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Foreign Exchange Settlement of Foreign Debt Funds
The Shanghai Branch of the State Administration of Foreign Exchange implemented rules for further promotion of foreign exchange administration reform in the China (Shanghai) Pilot Free Trade Zone (the “SHFTZ”) that took effect on 17 December 2015.
The rules state that enterprises (excluding financial institutions) in the SHFTZ are allowed to make foreign exchange settlement of their foreign debt funds, and the procedures for foreign exchange receipts and payments under current items shall be further simplified.
The Ministry of Finance and two other departments jointly issued the Circular on Relevant Tax Policies for the Mutual Recognition of Funds between the Chinese mainland and Hong Kong (the “Circular”) for implementation with effect from 18 December 2015.
The Circular specifies that income from the price margin in trading of recognised Hong Kong fund units by mainland individual investors shall be temporarily exempt from individual income tax for three years from 18 December 2015 to 17 December 2018. It also states that individual income tax shall be withheld and paid by the mainland agents of such Hong Kong funds at a tax rate of 20% for proceeds obtained by individuals from the distribution of recognised Hong Kong funds.