Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 367

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 367
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2017 and concurrently abolished Circular 698 and certain provisions of Circular7, and was amended by the Announcement of the State Administration of Taxation on Revising Certain Taxation Normative Documents issued on June 15, 2018 by the SAT. SAT Bulletin 37 further clarifies the practice and procedure of the withholding of non -residententerprise income tax. Pursuant to SAT Bulletin37, where the party responsible for the deduction of such income tax did not or was unable to make such deduction, the non -residententerprise receiving such income should declare and pay the taxes that should have been deducted to the relevant tax authority. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests or other taxable assets in a PRC resident enterprise by a non -residententerprise. Under Circular 7 and SAT Bulletin37, where a non -residententerprise transfers the equity interests or other taxable assets of a PRC resident enterprise indirectly by disposition of the equity interests of an overseas holding company, the non -residententerprise, being the transferor, or the transferee, or the PRC entity which directly owned the taxable assets may report to the relevant tax authority this indirect transfer. Using a “substance over form” principle, the PRC tax authority may re -characterizesuch indirect transfer as a direct transfer of the equity interests in the PRC tax resident enterprise and other properties in China. As a result, gains derived from such indirect transfer may be subject to PRC tax at a rate of up to 10%. Regulations Relating to Manufacturing New Energy Commercial Vehicles and Compulsory Product Certification According to the Provisions on the Access Administration of New Energy Vehicle Manufacturers and Products, which was promulgated by the MIIT on July 24, 2020 and became effective on September 1, 2020, the MIIT is responsible for the nationwide administration of new energy vehicles and their manufacturers. A manufacturer shall apply to the MIIT for the entry approval to become a qualified manufacturer before commencing the manufacturing and sale of new energy commercial vehicles. Both of the new energy passenger vehicles and their manufacturers will be listed in the Announcement of the Vehicle Manufacturers and Products issued by the MIIT from time to time (the “the Manufacturers and Products Announcement”) if they have obtained the entry approval from the MIIT. To obtain the entry approval from the MIIT, a manufacturer shall meet certain requirements, including, among others, 174 having obtained the approvals or completed the