2 reform measures from Guangdong Free Trade Zone (GDFTZ), online cross-border RMB tax service and promotion of intellectual property liability insurance for overseas infringement, will be adopted nationwide, according to the latest circular by China’s State Council on July 12.
Through the online cross-border RMB tax service, overseas non-resident taxpayers do not need to open a mainland bank account, or to go to the bank for cross-border remittance, the whole process can be realized online, with no handling fee and the tax money directly into the national treasury.
Also, Guangdong Province pioneers a new online taxation service to facilitate Hong Kong and Macao residents to purchase property in the mainland. It takes half an hour, compared with at least 3 hours previously, to process the whole procedure.
Promotion of intellectual property liability insurance for overseas infringement is aimed at encouraging local governments to expand governmental support, customize overseas intellectual property insurance underwriting programs, and to provide stronger aid to Chinese companies in safeguarding their rights in overseas markets.
FTZs are launched to explore new ways and accumulate experience for comprehensively deepening reform and expanding opening-up, and the promotion of reform measures will help improve the business environment nationwide, stimulate market vitality, and build a higher-level open economy.
Reported by Nan, Jenny (Intern)
Edited by Olivia, Jerry
