On July 25th, 2012, the State Council of China held its standing meeting and approved to extend the Value Added Tax (“VAT”) reform. From August 1st to December 31st, 2012, the transformation from Business Tax (“BT”) to VAT in transportation industries and certain modern service industries will be launched in 8 provinces and 2 cities…

On June 27th, 2012, the State Council of the People’s Republic of China (“PRC”) issued a written Reply concerning the Policies for Developing and Opening the Shenzhen-Hong Kong Modern Service Sector Cooperation Zone in Qianhai, Shenzhen (hereinafter referred to as the “Reply”). The policies provided in the Reply are more special than those that apply…