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State Administration of Taxation, Official Reply to Tax Treatment Measures for Withdrawal of Materials from Bonded Warehouses and Export Regulatory Warehouses [Legislation Digest]
国家税务总局关于从保税仓库和出口监管仓库提取的料件有关税收处理办法的批复

Other Recent Legislation for this Month [Legislation Digest]

China Banking Regulatory Commission, Guidelines on Performance of Boards of Directors of Share-system Commercial Banks with Due Diligence (Trial Implementation) [Legislation Digest]
中国银行业监督管理委员会股份制商业银行董事会尽职指引(试行)
Corporate governance in share-system commercial banks.

State Administration for Industry and Commerce, Reply to Issues Concerning the Application of the Law to Administrative Penalties on Offices of Foreign-invested Enterprises [Legislation Digest]
国家工商行政管理总局关于对外商投资企业办事机构行政处罚适用法律问题的答复
Penalities for registration amendment of foreign-invested companies in the PRC.

Ministry of Labour and Social Security, Letter on Issues Relevant to the Occupational Qualification Certificates Held by Foreigners Seeking Employment in China [Legislation Digest]
劳动和社会保障部关于外国人在中国就业持职业资格证书有关问题的函
The Letter further elaborates on the Provision for the Administration of the Employment of Foreigners in China, and requires that foreigners engaged in state-specified occupations must hold an Occupational Qualification Certificate of the PRC. Where the relevant occupations have foreign characteristics, the Ministry of Labour and Social Security may approve foreigners holding occupational qualification certification notarized by foreign notary. They may also take occupational qualification certification examinations in the PRC.

Ministry of Finance, Measures for the Administration of Debt Provisioning by Financial Institutions [Legislation Digest]
财政部金融企业呆账准备提取管理办法
Compared with previous rules regarding debt provisioning, the Measures introduces greater flexibility in making the minimum 1% of year-end balance of risk assets a guideline rather than a mandatory requirement. It changes the nature of general provisions allocated from one of pre-tax deduction to a post-tax distribution of profit. The Measures allows financial institutions to set aside two types of loan loss provisions: specific provisions and special provisions. Further requirements for other categories of the asset impairment provisions, for instance bad debt provisions and provisions for impaired long-term investments, are also in place.

State Administration of Foreign Exchange, Circular on Issues Relevant to Foreign Exchange Control with Respect to the Round-trip Investment of Funds Raised by Domestic Residents Through Offshore Special Purpose Companies [Legislation Digest]
国家外汇管理局关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知
The Circular allows domestic residents to set up offshore financing platform by means of special purpose companies and to participate in various equity financing activities through reverse acquisition, equity transfer, convertible bonds in international financial market. The Circular also stipulates the relevant registration and administration procedures for special purpose companies and remittance of profits, dividends, liquidation proceeds, equity transfer proceeds, and capital reduction proceeds.

State Administration of Foreign Exchange, Circular on Adjusting the Measures for the Administration of the Positions for Settlement and Sale of Foreign Exchange of Banks [Legislation Digest]
国家外汇管理局关于调整银行结售汇头寸管理办法的通知
Regulations and approval requirements concerning consolidated positions for settlement and sale of foreign exchange.

State Administration of Foreign Exchange, Circular on the Centralized Administration of the Positions for Settlement and Sale of Foreign Exchange of Foreign-invested Banks in China [Legislation Digest]
国家外汇管理局关于境内外资银行集中管理结售汇周转头寸的通知

China Insurance Regulatory Commission, Tentative Measures for the Administration of Investments in Bonds by Insurance Institutional Investors [Legislation Digest]
中国保险监督管理委员会保险机构投资者债券投资管理暂行办法
The Tentative Measures provides for investments in government bonds, financial bonds and enterprise/corporate bonds.

China Insurance Regulatory Commission, Implementing Rules for the Tentative Measures for the Administration of Overseas Utilization of Foreign Exchange Insurance Funds [Legislation Digest]
中国保险监督管理委员会保险外汇资金境外运用管理暂行办法实施细则