Keyword: charity law

“Measures for the Management of Charitable Trusts” released

The China Banking Regulatory Commission and the Ministry of Civil Affairs (MCA) have jointly issued the “Measures for the Management of Charitable Trusts” (MMCT), marking the basic establishment of the regulatory system for China’s charity trusts. The official news briefing by the MCA explains that the regulation was released “in order to implement the Party’s central strategy, standardise charitable trusts, protect the legitimate rights and interests of charitable trust parties, and promote the development of philanthropy”. The “Charity Law”, which was passed in the fourth meeting of the 12th National People’s Congress, dedicated one chapter to charitable trusts, demonstrating the importance of the trust system in the development of philanthropy …read more

Regulations on the annual management expenditure of charitable organizations released

New regulations on the annual management expenditure of charitable organizations were released on the website of the Ministry of Civil Affairs (MCA) on October 20th. These regulation were formulated by the MCA, the Ministry of Finance and the State Administration of Taxation. According to the new Charity Law, which passed into effect in September, charitable organizations should actively conduct charitable activities, using their funds properly and effectively. They should reduce unnecessary expenses and keep management expenditure to the minimum. More specifically, for charitable foundations with the qualification for raising donations from the public, the proportion of annual expenditure must be higher than 70% of the general income of the previous year …read more