Tax Administration Law amendment

　　In this amendment, the regulation of “paying taxes prior to reconsideration” is cancelled in order to make disputes settled by means of the internal relief procedure of tax authority. Administrative reconsideration shall be the necessary procedure for dispute settlement. For the protection of the party’s benefit, reconsideration petition applies to the rule of “adverse alteration prohibition”. The agency of reconsideration shall not make more unfavorable decision to the petitioner.

　　An audit found that seven professors practices frauds to get over 25 million RMB

　　Including China Agricultural University, Zhejiang University, Beijing University of Chinese Medicine, Beijing University of Post and Telecommunications and Renmin University of China.

　　Senior managers’clever trick to avoid tax in listed company—“share reverse to relatives”

　　The other party involved in the “share reverse” is usually a manager’s relatives, such as husband or wife, parents or son. Through this reverse, the base of tax payable is reduced for the selling party, and the shares are still in his family member’s hand which have became common tradable shares. If they sell the shares to get cash through secondary market, they don’t need to pay income tax for this part any more.