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【香港】Hong Kong Introduces Tax Exemption to Onshore Privately Offered Open-ended Fund Companies
The Hong Kong Government has proposed legislation (the Inland Revenue (Amendment) (No. 4) Bill 2017) (the "Bill") to offer profits tax exemption to onshore privately offered Open-ended Fund Companies ("Subject OFCs").1
【シンガポール】S$2.4 billion worth of government tenders to be called; recent data privacy enforcement decisions
The Government Technology Agency (“GovTech”) recently announced that S$2.4 billion worth of information and communications technology (“ICT”) tenders will be called in fiscal year 2017. Around S$528 million has been set aside for cybersecurity, a large part of which will be spent on a new Government Security Operations Centre (“SOC”). In all, spending on analytics projects and cyber security will account for more than S$1 billion. The proposed investment will also support the Smart Nation Sensor Platform ("SNSP"), which aims to facilitate the sharing of resources and data amongst agencies to contribute to more efficient urban and operational planning as well as improve the running of city services.
【ジャカルタ】Customs office now requires work permit for all foreign directors for NIK applications
Under a regulation issued by the Director General of Customs and Excise ("DGCE") which became effective on 1 March 2017 (New Regulation as defined below), all importers and exporters operating in Indonesia that intend to apply for, amend or renew their Customs Registration Number/ Nomor Identitas Kepabeanan ("NIK") now need to:
1. ensure that their foreign directors have work permits ("IMTA"); and
2. provide a copy of the IMTA to DGCE with the NIK application.
【香港】Hong Kong Significantly Expands Its AEOI Network and Proposes Joining the Multilateral Convention
On 7 June 2017, the Hong Kong Legislative Council passed the Inland Revenue (Amendment) (No. 3) Bill 2017 which expands the list of Hong Kong's reportable jurisdictions for Automatic Exchange of Information ("AEOI") purposes from two to 75. This massive expansion will come into effect on 1 July 2017. Starting on 1 July 2017, Hong Kong financial institutions ("HK FIs") will be required to identify, collect and report information of financial accounts held by tax residents of these 75 jurisdictions.
【シンガポール】 MAS Proposes Regulations for Provision of Digital Advisory Services
Recognising the growth of digital advisory services (also known as robo-advisory services) and its differences from conventional financial advisory services, on 7 June 2017, the Monetary Authority of Singapore ("MAS") issued a Consultation Paper on the Provision of Digital Advisory Services. In the Consultation Paper, the MAS sets out the licensing and regulatory framework applicable to digital advisers, proposes further legislative amendments to facilitate the provision of digital advisory services in Singapore, and sets out its expectations on how the unique characteristics and risks of digital advisory services should be addressed.
【シンガポール】Singapore Adopts ISO Standard on Anti-Bribery Management Systems
Singapore launched the Singapore Standard (SS) ISO 37001 on Anti-bribery management systems on 12 April 2017, following a public consultation from February to March 2016 on the adoption of the International Organisation for Standardization (ISO)'s new set of voluntary standards (designated as ISO 37001) for anti-bribery compliance.
【中国】China Releases Draft Rules to Implement Local Data Residency Requirement and Security Assessment Requirement on Outbound Data Transmission
China's new Cybersecurity Law, to be effective on 1 June 2017 (the "CSL"),introduced a controversial local data residency requirement, which has raised questions and concerns among multinational companies operating in China.
【中国】Market Misconduct Tribunal Continues Tough Sanctions Against Listed Companies and Their Officers for Breaches of Disclosure Requirements
On 5 April 2017, the Market Misconduct Tribunal ("MMT") fined Mayer Holdings Limited ("Mayer") and nine of Mayer's current and former senior executives a total of HKD 10.2 million for their breaches of the disclosure obligations under the Securities and Futures Ordinance ("SFO") and disqualified them from being directors or being involved in the management of a listed corporation for up to 20 months. The relevant breaches included failure to disclose certain audit issues affecting Mayer and a delay of over three weeks in disclosing the auditors' resignation.
【香港】Hong Kong Regulators Provide Further Guidance on Compliance with Suitability Obligations
The Securities and Futures Commission ("SFC") and the Hong Kong Monetary Authority ("HKMA") have issued further guidance on their expectations of the conduct requirements of financial intermediaries when selling investment products.
【香港】Hong Kong Government Signs New Automatic Exchange of Information Agreements with South Africa and Portugal and Proposes Significant Further Expansion
The Hong Kong Government has recently signed agreements for the implementation of automatic exchange of financial account information (“AEOI”) with two more countries, bringing its number of AEOI partners to nine. In addition, the Hong Kong Government has recently introduced draft legislation that adds 72 jurisdictions (including Mainland China) to Hong Kong’s list of “reportable jurisdictions”. The draft legislation proposes that Hong Kong financial institutions (“HK FIs”) will be required to report to the Inland Revenue Department (“IRD”) by May 2018 the information collected from 1 July 2017 to 31 December 2017 in respect of accounts held by tax residents of these 72 jurisdictions. Reporting in subsequent years will cover the full calendar year. This information will be kept by the IRD and exchanged with the relevant jurisdiction after an AEOI agreement has been concluded with that jurisdiction. Therefore, when an AEOI agreement is entered into with one of the prospective AEOI partners, the relevant AEOI partner will receive information from the IRD dating back to 1 July 2017.
【香港】Proposed Concessionary Tax Regime for Aircraft Leasing in Hong Kong
The Government introduced in March this year tax concessions for the aircraft leasing industry to foster the proposed development of Hong Kong as an aircraft leasing centre.
At present, the current tax rules in Hong Kong are a major impediment to attracting aircraft lessors to set up in Hong Kong. Aircraft owners in Hong Kong are taxed on rental income for offshore leasing activities whilst deductions for aircraft depreciation are denied. The tax treaty network of Hong Kong is also relatively limited.
【中国】China Completes the Revamping of Its Transfer Pricing Regime
On 17 March 2017, the State Administration of Taxation (SAT) issued the Bulletin on the Administrative Measures for Special Tax Investigation and Adjustments and Mutual Agreement Procedures1 ("Bulletin 6"). Bulletin 6 is the third and final bulletin in a series through which the SAT has comprehensively revised the transfer pricing regime under the former Circular 2².
【香港】Proposed Profits Tax Exemption for Privately Offered Hong Kong Open-ended Fund Companies
The Financial Services and Treasury Bureau ("FSTB") has introduced proposals ("Proposals") to extend the profits tax exemption currently enjoyed by publicly offered funds and certain offshore funds, to onshore privately offered open-ended fund companies ("Subject OFCs").
【中国】New China Cybersecurity Guidelines for Registration of Networked Medical Devices
The China Food and Drug Administration ("CFDA") has issued guidelines aimed to implement China's new Cybersecurity Law ("CSL") in the administration of medical devices in China. This development is a clear signal that Chinese regulators intend to enhance cybersecurity protection in the healthcare sector.
【香港】Hong Kong Adding Six Partner Countries to Automatic Exchange of Information
On 16 March 2017, Hong Kong signed agreements with six jurisdictions,namely Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands, for conducting automatic exchange of financial account information in tax matters (AEOI). Confirmation of the date on which Hong Kong will commence exchanging information with these six jurisdictions has yet to be released.
【香港】SFC Consults on Proposals to Facilitate Classification of Professional Investors: Good News for Financial Services Industry
Hong Kong's Securities and Futures Commission ("SFC") has published a Consultation Paper on proposed amendments to the Securities and Futures (Professional Investor) Rules ("PI Rules") ("Consultation"). The Consultation includes proposals to expand the categories of persons who may qualify as a professional investor, permit aggregation of certain assets and introduce alternative forms of evidence to satisfy the asset or portfolio thresholds under the PI Rules.
【香港】Hong Kong Government Considers Expanding Its List of "Reportable Jurisdictions" for Automatic Exchange of Information
Under increasing international pressure, the Hong Kong government is considering expanding its Automatic Exchange of Information ("AEOI") implementation by imposing broader information collection obligations, entering into more bilateral AEOI agreements at a faster pace, and possibly joining the multilateral AEOI agreement.
【中国】China’s New Two-Invoice System in Pharma Distribution Aims to Reduce Drug Prices and Compliance Risk
China has launched the “two-invoice” system in drug distribution on a trial basis, aiming to improve transparency in drug prices and eliminate excessive profit margins associated with multi-tier distribution models. This is the first time Chinese regulators have officially launched the two-invoice system, which had been debated for over a decade. The system is expected to be fully implemented in public hospitals across the country by the end of 2018.
【中国】International Commercial & Trade Newsletter
1. Customs new rules for supervision on outward processing
On 28 November 2016, the General Administration of Customs ("GAC") introduced new rules for regulating outward processing by issuing the GAC Announcement  No. 69 ("Announcement 69") which took effect on 30 November 2016.
【中国】China Climbs Four Places in Transparency International’s 2016 Corruption Perception Index
Transparency International has launched its latest 2016 Corruption Perception Index (“CPI”). China’s ranking continues to improve, moving up by four places from last year’s rank of 83 to a rank this year of 79. Our alert discusses some of the highlights of the 2016 CPI.