23 June 2021
Laws & Regulations
Data Security Law of the People's Republic of China Passed by the Standing Committee
全国人大常委会通过《中华人民共和国数据安全法》
Issue Date: 2021-06-10
Effective Date: 2021-09-01
On 10 June 2021, the 29th Meeting of the Standing Committee of the 13th National People’s Congress voted to pass the Data Security Law of the People’s Republic of China (the “Data Security Law”), which will come into effect on 1 September 2021. This is notable as this codifies data security management and development into law for the first time.
The Data Security Law consists of 7 chapters and 55 articles, which cover data security and development, data security system, data security protection, government data security and other related legal responsibilities. The Data Security Law improves the classification and protection systems for the top-level design and supervision for data security and management and provides for more severe administrative penalties.
Source: http://www.npc.gov.cn/npc/c30834/202106/7c9af12f51334
New PRC Stamp Tax Law Changes Tax Requirements for IP Transactions
全国人大常委会通过《中华人民共和国印花税法》
Issue Date: 2021-06-10
Effective Date: 2022-07-01
On 10 June 2021, the 29th Meeting of the Standing Committee of the 13th National People’s Congress passed the Stamp Duty Law of the People’s Republic of China (the “Stamp Tax Law”), effective from 1 July 2022.
Changes made to the Stamp Tax Law in respect of intellectual property rights compared with the Interim Regulations on Stamp Duty are:
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Abolishing the stamp duty of RMB 5 for each documentation of rights or licenses. This means that trade mark and patent registration certificates and licenses will not be subject to stamp duty in the future; and
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Reduction of tax rates for IP transactions (i.e. transfer of the exclusive right to use trade marks, copyrights, patents or the use of proprietary technology) from 0.05% to 0.03%.
Source: http://www.iprdaily.cn/news_28185.html
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