The state council passed Law of Tax Collection and Management draft amendment.

　　The draft made some amendment to Article 15, i.e. tax authorities should examine, approve and provide tax registration certificate within 30 days since the reporting day, deleted the expression of examination and approval as well as the time limit of 30 days to change it to immediate dealing.

　　Three laws concerning foreign capitals investing in china is to be amended.

　　China has three Foreign Investment Enterprise Laws, i.e. Foreign Investment Enterprise Law of the People's Republic of China, Chinese-Foreign Cooperative Enterprise Law of China, Chinese-Foreign Enterprise Joint Venture Law of China. The three laws have been amended around the year of 2001, more than 10 years ago. “The Ministry of Commerce hopes that the three laws can be amended at a proper time in order to make the amended laws in accordance with international norms and principles.

　　Intermediary agencies and its supervisory committee

　　“It is a big issue for a broker to choose its accounting firm and law firm since its entry.” A Beijing sponsor representative of a broker told the journalists. He will also suggest his clients to choose accounting firm and law firm that they have some relations with. It means that there are incumbent or former supervisory committee members in these accounting firm and law firm. BDO is the best example among the intermediary agencies having relations with the supervisory committee members. Statistics shows that since BDO’s copartner was chosen to be the main board supervisory committee member, BDO’s IPO number increased from 10 in 2009, to 33 in 2010 and 42 in 2012.

　　Top 100 tax agent firms in 2012

　　The operating revenue of the top 100 tax agent firms in the year 2012 totaled 3.88 billion yuan, an increase of 23.5% compared with the last year. The top 100’s operating revenue increased by 1.12 times for the past four years. The minimal operating revenue for a firm to be the top 100 increased from 10.0737 million yuan to 14.2495 million yuan. The most profitable firm’s operating revenue increased from 125 million yuan to 310 million yuan with an increase of 153.84%. From the perspective of employees, 3,902 certified tax agents are working in the top 100 firms, an increase of 12.55% compared with that in 2011. From the perspective of regional distribution, the top 100 firms are mainly concentrated in the four regions, Beijing, Zhejiang, Shanghai and Jiangsu, accounting for 74% of the total.

　　Pilot ax calculation of the switch from operating tax to value-added tax is started.

　　The tax authorities of the pilot regions have entrusted some law firms to calculate the tax deduction scale of the switch from operating tax to value-added tax. It is said that in January 2012 when Shanghai started to implement the new policy, the calculated tax deduction was about 12 billion yuan. But at the beginning of this year, according to the statistics issued by the tax authorities, the deduction reached 25 billion yuan after one-year pilot implementation. The reason is that last year’s calculation only counted in the tax deduction resulted from the switch from operating tax to value-added tax and tax rate change while ignoring the deduction invoice and corresponding taxes.

　　Note:

　　“China Accounting News Weekly”is established on August 5,2005.It selects important accounting news weekly to convenient the people can acknowledge the developments quickly.From its launching,thousands of people read it everyweek.In order to promote the development of China accounting industry to English readers,we make this English edition on March 23,2007.If there are any problems,please contact with qiaobocao@snai.edu.

　　The state council passed Law of Tax Collection and Management draft amendment

　　The draft made some amendment to Article 15, i.e. tax authorities should examine, approve and provide tax registration certificate within 30 days since the reporting day, deleted the expression of examination and approval as well as the time limit of 30 days to change it to immediate dealing.

　　Three laws concerning foreign capitals investing in china is to be amended

　　China has three Foreign Investment Enterprise Laws, i.e. Foreign Investment Enterprise Law of the People's Republic of China, Chinese-Foreign Cooperative Enterprise Law of China, Chinese-Foreign Enterprise Joint Venture Law of China. The three laws have been amended around the year of 2001, more than 10 years ago. “The Ministry of Commerce hopes that the three laws can be amended at a proper time in order to make the amended laws in accordance with international norms and principles.

　　Intermediary agencies and its supervisory committee

　　“It is a big issue for a broker to choose its accounting firm and law firm since its entry.” A Beijing sponsor representative of a broker told the journalists. He will also suggest his clients to choose accounting firm and law firm that they have some relations with. It means that there are incumbent or former supervisory committee members in these accounting firm and law firm. BDO is the best example among the intermediary agencies having relations with the supervisory committee members. Statistics shows that since BDO’s copartner was chosen to be the main board supervisory committee member, BDO’s IPO number increased from 10 in 2009, to 33 in 2010 and 42 in 2012.

　　Top 100 tax agent firms in 2012

　　The operating revenue of the top 100 tax agent firms in the year 2012 totaled 3.88 billion yuan, an increase of 23.5% compared with the last year. The top 100’s operating revenue increased by 1.12 times for the past four years. The minimal operating revenue for a firm to be the top 100 increased from 10.0737 million yuan to 14.2495 million yuan. The most profitable firm’s operating revenue increased from 125 million yuan to 310 million yuan with an increase of 153.84%. From the perspective of employees, 3,902 certified tax agents are working in the top 100 firms, an increase of 12.55% compared with that in 2011. From the perspective of regional distribution, the top 100 firms are mainly concentrated in the four regions, Beijing, Zhejiang, Shanghai and Jiangsu, accounting for 74% of the total.

　　Pilot calculation of the switch from operating tax to value-added tax is started

　　The tax authorities of the pilot regions have entrusted some law firms to calculate the tax deduction scale of the switch from operating tax to value-added tax. It is said that in January 2012 when Shanghai started to implement the new policy, the calculated tax deduction was about 12 billion yuan. But at the beginning of this year, according to the statistics issued by the tax authorities, the deduction reached 25 billion yuan after one-year pilot implementation. The reason is that last year’s calculation only counted in the tax deduction resulted from the switch from operating tax to value-added tax and tax rate change while ignoring the deduction invoice and corresponding taxes.