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By International Assignment ServicesJan 2013, Issue 3
Recent developments in Qianhai - Green light to cross-border RMB lending and further guidelines for IIT rebate
In our previous News Flash issued in Jul 2012, we shared that the State Council had granted policy support to encourage the development of modern services industries, in particular, innovative financial services and products, in the Qianhai Modern Services Industry Cooperation Zone ("Qianhai"). Recently, a few provisional measures on Qianhai were released by the relevant authorities:
The People’s Bank of China ("PBOC") approved and released the <Provisional Measures of the Administration for Cross-border RMB Lending in Qianhai> and its Detailed Implementation Rules ("Cross-border RMB Lending Measures") providing detailed guidelines for Qianhai enterprises to borrow RMB from Hong Kong-based banks.
- The government authorities in Shenzhen promulgated the <Provisional Measures on the Individual Income Tax ("IIT") Rebate for Overseas Talents and Professionals in Short Supply in Qianhai> (the "IIT Rebate Measures") and <Provisional Measures on the Assessment of Overseas Talents and Professionals in Short Supply in Qianhai> (the "Talents Assessment Measures"). These two new documents provide detailed guidelines to implement the IIT rebate program to attract talents to work in Qianhai.
In this Issue of News Flash, we would discuss the Cross-border RMB Lending Measures and the implementation details of the IIT rebate program in Qianhai and share our observations in these areas.
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