Policy in place: SAT officially calls off practicing of CTA examination, approval

　　The State Administration of Taxation (SAT) officially called off taxation non-administrative licensing approval of 11 major-items and eight sub-items of other three items that are related to tax, including examination and approval practiced by Certified Tax Agents (CTA).

　　Ban on overseas staff serving as accounting firms’ partners liked to be totally abolished

　　It was made clear in Interim Measures Regarding Examination, Approval and Supervision of Accounting Firms (revised draft soliciting opinions) released by the accounting department of the Ministry of Finance issued on June 3 that accounting firms can adopt the organization form of special general partners and that those who are not certified public accountants are allowed to act as partners in special general partner accounting firms, reducing transformation threshold to special general partner accounting firms and defining the business scope of limited liability accounting firms.

　　2015 China’s listed firms’ internal control White Paper released

　　Considering that listed firms have relatively concentrated issues in asset management and capital activity management, the White Paper suggests internal control standard system and unified internal control supervision standards be gradually implemented in firms listed in the Small- and Medium-sized Enterprise Board and the ChiNext Board.

　　Rating A awarded to 40 companies in China’s first financial company rating

　　As of the end of the first quarter of 2015, China's 199 financial companies boasted 5.13 trillion yuan of assets on and off balance sheet, 2.79 trillion yuan of on-balance sheet assets and 21.883 billion yuan of total realized profit, up 36.22% from a year ago, with non-performing asset ratio standing at merely 0.08%, well below that of banking financial institutions.