China MOF Releases Two Announcements on Urban Maintenance, Construction Tax Exemption, Calculation

The Chinese Ministry of Finance Aug. 25 released Announcements Nos. 27 and 28, on the urban maintenance and construction tax exemption and calculation procedure, respectively. The announcements include: 1) the continued implementation of preferential tax policies after the entry into force of the new urban maintenance and construction tax law on Sept. 1; 2) urban maintenance and construction tax exemptions on standard gold sold and physically delivered through the gold exchange and through the Shanghai Futures Exchange; 3) various urban maintenance and construction tax reductions and exemptions for specified projects and taxpayers; and 4) urban maintenance and construction tax calculation ...