The Shenzhen Municipal Government deliberated and adopted in principle the “Interim Measures for the Management of Housing Provident Fund of Shenzhen City?(hereinafter “Interim Measures? and it is expected the detailed implementation rules will be promulgated on 20 December 2010 by the Shenzhen Housing Provident Fund Management Centre. The Interim Measures provide that the housing provident fund system in Shenzhen will be fully operational starting from 20 December 2010.

In accordance with the Interim Measures, all enterprises registered in Shenzhen should set up an account with any of the designated trustee banks located in Shenzhen, including China Merchant Bank, Bank of China and China Construction Bank, for itself and its employees for the purpose of payment of housing provident fund contributions. Then, the enterprises should apply for registration with the Shenzhen Housing Provident Fund Management Centre (hereinafter “Management Centre?. In any case that an enterprise already maintains an account with any of the above-mentioned banks, the enterprise could apply for registration with the Management Centre directly. The Management Centre will be accepting registration applications from 20 December 2010.

Shenzhen Housing Provident Fund Management Centre
Website: http://www.szzfgjj.com/
Hotline: +86 755 86 366 999

It is expected that more detailed regulations and implementation rules are to be announced by the Shenzhen Municipal Government and the Management Centre once after the housing provident fund system coming into operation on 1 December 2010. We will always keep you post on the latest development by sending you notices or posting the notice in our website. In this regard, please kindly pay attentions to our notices or browse our News and Events section of our website at the web address for the latest development: http://www.bycpa.com/news.html

Our China Corporate Service Team could assist you to ensure that your company complies the various requirements imposed by the upcoming Interim Measure, including registration with the Management Centre, opening of bank account for both your company and your employees with the designated trustee banks for the contribution and payment of housing provident funds. Should you have any questions regarding above or wish to engage us to handle the compliance with the upcoming Interim Measures, please do not hesitate to contact us.

4． Notice of the Local Tax Bureau of the Shenzhen Municipal Government on the Maximum Deduction Standard regarding the taxation of Individual Income in respect of the Adjustment of Housing Provident Fund (Shen Dishui Fa [2010] No. 163)