The applicable tax levied on foreign-funded enterprises, foreign enterprises and individual foreigners is categorized as income tax on foreign-funded enterprises and foreign enterprises, value-added tax, consumption tax, business tax, land appreciation tax, resource tax, stamp tax, animal slaughter tax, urban real estate tax, driving license tax on vehicles and boats and individual income tax. Preferential tax policies for foreign-funded enterprises, foreign enterprises and individual foreigners, which the new tax system provides, are introduced as follows:
Tax Reimbursement on China-produced equipment purchased by foreign funded enterprises
Ever since 09/01/1999, China-produced equipment purchased by foreign-funded enterprises within the scope of drawback investment total appraised by a tax authority and in agreement with Encouragement and restriction of the ?Industrial Catalogue Guiding Foreign Investment? of ?The State Council Notice About Regulating Import Equipment Tax Policy? and ?Current Industries, Products and Technology Catalogue Specially Encouraged by State? shall, with the approval of tax authority in charge of tax reimbursement, 40% of the investment for purchasing China-produced equipment can be exempted from the newly added volume of enterprise income tax over the previous year when the foreign-invested enterprise purchases the equipment; If additional capital excluded from the total investment is used for purchasing China-produced equipment, 40% can also be exempted from the newly added volume of enterprise income tax over the previous year when the foreign-invested enterprise purchases the equipment. The China produced equipment herein does not include the equipment that investors contribute as registered capital.
Friday, August 8, 2008
Yantai Foreign exchange administration
Preferential treatments to foreign exchanges remitted in for investment and obtained by offshore borrowings, bond or stock issues make by foreign legal persons or natural persons, and to foreign exchange returns made by foreign-funded enterprises will remain valid. They may not settle their foreign exchange accounts at the designated banks to open accounts, to retain foreign exchanges of to make normal payments in foreign exchange.
Foreign-funded enterprises may make normal business payments in foreign exchange and foreign investors profit, stock and bonus can be remitted from the balance of their cash accounts directly without being examined and approved in advance. Payments in excess of the balance of their cash accounts made to cover expenses in production and management, to repay capital with interest and to remit abroad bonus and capital foreign exchange transfers, upon examination and approval by the state Bureau of the Exchange Control, may be executed.
China will stick to it that foreign-funded enterprises should keep a balance between their foreign exchange income and expenditure. In case of failure, they may go to foreign exchange swap centers to buy foreign exchange at the market exchange rate published by people bank of China.
Foreign investors may, upon approval, reinvest their Renminbi profits earned from foreign-funded enterprises which can not keep a balance between their foreign exchange income and expenditure into inland enterprises that can earn foreign exchange or increase their foreign exchange earnings. In this case, foreign investors may enjoy the right of getting back part of their income tax handed over to the state and of obtaining foreign exchanges from the newly earned exchanges by the beneficiary enterprise so as to remit abroad their legal profits. When applying for reinvesting their Renminbi profits, foreigners are required to produce the profit distribution decision by the board of directors of the original enterprise and the certificate by the local exchange control department.
Foreign-funded enterprises may make normal business payments in foreign exchange and foreign investors profit, stock and bonus can be remitted from the balance of their cash accounts directly without being examined and approved in advance. Payments in excess of the balance of their cash accounts made to cover expenses in production and management, to repay capital with interest and to remit abroad bonus and capital foreign exchange transfers, upon examination and approval by the state Bureau of the Exchange Control, may be executed.
China will stick to it that foreign-funded enterprises should keep a balance between their foreign exchange income and expenditure. In case of failure, they may go to foreign exchange swap centers to buy foreign exchange at the market exchange rate published by people bank of China.
Foreign investors may, upon approval, reinvest their Renminbi profits earned from foreign-funded enterprises which can not keep a balance between their foreign exchange income and expenditure into inland enterprises that can earn foreign exchange or increase their foreign exchange earnings. In this case, foreign investors may enjoy the right of getting back part of their income tax handed over to the state and of obtaining foreign exchanges from the newly earned exchanges by the beneficiary enterprise so as to remit abroad their legal profits. When applying for reinvesting their Renminbi profits, foreigners are required to produce the profit distribution decision by the board of directors of the original enterprise and the certificate by the local exchange control department.
Yantai Tariff policies
All foreign-funded projects transferring technology within the scope of classifications of Encouragement of the “Industrial Catalogue Guiding Foreign Investment? the equipment to be imported within the projects?total investment in terms of values and for internal use will be exempted tariffs and value-added tax related with import, but the equipment should be excluded in the “Catalogue of Imported Commodities to be Used in Foreign-invested projects and be Exclusively Tax Exempted?
The equipment to be imported of the projects funded by loans from foreign governments and international financial institutions and for its own use, and the unappraised equipment imported by foreign investors in their processing items, shall be granted with preferential treatment in terms of tax exemption as that of the above-mentioned item.
. For those established foreign-funded enterprises, foreign-funded research and development center, foreign-funded enterprise engaging in advanced technology and products export within the scope of classifications of encouragement and restriction , the equipment and its relative technology accessories, spare ports to be imported within the approved operation scope, which cannot be produced in China or whose demand exceeds its supply and for internal use, will be exempted tariffs and other tax related with import, and for internal use, according to “The State Council Notice about Regulating Imported Equipment Tax Policy?
. For those foreign-funded research and development center, the equipment and its relative technology, accessories, and spare parts to be imported within the projects?total investment in terms of value and for internal use, which cannot be produced in China or whose demand exceeds its supply, will be exempted tariffs and other tax related with import.
. Any raw materials, fuel, unassembled parts, spare parts, components and elements, components in set, auxiliary materials and packing materials required for contracts of exporting products imported by foreign-funded enterprises shall be placed in bond. Customs formalities of verification and cancellation shall be completed by the enterprise after process into finished products and re-exporting.
. Catalysts, catalytic agents, abrasives and fuel, etc, imported by enterprises in reasonable quantities consumed directly in the course of processing products for export shall be exempted from import duties and VAT.
. Exception from export duties shall be granted to the exported goods produced by the enterprises of its own, except for those restricted by the states or otherwise provided for.
The equipment to be imported of the projects funded by loans from foreign governments and international financial institutions and for its own use, and the unappraised equipment imported by foreign investors in their processing items, shall be granted with preferential treatment in terms of tax exemption as that of the above-mentioned item.
. For those established foreign-funded enterprises, foreign-funded research and development center, foreign-funded enterprise engaging in advanced technology and products export within the scope of classifications of encouragement and restriction , the equipment and its relative technology accessories, spare ports to be imported within the approved operation scope, which cannot be produced in China or whose demand exceeds its supply and for internal use, will be exempted tariffs and other tax related with import, and for internal use, according to “The State Council Notice about Regulating Imported Equipment Tax Policy?
. For those foreign-funded research and development center, the equipment and its relative technology, accessories, and spare parts to be imported within the projects?total investment in terms of value and for internal use, which cannot be produced in China or whose demand exceeds its supply, will be exempted tariffs and other tax related with import.
. Any raw materials, fuel, unassembled parts, spare parts, components and elements, components in set, auxiliary materials and packing materials required for contracts of exporting products imported by foreign-funded enterprises shall be placed in bond. Customs formalities of verification and cancellation shall be completed by the enterprise after process into finished products and re-exporting.
. Catalysts, catalytic agents, abrasives and fuel, etc, imported by enterprises in reasonable quantities consumed directly in the course of processing products for export shall be exempted from import duties and VAT.
. Exception from export duties shall be granted to the exported goods produced by the enterprises of its own, except for those restricted by the states or otherwise provided for.
Yantai Land Administration
Acquisition of Land Use Rights
Land Supplied generally in the form of sales
For those engaging in the development of such projects as infrastructure facilities without seeking profits, public welfare services, communications and water conservancy energy sources of state, with approval of government, land can be supplied in the form of allotment.
For those engaging in development projects of agriculture, forestry, animal husbandry and fisheries, land can be supplied in the form of lease.
Land belong to state-owned land, and land use rights are adopted in the form of sales and lease, for cooperation with township and village collective enterprises on non-agriculture construction. For shareholding enterprises which list stocks abroad, their land use rights can be sold by the State to enterprises, or provided in the form of buying shares at a fixed price, or leased.
Land Supplied generally in the form of sales
For those engaging in the development of such projects as infrastructure facilities without seeking profits, public welfare services, communications and water conservancy energy sources of state, with approval of government, land can be supplied in the form of allotment.
For those engaging in development projects of agriculture, forestry, animal husbandry and fisheries, land can be supplied in the form of lease.
Land belong to state-owned land, and land use rights are adopted in the form of sales and lease, for cooperation with township and village collective enterprises on non-agriculture construction. For shareholding enterprises which list stocks abroad, their land use rights can be sold by the State to enterprises, or provided in the form of buying shares at a fixed price, or leased.
Yantai Foreign Investment
From 1984 to 2002, the newly approved projects were 6,999, with the contractual foreign capital of Us$ 11.09 billion, actually used capital of Us$ 6.58 billion. All companies which had put into production were 1,900, ranked in the second place in Shandong province. Of which, the companies of foreign direct investment were 5,874, with contractual foreign capital of Us$ 10.3 billion, the actually used Us$ 5.94 billion; other projects were 997, with contractual foreign capital of Us$ 0.3 billion, actually used foreign capital of Us$ 0.19 billion; international lease were 61, with the contractual foreign capital of Us$ 52.94 million, actually used foreign capital 55.68 million; overseas loan projects were 67, with contractual foreign capital of Us$0.41 billion, the actually used foreign capital 0.36 billion; the contractual foreign capital by issuing stock in foreign countries was Us$ 36.93 million, so was actually used foreign capital. The projects with the total investment over Us$ 10 million were 312, with contractual foreign capital of Us$ 51.68 billion. 1046 foreign funded companies increased their investment, with contractual foreign capital of Us$ 13.56 billion. 61 organizations and companies set up their resident offices in overseas countries., also 345 overseas resident offices.
Yantai Public utilities
Water Supply
There are 9 water plants in Yantai with supply power of 0.629 million cubic meter/day. The popularization rate of water supply is 99.91% and the qualification rate is 99.2%. In recent years the Austria Loan has been utilized to enlarge the capacity of Gongjiadao Water Plant, and the water supply capacity has been increased 50000 cubic meters.
sewage disposal
The total length of drainpipe in the downtown of Yantai City is 699 kilometers and the density of the drainpipe in the constructed area reaches 6.23 kilometers per square kilometer. In recent years, the draining facilities have been successively reconstructed by separating the drainage of rain and sewage and completing the network of drainage step by step, mainly in the important roads and parts of the lanes. In order to improve the water environment, Yantai has made a great investment in the construction of the wastewater treatment project. The project of Yantai Taozi Bay Wastewater Treatment Plant started its construction in 1994. The total investment is RMB 447 million Yuan, including the grant-in-aid of 23 million mark from German Government. The designed processing capability for long-term use is 500 thousand tons per day and for short-term use is 250 thousand tons per day. Its phase I went into operation of Class A water in October, 1998. The II bio-treatment and depth treatment systems went into operation in June 2000. The project of Yantai Xi’an River Wastewater Treatment Plant started its construction in July 2002 and went into operation in December 2002. The total investment is RMB 89 million Yuan. The designed processing capability for long-term use is 80 thousand tons per day and for short-term use is 40 thousand tons per day. This project makes a quality treatment of the wastewater in south suburb of Yantai and the wastewater draining into the sea in east. It greatly improves the water quality and promotes the biological environment, seawater resource and the development of tourism in Yantai.
Electricity Supply
Yantai power grid has the following features: 220 KV as the mainstay; 110 KV as the power grid for second transmission of power ; It has a closer connection with the Weihai power grid to the east of Yantai and a weaker connection with the provincial power grid; the regional
stronger power grid is connected with the provincial power grid via the 220 KV Changye and Guxi power transmission line and with the Weihai power grid via the 220 KV Zhulao, Taoche No. 1 and No.2 power transmission lines.By the end of 2002, the total installed capacity of Yantai power grid had reached 1741.9MW, among which the installed capacity for Longkou Power Plant is 1080MW, Yantai Power plant 330MW; There are 8 local public power plants with an installed capacity of 111.9MW; There are 10 enterprise owned power plants with an installed capacity of 46.75MW; There are 5 village owned power plants with an installed capacity of 173.25MSW.
The first 500KV substation of YanWei power grid-Laiyang Substaion will be put into operation by 2004 which will reinforce the connection between the Yantai power grid and the provincial power grid and improve the ability for power supply.
In 2002, the annual power consumption is 10.9 billion kwh, the reliability rate of power consumption reaches 99.99% in urban area of Yantai.
There are 9 water plants in Yantai with supply power of 0.629 million cubic meter/day. The popularization rate of water supply is 99.91% and the qualification rate is 99.2%. In recent years the Austria Loan has been utilized to enlarge the capacity of Gongjiadao Water Plant, and the water supply capacity has been increased 50000 cubic meters.
sewage disposal
The total length of drainpipe in the downtown of Yantai City is 699 kilometers and the density of the drainpipe in the constructed area reaches 6.23 kilometers per square kilometer. In recent years, the draining facilities have been successively reconstructed by separating the drainage of rain and sewage and completing the network of drainage step by step, mainly in the important roads and parts of the lanes. In order to improve the water environment, Yantai has made a great investment in the construction of the wastewater treatment project. The project of Yantai Taozi Bay Wastewater Treatment Plant started its construction in 1994. The total investment is RMB 447 million Yuan, including the grant-in-aid of 23 million mark from German Government. The designed processing capability for long-term use is 500 thousand tons per day and for short-term use is 250 thousand tons per day. Its phase I went into operation of Class A water in October, 1998. The II bio-treatment and depth treatment systems went into operation in June 2000. The project of Yantai Xi’an River Wastewater Treatment Plant started its construction in July 2002 and went into operation in December 2002. The total investment is RMB 89 million Yuan. The designed processing capability for long-term use is 80 thousand tons per day and for short-term use is 40 thousand tons per day. This project makes a quality treatment of the wastewater in south suburb of Yantai and the wastewater draining into the sea in east. It greatly improves the water quality and promotes the biological environment, seawater resource and the development of tourism in Yantai.
Electricity Supply
Yantai power grid has the following features: 220 KV as the mainstay; 110 KV as the power grid for second transmission of power ; It has a closer connection with the Weihai power grid to the east of Yantai and a weaker connection with the provincial power grid; the regional
stronger power grid is connected with the provincial power grid via the 220 KV Changye and Guxi power transmission line and with the Weihai power grid via the 220 KV Zhulao, Taoche No. 1 and No.2 power transmission lines.By the end of 2002, the total installed capacity of Yantai power grid had reached 1741.9MW, among which the installed capacity for Longkou Power Plant is 1080MW, Yantai Power plant 330MW; There are 8 local public power plants with an installed capacity of 111.9MW; There are 10 enterprise owned power plants with an installed capacity of 46.75MW; There are 5 village owned power plants with an installed capacity of 173.25MSW.
The first 500KV substation of YanWei power grid-Laiyang Substaion will be put into operation by 2004 which will reinforce the connection between the Yantai power grid and the provincial power grid and improve the ability for power supply.
In 2002, the annual power consumption is 10.9 billion kwh, the reliability rate of power consumption reaches 99.99% in urban area of Yantai.
Yantai Mushi Demesene
Mushi Demesene
Mushi Demesne was firstly constructed during the Yongzheng Period of Qing Dynasty. After one hundred-year? expansion, now it covers an area of 20,000 square meters with over 480 rooms. It refects historic culture, architectural culture and social culture of ancient China. It is the largest yard buildings with residence feature of the north China which is protected well currently. It is also the key culture relic institute protected by the state, and reputed as the history memory of 600-year social cultures and the " civil imperial palace ". The annual culture festival is the most attractive civil activity. The specialist of the international organization made high evaluation on it and proposed to apply for the title of international culture relics. In 2000 defined this project was defined as the preferential development project Shandong Province..
Mushi Demesne was firstly constructed during the Yongzheng Period of Qing Dynasty. After one hundred-year? expansion, now it covers an area of 20,000 square meters with over 480 rooms. It refects historic culture, architectural culture and social culture of ancient China. It is the largest yard buildings with residence feature of the north China which is protected well currently. It is also the key culture relic institute protected by the state, and reputed as the history memory of 600-year social cultures and the " civil imperial palace ". The annual culture festival is the most attractive civil activity. The specialist of the international organization made high evaluation on it and proposed to apply for the title of international culture relics. In 2000 defined this project was defined as the preferential development project Shandong Province..
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