China Tax Alert - Issue 22, August 2014
The 14th Shanghai Standing Committee of the National People's Congress approved the Regulation for China (Shanghai) Pilot Free Trade Zone (‘the Regulation’) on 25 July 2014, effective 1 August 2014.
The Regulation outlines the management system, openness to investment, trade facilitation, financial service, management of taxation, comprehensive supervision and legal environment. It does not only summarise existing regulations for the SH Pilot FTZ, but also foreshadows the innovation of the policies. The Regulation provides the legal framework for the reform of the SH Pilot FTZ, strengthening the confidence of investors and raising expectations for the development of the SH Pilot FTZ.