003]102号文发布了本通知。要点如下： The Chinese Institute of Certified Public • 暂停报送固定资产折旧情况表Accountants issued the Circular as Kuai Xie （A0401）、无形资产、递延资产、其他[2003] on 27 January 2003. The key 资产情况表（A0402）和预提费用调整表points are as follows: （A0403）等三张表； • If listed companies change CPA firms • 增加和修改主表和附表的填表说明，包括during the audit of the 2002 annual financial 管理费用、销售费用情况表（A04）、其statements, including disengaging CPA 他损益明细表（A08）、应纳税所得额调firms which performed the audit of the 2001 整明细表（A11）、生产性企业兼营生产annual financial statements, the predecessor and successor CPA firms should 性和非生产性经营收入情况表（A14）及immediately inform the CICPA and local 政策性抵免所得税额情况表（A15）。 CPA institutes along with the reason for the change. CIRCULAR ON ISSUES RELATING TO THE PROCEDURES AND COMPLETION 联合年检 OF 2002 FIES AND FES INCOME TAX Unified Annual Examination FILINGS The State Administration of Taxation issued the 关于2003年外商投资企业联合年检有关工作Circular as Guo Shui Han [2003] on 8 的通知 February 2003. The key points are as follows: 对外贸易经济合作部等七部委于• On a provisional basis, Tables A0401, 2003年2月A0402 and A0403 need not be submitted; 24日以外经贸资发[2002]591号文发布了本and 通知。要点如下： • Contents have been added / revised in • 2003年3月1日至5月31日为外商投Tables A04, A08, A11, A14 and A15. 资企业联合年检的工作时间； • 2003年在安徽、北京、上海、深圳等地外商投资企业和外国企业所得税汇算清缴工开展外商投资企业网上联合年检的试点工作规程 作，并逐步向全国其他有条件的地区推国家税务总局于2003年2月8日以国税发广。 [2003]12号文发布了本规程。要点如下： • 企业具有下列情形之一的，可不参加当年CIRCULAR ON ISSUES RELATING TO 度的所得税汇算清缴： THE 2003 UNIFIED ANNUAL - 临时来华承包建筑、安装、装配工程EXAMINATION ON FIES 和提供劳务不足一年的外国企业； The Ministry of Foreign Trade and Economic - 汇算清缴期内已办理注销的企业； Cooperation and other 7 departments issued the Circular as Wai Jing Mao Zi Fa [2002] - 其它经主管税务机关批准可不参加当on 24 February 2003. The key points are as 年度所得税汇算清缴的企业。 follows: • The Unified Annual Examination on FIEs PROCEDURES AND COMPLETION OF will take place from 1 March to 31 May 2002 FIES AND FES INCOME TAX 2003; and FILINGS • From 2003, FIE examination using Internet The State Administration of Taxation issued the will be put on trial in Anhui, Beijing, Procedures as Guo Shui Fa [2003] on 8 Shanghai, Shenzhen and etc., and will be February 2003. The key points are as follows: rolled out to other regions gradually. • Under the following circumstances, enterprises need not participate in tax filings: 外商投资企业所得税 - foreign enterprises which undertake Income Tax of Foreign Investment temporary projects of construction, Enterprises installation and assembly in the PRC or which have provided services in China for less than one year; Page 6 of 13
' 2003 PricewaterhouseCoopers. February 2003 - enterprises which have been liquidated 国家税务总局于2003年1月23日以局令during the tax filing period; and [2003]第6号文发布了本通知。要点如下： - other enterprises which have obtained • 该办法所称债务重组是指债权人（企业）approval from the tax authorities. 与债务人（企业）之间发生的涉及债务条 件修改的所有事项； 外商投资企业和外国企业所得税汇算清缴管• 债务人以非现金资产清偿债务，除企业改理办法 组或者清算另有规定外，应当分解为按公国家税务总局于2003年2月8日国税发允价值转让非现金资产，再以与非现金资[2003]13号文发布了本办法。要点如下： 产公允价值相当的金额偿还债务两项经济• 企业在进行年度所得税申报前，应检查下业务进行所得税处理，债务人应当确认有列事项是否已报经主管税务机关审批、审关资产的转让所得（或损失）；债权人取核或确认： 得的非现金资产，应当按照该有关资产的- 享受税收优惠情况。主要包括获利年公允价值（包括与转让资产有关的税费）度的确认、亏损的弥补、依法享受定确定其计税成本； 期减免税、特定项目或产业减低税• 在以债务转换为资本方式进行的债务重组率、技术开发费加成扣除、购买国产中，除企业改组或者清算另有规定外，债设备投资抵免企业所得税、地方所得务人应当将重组债务的账面价值与债权人税减免等； 因放弃债权而享有的股权的公允价值的差- 税前列支的成本费用项目。主要包括额，确认为债务重组所得，计入当期应纳坏账准备、财产损失、借款利息、工税所得；债权人应当将享有的股权的公允资福利费等； 价值确认为该项投资的计税成本； - 企业有关会计核算方法的改变情况。 • 对于债务重组业务中债权人对债务人的让• 经主管税务机关批准采用非公历年度作为步，债务人应当将重组债务的计税成本与纳税年度的企业，应在其纳税年度终了后支付的现金金额或者非现金资产的公允价五个月内参照该办法的规定完成年度所得值（包括与转让非现金资产相关的税费）税汇算清缴。 的差额，确认为债务重组所得，计入企业 当期的应纳税所得额中；债权人应当将重ADMINISTRATIVE MEASURES 组债权的计税成本与收到的现金或者非现APPLICABLE TO THE PROCEDURES 金资产的公允价值之间的差额，确认为当AND COMPLETION OF 2002 FIES AND 期的债务重组损失，冲减应纳税所得； FES INCOME TAX FILINGS • 以修改其他债务条件进行债务重组的，债The State Administration of Taxation issued the 务人应当将重组债务的计税成本减记至将Measures as Guo Shui Fa [2003] on 8 来应付金额，减记的金额确认为当期的债February 2003. The key points are as follows: • Enterprises should verify the eligibility of 务重组所得；债权人应当将债权的计税成the following items before annual tax filings: 本减记至将来的应收金额，减记的金额确- Tax incentives that the company is 认为当期的债务重组损失； eligible for; • 因以非现金资产抵债或因债权人的让步而- Deduction of costs and expenses before 确认的资产转让所得或债务重组所得，如income tax; and 果数额较大，经主管税务机关核准，可以- Change of accounting policies. 在不超过5个纳税年度的期间内均匀计入• For enterprises which do not adopt the 各年度的应纳税所得额； calendar year for tax payment as approved • 关联方之间发生的含有一方向另一方转移by the tax authorities, they should apply for 利润的让步条款的债务重组，有合理的经annual tax filings 5 months after their own 营需要，并符合以下条件之一的，经主管tax year with reference to the Measures. 税务机关核准，可以分别按照上述规定处 企业所得税理： (一般不适用于外商投资企业) - 经法院裁决同意的； Enterprise Income Tax - 有全体债权人同意的协议； (Note: generally not applicable to FIEs) - 经批准的国有企业债转股。 企业债务重组业务所得税处理办法 Page 7 of 13
' 2003 PricewaterhouseCoopers. February 2003 •fair value of non-cash assets transferred as 不符合规定条件的关联方之间的含有让步losses from debt restructuring. The amount is 条款的债务重组，债权人不得确认重组损deductible for the purpose of taxable income 失，而应当视为捐赠，债务人应当确认捐for the period. 赠收入；如果债务人是债权人的股东，债• If modifications are made to the debt 权人所作的让步应当推定为企业对股东的agreement, on the debtor’s side, the tax basis 分配，按照《关于企业股权投资业务若干of the restructured debt should be written 所得税问题的通知》（国税发[2000]118down to future payable amounts. Any 号）的规定处理； amounts written down should be regarded as • 该办法自2003年3月1日起施行。 gains from debt restructuring in the current period. On the creditor’s side, the tax basis of MEASURES ON INCOME TAX the restructured debt should be written down TREATMENT FOR DEBT to future receivable amounts. Any amounts RESTRUCTURING written down should be regarded as losses The State Administration of Taxation issued the from debt restructuring in the current period; Measures as Order [2003] on 23 January • In respect of debt restructuring involving 2003. The key points are as follows: non-cash asset transfers or creditor’s • Debt restructuring defined in the Measures concessions, any gains to be derived from refers to all events arising from any asset transfer or debt restructuring can, if the amendment made to the repayment terms of amounts are significant and upon receiving debt between debtors and creditors; approval from the tax authorities, be • If the debtor uses non-cash assets to settle its amortized evenly into taxable income in a liabilities, then these transactions should be period of no more than five tax years; segregated into transfer of non-cash assets at • For debt restructuring that involve related fair value and use cash with value equivalent parties where terms of payments have been to the fair value of non-cash asset to settle the modified, and resulting in the transfer of liabilities, for the purpose of income tax profit from one party to another, then if it is calculation. The debtor should recognize justifiable and if one of the following gains or losses arising from the asset transfer. requirements can be satisfied, such debt When non-cash assets are received, the restructuring would be eligible for the above-creditor should use fair value of these assets mentioned tax treatment after approval is (including taxes arising from the asset obtained from the tax authorities: transfer) as their tax basis; - Governed by a ruling issued by a court • For debt that has been settled by means of of law; converting into equity, the debtor should, - The agreement is approved by all except for under restructuring or liquidation creditors; or where there are specific stipulations, - SOEs’ debt converted into equity that recognize the difference between the carrying has received approval. value of the restructured debt and its fair • In the event that any debt restructuring, value of the equity shares as gains from debt containing concessions granted to related restructuring. The gains should be included in parties, is not eligible for the above-taxable income of the period. The creditor mentioned tax treatment, the creditor should should use fair value of the equity shares as recognize the concession as donation instead its tax basis; of losses arising from debt restructuring. The • In respect of any concessions made by the debtor should record the concession as creditor, the debtor should recognize the income deriving from donation. If the debtor difference between the tax basis of the is one of the shareholders of the creditor, such restructured debt and any cash repaid or fair concession should be regarded as profit value of non-cash assets transferred distribution, and, consequently, should be (including tax arising from the asset transfer) subject to the tax treatment set forth by Guo as gains from debt restructuring. The gains Shui Fa [2000] ; and should be included in taxable income of the • The Measures will be effective from 1 March period. The creditor should recognize the 2003. difference between the tax basis of the restructured debt and any cash received or Page 8 of 13
' 2003 PricewaterhouseCoopers. February 2003 关于纳税人通过中国光彩事业促进会的公益restructuring, can apply for provisional tax payments from the year when the equity 救济性捐赠税前扣除问题的通知 structure changes and file with the SAT; and 国家税务总局于2003年1月23日以国税函• Member companies, included in the [2003]78号文发布了本通知。要点如下： consolidated tax filings, should submit their • 对纳税人通过中国光彩事业促进会的公益tax statement to the local tax bureaus and 救济性捐赠，企业所得税纳税人在应纳税should continue to be supervised by the 所得额3%以内的部分，个人所得税纳税local tax bureaus. 人在应纳税所得额30%以内的部分，允 许在缴纳所得税前扣除。 流转税 Turnover Tax CIRCULAR ON DEDUCTION OF CHAR关于企业改制中资产评估减值发生的流动资ITABLE DONATIONS TO CSPGP FROM TAXABLE INCOME 产损失进项税额抵扣问题的批复 The State Administration of Taxation issued the 国家税务总局于2002年12月20日以国税Circular as Guo Shui Han [2002] on 23 函[2002]1103号文就上述请示批复如下： January 2003. The key points are as follows: • 如果流动资产未丢失或损坏，只是由于市• Charitable donations to CSPGP are 场发生变化，价格降低，价值量减少，则deductible from taxable income. Enterprise 不属于《增值税暂行条例实施细则》中规income taxpayers can deduct no more than 定的非正常损失，不作进项税额转出处3% of their taxable income for this purpose; 理。 Individual income taxpayers can deduct no more than 30% of their taxable income. REPLY TO THE DEDUCTIBILITY OF INPUT VAT ATTRIBUTABLE TO 关于中国联合通信有限公司2002年度缴纳企REDUCTION OF CURRENT ASSETS 业所得税问题的通知 FROM IMPAIRMENT OF ASSETS 国家税务总局于2003年2月9日以国税函RESULTING FROM VALUATION [2003]118号文发布了本通知。要点如下： DURING ENTERPRISE RESTRUCTURING The State Administration of Taxation issued the • 母公司由于合并后亏损，其合并纳税成员Reply as Guo Shui Han [2002] on 20 企业可暂不实行就地预交企业所得税办December 2002 as follows: 法； • If the value of current assets is written down • 合并纳税的成员企业，在企业改组、改造due to market conditions instead of suffering 或资产重组过程中，因股权发生变化而变from any physical loss or damages, input 成非全资控股的企业，经当地国税局确认VAT can still be deducted as it does not 后，从股权发生变化的年度起，就地缴纳arise from extraordinary losses as stipulated 企业所得税，并报国家税务总局备案； in the “Detailed Implementation Rules on •Provisional Regulations of VAT”. 合并纳税的成员企业，应按照国家税务总 局的有关规定，向所在地国家税务局报送关于进一步做好金融保险业营业税申报管理所得税纳税申报表，并接受所在地国家税工作的通知 务局的检查和监管。 国家税务总局于2003年1月2日以国税函 CIRCULAR ON CHINA UNICOM’S [2003]13号文发布了本通知。要点如下： ENTERPRISE INCOME TAX FOR 2002 • 金融保险企业从2003年1季度起必须按The State Administration of Taxation issued the 《金融保险业营业税申报管理办法》的要Circular as Guo Shui Han [2003] on 9 求实行电子化申报。 February 2003. The key points are as follows: • Provisional tax payment at the local level CIRCULAR ON FURTHER IMPROVING can be waived for member companies which BUSINESS TAX FILINGS APPLICABLE are included in the consolidated tax filings, TO THE FINANCIAL AND INSURANCE if the parent company resulted in INDUSTRY consolidated losses; The State Administration of Taxation issued the • Member companies, which have converted Circular as Guo Shui Han [2003] on 2 into non-wholly owned subsidiaries due to January 2003. The key points are as follows: enterprise reorganization or asset Page 9 of 13
' 2003 PricewaterhouseCoopers. February 2003 • Companies operating in financial and • 资金占用原因和资金占用的方式是指依据insurance industries must submit their tax “预付账款”、“应收账款”、“其他应filings electronically in order to comply with 收款”，按照上述有关定义分别说明该三the “Administrative Measures on Business 个会计科目的分类或构成情况；资金占用Tax Filings Applicable to Financial and 时点金额是指分别说明2002年上述三个Insurance Industry” from the 1st quarter of 会计科目的期初、期末余额；全年累计占2003. 用额是指分别说明三个会计科目的借方发 生额总计和贷方发生额总计；新增资金占其他税收 用情况的金额是指上述三个会计科目的期Other Taxes 末余额与期初余额之差。 关于以换土地等方式承受土地使用权有关契 SUPPLEMENTARY EXPLANATION FOR 税问题的批复 “CIRCULAR ON REPORT OF FUNDS 国家税务总局于2002年12月18日以国税OCCUPIED BY THE MAJORITY 函[2002]1094号文批复如下： SHAREHOLDER OF LISTED COMPANIES • 土地使用权受让人通过完成土地使用权转/ RELATED PARTIES AND THE 让方约定的投资额度或投资特定项目，以PROVISION OF ILLEGAL 此获取低价转让或无偿赠与的土地使用GUARANTEES” 权，属于契税征收范围，其计税价格由征The China Securities Regulatory Commission 收机关参照纳税义务发生时当地的市场价issued the Supplementary Explanation on 25 February 2003. The key points are as follows: 格核定。 • Occupation of funds by the majority shareholder / related parties can be divided REPLY TO ISSUES RELATING TO DEED into occupation for business operations and TAX ARISING FROM ACQUISITION OF occupation for non-business operations. LAND USE RIGHTS Occupation for business operations refers to The State Administration of Taxation issued the funds used for transactions between the Reply as Guo Shui Han [2002] on 18 listed company and its majority shareholder December 2002. The key points are as follows: / related parties, and should be presented as • If the receiving party has fulfilled all of its “Accounts Receivable” and “Advances to obligations (including investment Suppliers”. Occupation for non-business commitments or certain specific investment operations refers to loans provided by listed projects) and as a result, obtains land use companies to the majority shareholder / right at price that is substantially lower than related parties, expense paid on behalf, bank the market price or for free, then this loan repayments and investments made by transaction is subject to deed tax. The the listed company on behalf of the majority taxable base will be determined by the tax shareholder / related parties, and should be authorities based on local market conditions. presented by “Other Receivable”; • The reasons and the means by which funds 上市公司 were occupied should be disclosed by listing Listed Companies out the components included in the 3 accounts mentioned above; The timing of 《关于上报上市公司大股东及关联方资金占the report should include when the funds 用和违规担保情况的通知》的补充说明 were occupied as at the beginning and end 中国证券监督管理委员会上市公司监管部于 of year balances of the 3 accounts for 2002 2003年2月25日发布了本补充说明。要点respectively; the total amount occupied 如下： during the year refers to the absolute amount on the debit and credit side of the 3 accounts; • 资金占用情况分经营性占用和非经营性占the incremental amounts occupied refers to 用。经营性占用是指由上市公司与大股东the difference between the beginning and 及关联方之间，因购销关联交易所发生的end of year balances of the 3 accounts. 往来款项，应体现在“应收账款”和“预 付账款”两个科目。非经营性占用是指上资产评估 市公司为大股东及关联方提供借款、代垫Asset Valuation 费用、代偿银行债务、代为投资等形成的 债权关系，体现在“其他应收款”科目； Page 10 of 13
' 2003 PricewaterhouseCoopers. February 2003 关于印发《注册资产评估师关注评估对象法valued is beyond the scope of the practice. CAAs cannot, either explicitly or implicitly, 律权属指导意见》的通知 express that they have the capability of 中国注册会计师协会于2003年1月28日以verifying or opining on the legal ownership 会协[2003]18号文发布了本通知。要点如of assets. CAAs cannot provide guarantees 下： on legal ownerships, either; • 评估对象法律权属是指评估对象的所有权• Prior to client acceptance, CAAs are 和与所有权有关的其他财产权利； obligated to notify their clients that the • 注册资产评估师应当明确告知委托方和相provision of authentic, legal and complete 关当事方，注册资产评估师执行资产评估information evidencing the legal ownership 业务的目的是对评估对象价值进行估算并of the matters under valuation is that of the 发表专业意见，对评估对象法律权属确认company’s. This, along with other 或发表意见超出注册资产评估师执业范responsibilities to be undertaken by the 围。注册资产评估师不得明示或暗示具有company, should be clearly documented in the engagement letter; 对评估对象法律权属确认或发表意见的能• CAAs should verify the information 力，不得对评估对象的法律权属提供保provided by the client and the source of such 证； information. The result of CAAs’ • 注册资产评估师在接受业务委托前，有明verification should be disclosed as long as it 确告知委托方及相关当事方提供真实、合falls within the expertise of the CAAs. 法、完整评估对象法律权属等资料的义Consequently, the report cannot provide 务，并在业务约定书中明确说明委托方和assurance on the authenticity, legality and 相关当事方对此应当承担的责任； completeness of legal ownership; • 注册资产评估师执行资产评估业务，应当• In CAAs’ appraisal reports, CAAs should 对委托方和相关当事方提供的评估对象法state the legal ownership of the object being 律权属资料和资料来源进行必要的查验，valued, the source of information and the 并对查验情况予以披露，但不应超越执业result of the valuation. It should also 范围明示或暗示承担验证评估对象法律权explicitly state whether the legal ownership of the asset being valued has any impact on 属资料真实性、合法性和完整性的责任； the valuation result; and • 注册资产评估师应当在评估报告中描述评• The Opinions will be effective from 1 估对象法律权属及其资料来源、查验情March 2003. 况，并说明评估对象法律权属对评估结论 的影响； 外汇管理 • 该指导意见自2003年3月1日起施行。 Foreign Exchange Management CIRCULAR ON ISSUANCE OF GUIDING 关于调整国际收支涉外收入申报时限的公告 OPINION FOR CERTIFIED ASSET 国家外汇管理局于2002年12月26日以公APPRAISERS TO FOCUS ON LEGAL 告[2002]第3号发布了本公告。要点如下： OWNERSHIP OF OBJECTS UNDER • 从2003年1月1日起，任何收款人在其VALUATION 解付银行收到涉外收入款项之日（以其解The Chinese Institution of Certified Public 付银行入账通知书的日期戳记为准）起5Accountants issued the Circular as Kuai Xie [2003] on 28 January 2003. The key 个工作日内，均应前往该解付银行按要求points are as follows: 逐笔填报《涉外收入申报单》。 • Legal ownership of objects under valuation here refers to both the ownership of objects ANNOUNCEMENT ON ADJUSTMENTS and other claims on asset associated with the TO THE DEADLINE FOR DECLARATION ownership; OF REVENUES DERIVED FROM • Certified Asset Appraisers (CAAs) should OVERSEAS BUSINESSES explicitly inform their clients that CAA’s The State Administration of Foreign Exchange responsibility in asset valuation is to value issued the Announcement as [2002] on 26 the objects and issue professional opinions. December 2002. The key points are as follows: The verification or rendering of an opinion • With effect from 1 January 2003, any on the legal ownership of assets being receiving party should complete the “table Page 11 of 13
' 2003 PricewaterhouseCoopers. February 2003 on declaration of revenue derived from FIEs, the aggregate of medium- and long-overseas businesses” and submit it to its term FD and the balance of short-term FD payment bank within 5 working days after should not exceed the difference between the payment bank has delivered the receipt the approved total investment and the FIE’s notice to the receiving party. registered capital. Otherwise, the total investment would be subject to re-approval; 其他 • Priority of medium- and long-term international commercial loans would be to Others fund projects and equipment of advanced technology in nature, as well as to 外债管理暂行办法 restructure the existing industry and FD 国家发展计划委员会、财政部、国家外汇管structure; 理局于2003年1月14日发布了本办法。要• In general, short-term FD borrowed by 点如下： domestic enterprises should be used as their • “外债”是指境内机构对非居民承担的以working capital instead of making medium- 外币表示的债务。“非居民”是指中国境or long-term investments including 外的机构、自然人及其在中国境内依法设acquisition of fixed assets; 立的非常设机构； • In an attempt to mitigate risks deriving from • 国家根据外债类型、偿还责任和债务人性fluctuations of foreign exchange rates and 质，对举借外债实行分类管理。其中外商interest rates, the debtor can use derivative 投资企业举借的中长期外债累计发生额和instruments purchased through qualifying 短期外债余额之和应当控制在审批部门批financial institutions; and 准的项目总投资和注册资本之间的差额以• The Measures will be effective from 1 March 2003. 内。超出差额的，须经原审批部门重新核 定项目总投资； 关于加强对外贸易中的专利管理的意见 • 中长期国际商业贷款重点用于引进先进技对外贸易经济合作部于2003年1月24日发术和设备，以及产业结构和外债结构调布了本意见。要点如下： 整； • 对外贸易经营者进口货物或接受委托从事• 境内企业所借短期外债资金主要用作流动来料加工、进料加工进口有关原材料、零资金，不得用于固定资产投资等中长期用部件涉及专利权的，应要求出口方或委托途； 方提供其作为该专利的合法拥有者或合法• 债务人可以保值避险为目的，委托具有相被许可实施人的相关证明。进口或委托加关资格的金融机构运用金融工具规避外债工合同中可明确规定： 货物进口合同的的汇率和利率风险； 进口方或委托加工合同的受委托方如因履• 该办法自2003年3月1日起施行。 行合同被第三方指控侵权或出现其它专利 纠纷的，应由出口方或委托方承担法律责PROVISIONAL MEASURES ON THE 任； ADMINISTRATION OF FOREIGN DEBT The State Development Planning Commission, • 对外贸易经营者引进技术设备涉及专利权the Ministry of Finance and the State 转让、专利申请权转让或专利实施许可Administration of Foreign Exchange jointly 的，应当要求转让方或许可方出示该专利issued the Measures on 14 January 2003. The 有效的证明文件或存在专利申请权的证明key points are as follows: 材料。必要时应进行专利文献检索，避免• Foreign debt (FD) refers to any debt 侵犯第三方专利权； denominated in foreign currencies and • 对外贸易经营者引进或出口技术设备，涉borrowed by domestic institutions from non-及专利权转让、专利申请权转让的，应签residents. Non-residents refer to overseas 订专利权或专利申请权转让合同；涉及专institutions, overseas natural persons and 利许可的，应签订专利许可合同； representative offices established by these • 该意见由外经贸部和知识产权局负责解organizations in the PRC; 释，并自公布之日起30天后参照执行。 • The Chinese government manage these FD by category, depending on the nature of the FD, repayment responsibility and nature of the lenders. In respect of borrowings by Page 12 of 13
For more information on PricewaterhouseCoopers, please visit: ' 2003 PricewaterhouseCoopers. All rights reserved. "PricewaterhouseCoopers" refers to the Hong Kong firm of PricewaterhouseCoopers or, as the context requires,nal Limited, each the network of member firms of PricewaterhouseCoopers Internatio of which is a separate and independent legal entity. February 2003 OPINIONS ON STRENGTHENING THE ADMINISTRATION OF PATENTS IN FOREIGN TRADE The Ministry of Foreign Trade and Economic Cooperation and the State Intellectual Property Office issued the Opinions on 24 January 2003. The key points are as follows: • Traders should, when engaging in goods import, contract processing or import manufacturing where patents are involved, order from exporters / clients legal documents evidencing that they are the statutory owner of patents or they are the licensees. It can be specified in contract that the exporter / client should undertake any liability arising from accusation presented by third parties that the importer / contractor is alleged for patent infringement due to its fulfilment of the contract; • In respect of introduction of technology or import of equipment by traders, if transfer of patents, transfer of patents application right or licence is involved, traders should order from patents transferrer / licenser the legal documents evidencing the validity of patents / the existence of patents application right. Documentary research is encouraged if necessary for fear of infringement of patents attributable to third parties; • In respect of introduction of technology or import of equipment, traders should sign the corresponding contract when transfer of patents, transfer of patent application right or transfer of patent licence is involved; and • The Opinions, subject to the MOFTEC and SIPO’s interpretation, should be effective 30 days after issuance. This publication is prepared for clients of PricewaterhouseCoopers and others interested in our services. The editor has made every effort to ensure the accuracy of information published in each issue. We would draw your attention that the update is presented in summary and not intended to be comprehensive. In addition, the English versions are condensed summaries of the articles. In practice, the regulations in their entiretyshould be consulted. Additionally, we welcome you to visit our PricewaterhouseCoopers China website at for practical insights and professional solutions to current and emerging business issues. In the event that there is inconsistency between the Chinese and English context, then the Chinese version prevails. 以上信息仅提供于普华永道客户及对本公司业务有兴趣之人士。我们将尽量确保上述公开信息的准确性。我们提请注意上述内容为有关文件的摘要资料，在实际应用时，须参照全文为准。此外，我们欢迎各位访问PricewaterhouseCoopersofficeinChina普华永道中国区网站 Beijing Office Shanghai Office Guangzhou Office Shenzhen Office 北京朝阳区光华路1号 上海市淮海中路333号 广州市建设六马路33号 深圳市深南东路5002号 北京嘉里中心18层100020瑞安广场12楼200021宜安广场1808号510060信兴广场地王商业中心3708室 518008 Tel:(010) 6561 2233 Tel:(021) 6386 3388 Tel：(020) 8363 3168 Tel:(0755) 8246 1717 Fax:(010) 8529 9000 Fax:(021) 6386 3300 Fax：(020) 8363 4941 Fax:(0755) 8246 1730 Dalian Office Tianjin Office Chongqing Office Xian office 大连市西岗区中山路147号 天津市河西区南京路20号 重庆市渝中区邹容路68号 西安市南大街30号 森茂大厦8楼116011金皇大厦3718室 300041大都会商厦19楼1905室 400010 中大国际大厦301室 710002 Tel:(0411) 370 6668 Tel: (022) 2330 6789 Tel: (023) 6374 0008 Tel: (029) 720 3336 Fax:(0411) 370 6665 Fax: (022) 2339 3662 Fax: (023) 6374 0990 Fax: (029) 720 3335 Page 13 of 13
