China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	CIRCULAR OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON TAXATION ISSUES IN THE ASSETS TRANSFER TO THE FOUR ASSET MANAGEMENT CORPORATIONS AS CAPITAL

	(Docket No.21 [2003] of the Ministry of Finance and the State Administration of Taxation promulgated on February 21, 2003)


SUBJECT : FOUR ASSET MANAGEMENT CORPORATIONS; ASSET TRANSFER; CAPITAL
ISSUING DEPARTMENT : STATE ADMINISTRATION OF TAXATION, MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 02/21/2003
IMPLEMENT DATE : 02/21/2003
LENGTH : 293 words
TEXT :

In accordance with the Circular on Transmitting the Opinions of the People's Bank of China, the Ministry of Finance and China Securities Regulatory Commission on Forming China Cinda Asset Management Corporation (Docket No.33 [1999] of the General Office of the State Council), and the Circular on Transmitting the Opinions of the People's Bank of China, the Ministry of Finance and China Securities Regulatory Commission on Forming China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation and China Orient Asset Management Corporation (Docket No.66 [1999] of the General Office of the State Council), the Ministry of Finance allocates, on a gratuitous basis, some assets (including cash, investment, fixed assets and loans allocated with the investment entity) from China Construction Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China and the Bank of China (hereinafter referred to state-owned commercial banks) to China Cinda Asset Management Corporation, China Huarong Asset Management Corporation, China Great Wall Asset Management Corporation, and China Orient Asset Management Corporation (hereinafter referred to financial asset management corporations) as the capital for their formation. The relevant tax policy issues involved in the transfer procedures of the assets under capital account received by the aforesaid financial asset management corporations are hereby notified as follows:

I. Where the financial asset management corporations receive the assets of the state-owned commercial banks according to the amount of capital ratified by the Ministry of Finance, the deed tax and stamp tax shall be exempted in the handling of transfer procedures.

II. Where the state-owned commercial banks allocate the assets to the financial asset management corporations according to the amount ratified by the Ministry of Finance, the sales tax, value-added tax and stamp tax shall be exempted in the handling of transfer procedures.