JC Master Legal News Issue 951

Key Takeaways for This Issue

The People’s Bank of China has standardized the disclosure of information on commercial acceptance bills, effective August 1 next year.

The People’s Bank of China recently issued the “Regulations on the Disclosure of Information Regarding Commercial Acceptance Bills” (hereinafter referred to as “Notice No. 19”), which clarifies relevant matters pertaining to the disclosure of information on commercial acceptance bills and will take effect on August 1, 2021. It is understood that the specific operational guidelines for the disclosure of commercial bill information will still be further formulated by the bill market infrastructure platform.

Ant Group will be summoned for another round of talks, and Alibaba has been placed under investigation for suspected monopolistic practices.

Recently, based on public reports and following preliminary investigations and analyses, the State Administration for Market Regulation has initiated an antitrust investigation into Alibaba Group Holding Limited for alleged monopolistic practices, including “choose one” requirements. This marks a significant step in China’s efforts to strengthen antitrust oversight in the internet sector, helping to uphold industry order and foster the long-term, sound development of the platform economy.

Announcement of the State Taxation Administration on Matters Relating to the Implementation of Electronic Special Value-Added Tax Invoices Among Newly Registered Taxpayers

To fully implement the Regulations on Optimizing the Business Environment, deepen the “delegation, regulation, and service” reform in the tax sector, and further promote the use of electronic invoices, the State Taxation Administration has decided, building on the earlier pilot programs in Ningbo, Shijiazhuang, and Hangzhou, to roll out the electronic issuance of special value-added tax invoices (hereinafter referred to as “electronic special invoices”) among all newly registered taxpayers nationwide (hereinafter referred to as “newly established taxpayers”).

The Eleventh Amendment to the Criminal Law of the People’s Republic of China has been adopted.

The Eleventh Amendment to the Criminal Law of the People’s Republic of China was adopted at the 24th Meeting of the Standing Committee of the 13th National People’s Congress on December 26, 2020. It is hereby promulgated and shall enter into force on March 1, 2021.