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  • 【中国・香港】 Hong Kong Court of Final Appeal Confirms Money Laundering Offence Does Not Require Actual Knowledge Nor Does the Property Need to be Actual Proceeds of Crime pdficon_small.png

    There are increasingly aggressive efforts by regulators and now by the judiciary in Hong Kong in combating money laundering. The recent judgment of the Hong Kong Court of Final Appeal (“CFA”) in HKSAR v Yeung Ka Sing Carson (“Carson Yeung Appeal”) serves as a timely reminder of the potential substantial risks in failed AML efforts. The CFA has confirmed, among other things, that on a charge of dealing with proceeds of crime contrary to s 25 (1) of the Organized and Serious Crimes Ordinance (“OSCO”), the prosecution only needs to show that when an accused dealt with certain property, he or she knew, or had reasonable grounds to believe that such property represented the proceeds of an indictable offence. The property does not need to be actual proceeds of crime. It is said by the CFA that there are strong policy reasons favouring this conclusion. This alert will discuss the Carson Yeung Appeal and what clients can do when faced with suspicious transactions.

    アジア・オセアニア|中国|2016年08月03日

  • 【中国】 China Introduces New Transfer Pricing Documentation Rules to Implement BEPS Country-by-Country Reporting pdficon_small.png

    On 13 July 2016, the State Administration of Taxation (SAT) finally released the long-awaited Bulletin 42 to revise the transfer pricing documentation requirements under Circular 2. By introducing the key recommendations under Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project, Bulletin 42 will have a far-reaching impact on taxpayers.

    In this alert, we will first look at who is affected by Bulletin 42. We will then discuss key provisions introduced under this bulletin and their implications on multinational companies (MNCs). Finally, we will provide some recommendations to MNCs on how to ensure compliance with the new transfer pricing documentation requirements and how to develop appropriate strategies to safeguard their tax interests in China.

    アジア・オセアニア|中国|2016年07月26日

  • 【中国・香港】 China Tax Monthly pdficon_small.png

    In this issue of the China Tax Monthly, we will discuss the following tax developments in China:

    1. Hong Kong Tax Residency Certificate Valid for Three Calendar Years for Treaty Purposes
    2. Jiangsu Case: Transfer Pricing Adjustments on Related-party Transaction Between Domestic Affiliates
    3. Ningxia Case: Share Transfer Price Adjusted Based on Internal Comparable Transactions
    4. Shandong Case: Transfer Pricing Adjustments to Outbound Royalty Payments
    5. Guangdong Case: China’s First Tax Litigation Case on Dual Employment Arrangements

    アジア・オセアニア|中国|2016年07月11日

  • 【香港】Employers Beware: Court of Appeal Upholds the Implied Term of Anti-Avoidance in Banker’s Employment Contract pdficon_small.png

    In Tadjudin Sunny v Bank of America, National Association (CACV 12/2015), the Court of Appeal (“CA”) recently confirmed the decision of the Court of First Instance (“CFI”), which had held that the Bank of America, National Association (“Bank”) was in breach of an implied term when it terminated the employment of Ms Tadjudin (“Tadjudin”), thwarting her ability to earn a bonus for 2007.

    Following the CA’s decision, employers in Hong Kong could face claims for breach of the implied term of anti-avoidance if they engage in conduct to prevent the operation of an express term in a contract, which would otherwise confer a certain or conditional benefit on the employee.

    アジア・オセアニア|香港|2016年06月22日

  • 【中国】Changes in Customs Declaration Requirements Herald Greater Scrutiny in China pdficon_small.png

    From 30 March 2016, importers and exporters are required to provide additional information when making customs declarations in China which could result in further scrutiny from Customs on the valuation of imported goods.

    Pursuant to the Amendments to the Standards of PRC Customs for the Completion of Import and Export Customs Declaration Forms issued by the General Administration of Customs (“GAC”) and effective from 30 March 2016 (“Announcement No. 20”), GAC amended the types of information that importers and exporters are required to provide when making customs declarations. Among the various additional items, the following items are of particular concern:
    a. Whether there is a special relationship between buyer and seller in the transaction;
    b. Whether the special relationship influenced the transaction value; and
    c. Whether there are any royalty payments.

    アジア・オセアニア|中国|2016年06月02日

  • 【中国・香港】 China Tax Monthly pdficon_small.png

    In this issue of the China Tax Monthly, we will discuss the following tax developments in China:
    1. China Signs the MCAA for Automatic Exchange of CbC Reports
    2. The SAT Issues New VAT Exemption Measures
    3. The SAT Revises Measures on Publishing Tax Noncompliance Cases
    4. Recordal Procedure Applies to Software and Integrated Circuit Enterprises Claiming EIT Incentives
    5. Shandong Case: Offshore Upstream Merger Disqualified from Notice 59 Exemption
    6. Taizhou Case: PRC Target Company Enterprise Required to Withhold Tax on Capital Gains
    7. Guiyang Case: Management Fee Deemed to be Distributed Dividends
    8. China Issues Tax Rules on Cross-border B2C E-commerce

    アジア・オセアニア|中国|2016年05月30日

  • 【中国・香港】PBOC Has Expanded Inbound Financing Regime Prevailing in FTZs to Nationwide pdficon_small.png

    On 22 January 2016, the People’s Bank of China (“PBOC”) published the Notice on Expanding the Trial Implementation of Full-blown Macro Prudential Administration of Cross Border Financing (《中国人民银行关于扩大全口径 跨境融资宏观审慎管理试点的通知》, Yin Fa No. 2016-18, the “Notice 18”) for the expansion of the new macro prudential administrative regime on inbound financing to the four free trade zones in China, which was first introduced in the Shanghai Free Trade Zone in early 2015.

    On 29 April 2016, PBOC published the Notice on the Nationwide Implementation of Full-blown Macro Prudential Administration of Cross Border Financing (《中国人民银行关于在全国范围内实施全口径跨境融资宏观审慎管理的通知》, the “Notice”1). The Notice, effective from 3 May 2016, further expands the new macro prudential administrative regime on inbound financing (the “New Regime”) on a nationwide basis.

    アジア・オセアニア|中国|2016年05月06日

  • 【中国・香港】Hong Kong Court Refers Parties to Arbitration in Dispute Involving Jurisdiction and Arbitration Clauses pdficon_small.png

    Parties entering into related contracts should carefully consider how future disputes ought to be resolved. This alert will look at a recent Hong Kong decision in Bluegold Investment Holdings Limited v Kwan Chun Fun Calvin [2016] HKEC 532 (“Bluegold Case”) involving the construction of inconsistent dispute resolution clauses in related contracts. We will also discuss how to avoid jurisdictional disputes in this context, and associated cost and delay.

    アジア・オセアニア|香港|2016年05月05日

  • 【中国】China: Major Policy Changes to Cross-border E-Commerce Program and the Implications on Sale of Unregistered Products pdficon_small.png

    In the end of March, China’s Ministry of Finance (“MOF”), General Administration of Customs (“GAC”) and State Administration of Taxation jointly promulgated the Circular on Taxation Policy on Cross-Border E-Commerce Retail Importation (Circular Cai Guan Shui [2016] No. 18, or“Circular 18”).  Circular 18 entered into force as of April 8, 2016.

    アジア・オセアニア|中国|2016年05月05日

  • 【中国】China Employment Law Update pdficon_small.png

    · Government Considers Amending Employment Contract Law to Make Employment “More Flexible”
    · Social Insurance and Housing Fund Costs to be Reduced throughout China
    · New Family Planning Rules Issued in Beijing and Other Key Locations
    · Further Guidance Issued on Work Related Injury Issues
    · Sichuan Province’s Highest Court Issues Guiding Opinion on Labor Disputes
    · Beijing Case Clarifies Issues Regarding Female Employees’ Retirement Age
    · Chongqing Court Dismisses Employee’s Claim for Severance Pay due to Company Relocation
    · Recent Cases on Collective Contract Issues
    · Foreign Movie Star Ordered to Pay Back Income Tax in Beijing

    アジア・オセアニア|中国|2016年04月29日

  • 【中国】Comprehensive VAT System to Cover All Industries pdficon_small.png

    On 1 May 2016, China will complete its VAT pilot program and end the bifurcated value-added tax (VAT) and business tax (BT) system that has been in place since 1994. A comprehensive and uniform VAT system will apply to all industries, and business tax (BT) will be swept into the dustbin of history.

    アジア・オセアニア|中国|2016年04月28日

  • 【中国・香港】New Rules Offer Greater Protection and Incentives to Whistleblowers in China pdficon_small.png

    On 30 March 2016, the Supreme People’s Procuratorate (“SPP”), Ministry of Public Security and Ministry of Finance released Several Provisions on Protecting and Rewarding Whistleblowers for Reporting Duty Crimes (“New Regulations”) offering greater protection and incentives to the whistleblower. This is likely to encourage more whistleblower reports and further strengthen the government’s efforts to crackdown on corruption involving government officials.

    アジア・オセアニア|中国|2016年04月27日

  • 【中国・香港】Use of Predictive Coding in Electronic Discovery in England Provides Useful Reminder for Hong Kong Cases pdficon_small.png

    In a recent landmark decision concerning the discovery of electronic documents (“English Case”), the English High Court approved the use of a predictive coding program to narrow the scope of relevant documents.
    The development is significant for litigants in Hong Kong, as this is the first time an English court has approved the use of predictive coding in the discovery of electronic documents (“e-discovery”).

    アジア・オセアニア|中国|2016年04月18日

  • 【シンガポール】The Model Constitution: an opportunity for private companies to achieve regulatory alignment pdficon_small.png

    The Companies (Model Constitutions) Regulations 2015 (“2015 Regulations”) was passed on 3 January 2016, to coincide with the coming into force of nearly all of the remaining Phase 2 amendments to the Companies Act. As prescribed under section 36(1)(a) of the Companies Act, the 2015 Regulations provide in their First and Second Schedules two forms of model constitution:

    * one for private companies (“Model Constitution”); and
    * the other for companies limited by guarantee.

    This client alert will focus on the Model Constitution for private companies.

    アジア・オセアニア|シンガポール|2016年04月14日

  • 【香港】Comprehensive Guidance on Cybersecurity Controls Issued by SFC pdficon_small.png

    The Securities and Futures Commission (“SFC”), Hong Kong’s securities regulator, recently released comprehensive guidance on suggested cybersecurity controls within Licensed Corporations (“LCs”). Though it only applies to LCs regulated by the SFC, it represents the most comprehensive guidance issued by a Hong Kong authority on cybersecurity, and provides useful insight on how organisations can effectively guard against cybersecurity threats.

    アジア・オセアニア|香港|2016年04月13日

  • 【香港】Impact of Fourth Protocol to Hong Kong / China Double Tax Arrangement pdficon_small.png

    Following ratification by the respective governments of both sides, the Fourth Protocol to the double tax arrangement between Hong Kong and Mainland China (“HK-China DTA”) is now in retroactive effect as of 29 December 2015.
    The changes introduced under the Fourth Protocol are designed to realise two objectives: first, they are intended to boost Hong Kong’s attractiveness as a platform for investment into China via targeted tax incentives. Second, they counteract abuse of benefits under the HK-China DTA and facilitate information exchange by tightening anti-abuse provisions and expanding the scope of taxes covered under the information exchange provision.

    アジア・オセアニア|香港|2016年04月08日

  • 【中国・香港】First Reported Case of a PRC Court Enforcing a Foreign Award between PRC Domestic Parties pdficon_small.png

    The recent case of Siemens International Trading (Shanghai) Co., Ltd vs. Shanghai Golden Landmark Co., Ltd (2013) Hu Yi Zhong Min Ren (Wai Zhong) Zi No. 2 (27 November 2015) (“Golden Landmark Case”) is the first reported case where a PRC court has recognised and enforced a foreign award made in an arbitration between PRC domestic entities.

    アジア・オセアニア|中国|2016年03月23日

  • 【中国・香港】China Tax Monthly pdficon_small.png

    In this issue of the China Tax Monthly, we will discuss the following tax developments in China:
    1. Business Tax to Be Completely Replaced by VAT from 1 May 2016
    2. New HNTE Recognition Rules Take Effect from 1 January 2016
    3. Anshan Case: Transfer Pricing Adjustment on Service Fees
    4. Beijing Case: Withholding Tax Levied on Disguised Guarantee Fees
    5. China Issues Reform Plan on Tax Collection and Administration System

    アジア・オセアニア|中国|2016年03月21日

  • 【中国】Proposed Amendments to the PRC Anti-Unfair Competition Law Provide Greater Clarity on Commercial Bribery and Impose Tougher Sanctions pdficon_small.png

    On 25 February 2016, the State Council released for public consultation draft amendments (“Draft Amendments”) to the PRC Anti-Unfair Competition Law (“AUCL”), the first time after more than 20 years since the AUCL's enactment. Notably, the Draft Amendments introduce new definitions, enhanced enforcement measures and tougher sanctions to regulate commercial bribery, which echoes the ongoing corruption sweep in China. The Draft Amendments signal the Chinese government’s intention to further tighten their stance on tackling commercial bribery.

    アジア・オセアニア|中国|2016年03月09日

  • 【中国】Significant Changes to China’s Family Planning Law will Impact Employee Leave Entitlements pdficon_small.png

    On December 27, 2015, the National People’s Congress Standing Committee adopted changes to China’s Family Planning Law, which used to encourage couples to marry and give birth later in life (the so called “late marriage and late birth” policy) and to have only one child.

    アジア・オセアニア|中国|2016年03月01日

 

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