On December 26, 2018, the National People’s Congress (NPC) of China published the draft Foreign Investment Law (New Draft), seeking for public opinions. This draft is considered as an updated version based on a draft made by China’s Ministry of Commerce which was published four years ago.
Decree-Law no. 123/2018, 28 December, was officially published, that amends the Decree-Law no. 111-B/2017, 31 August 2017, which modified the Public Contracts Code (“CCP”) in order to transpose the Directive 2014/55/EU of the European Parliament and of the Council of 16 April 2014, which established the mandatory use of electronic invoicing in public procurement in the European Union and adopted an European model of electronic invoicing.
Royal Decree-Law 21/2018 of December 14, 2018 on urgent measures regarding housing and rental has amended a range of laws taking in the Urban Leasehold Law, the Horizontal Property Law, the Civil Procedure Law, the Local Finances Law and the Transfer and Stamp Tax Law.
Royal Decree-Law 27/2018, of December 28, 2018, adopting certain measures related to tax and the cadaster was published in the Official State Gazette on December 29, 2018, and came into force the day after. The key new items of legislation are summarized below, expressly mentioning the date on which they take effect if it differs from the entry into force date mentioned above.
In order to maximize the benefits that innovation brings to the finance industry and thereby to increase people’s access to financial services, the Colombian Ministry of Finance issued Decree 2443 of 2018, authorizing credit establishments, financial service firms and capitalization associations to acquire holdings in the share capital of domestic or international companies that have as their sole purpose to develop and apply innovation and technologies connected with the corporate purpose of the supervised entities.
This issuance of Tax China Newsletter mainly includes: (1) Issuance of the Administrative Measures for Vouchers for Deduction in the Calculation of Enterprise Income Tax, clarifying and summarizing former policies; (2) Clarify issues concerning the first-time application for value-added tax invoices by newly established taxpayers; (3) The enterprise income tax of small and low-profit enterprises with an annual taxable income not exceeding CNY 1 million eligible for a preferential tax rate of 20% is halved, effective from January 1, 2018 to December 31, 2020; (4) Extend the length of years for high and new technology enterprises and technology-oriented small and medium-sized enterprises to carry forward their tax losses from five years to ten years; (5) Refund uncredited value-added tax for some industries in 2018; and (6) Clarify relevant super deduction policy on expenses for overseas research and development commissioned by enterprises.