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The new PRC Enterprise Income Tax Law (“EIT law”) came into effect on January 1, 2008 and consolidated the enterprise income tax regimes for domestic enterprises and foreign-invested enterprises and ended the system of dual income tax regimes. The new EIT law unified the tax rates and tax incentive policies for both domestic enterprises and foreign-invested enterprises so that more equitable market conditions are created.

For those enterprises previously enjoying favorable tax incentives under the former tax regimes, the new EIT law provides a 5-year transitional period. For example, enterprises that enjoyed fixed term tax exemptions and reductions may continue to enjoy them until the end of the original term. Enterprises that used to enjoy a 15% tax rate will gradually shift from the lower rate to the 25% as required by the new EIT law. The transitional tax incentive policies are provided in many different tax regulations. The following is an introduction of some of the transitional tax policies:
 

Stephen Nelson, head of King & Wood’s Taxation Practice & Wu Libin 

Continue Reading Transitional Tax Incentive Policies relating to the Enterprise Income Tax

The First Intermediate Court of Beijing recently issued a landmark decision under the new Labor Mediation and Arbitration Law (effective May 1, 2008). Under the new law, only employees can appeal certain arbitration decisions, while the employer is only able to request the court to vacate arbitration decisions on certain narrow grounds.

Wu Jing, Attorney, Labor & Employment

Continue Reading Labor Arbitration Decision Vacated

Interviewed by Serwat Perwaiz, Editor of King & Wood’s Publication Group

As China’s economic and social presence on electronic forms of communication continues to develop and expand, the country’s regulatory bodies are stepping up to the challenge to keep pace with the new developments. We are lucky to have Dr. Martin Cave, Professor and Director of the Centre for Management under Regulation, Warwick Business School, to provide us his comments on the hot topics of Technology and the Internet.

When asked about his key areas of interest, he commented that he was particularly interested in “reform and liberalisation of the radio spectrum, which can support the amazing growth of voice and broadband wireless technologies we have seen in the past decade.” He went on to discuss how the standard model in Europe and the United States, which “relies on maximising competition and reducing regulation to the minimum, with a relatively small role for government policy and government subsidy” differs significantly from models in Asian countries where “government policy is a much stronger driver.”

Continue Reading Expert Look at Communications Technology: Comments by Dr. Martin Cave

Duncan Hwang, Foreign Lawyer, King & Wood’s FDI Practice

class="MsoNormal" style="margin: 0cm 0cm 0pt">After the Qualified Domestic Institutional Investor scheme (QDII) was implemented in April of 2006 to help relieve pressure on the RMB by promoting capital outflows and Chinese companies in various industries in the private sector were encouraged to go abroad, China’s outbound investment totaled approximately $20 billion in 2007.

 Continue Reading New York: Current Trends Lead to Overseas Expansion

There are Risks in Participating in the Formation of Standards.

On July 8, 2008, when China’s Supreme Court addressed the question raised by the Liao Ning High People’s Court arising from a patent infringement dispute, it stated, “If a patentee participates in the formulation of the Standard or agrees to incorporate its patented technology into the National Standard, the Industrial Standard and/or the Local Standard, it shall be deemed as the patentee authorizing other parties to exploit the patent for the purpose of conforming to the standards. The exploitation by the said parties may not constitute patent infringement as specified under Article 11 of the Patent Law.” 
 

How can this impact your patent in China? 

Xu Jing, Partner at King & Wood’s IP Litigation Practice

Continue Reading China Patent Holders Beware!

A few years ago, it seemed that Shanghai was on the verge of becoming the Asian city of choice for multinationals establishing regional HQs. However, this did not come to pass and it appears that this has caught the attention of the Shanghai Municipal Government…  

 

By Mark Schaub, Partner, King & Wood Shanghai Office, FDI

 Continue Reading Shanghai Encourages Regional Headquarters

作者：刘军 金杜律师事务所 广州分所 国内诉讼部

2008年3月30日，最高法院公布调整各高级法院和中级法院管辖第一审民商事案件标准，主要从案件标的额方面大幅提高了高级法院和中级法院受理一审民商事案件的门槛，新标准自2008年4月1日起施行。

此次调整将大大减少各高级法院受理一审案件以及最高法院受理二审案件的数量，但同时会导致基层法院受理一审案件数量的激增，相应地中级法院二审案件的办案压力也会一定程度的增大。可以说，新标准的实施后，绝大部分民商事案件的一审、二审工作将由基层法院和中级法院承担。Continue Reading 关于最高法院调整一审民商事案件级别管辖标准的一点看法

Liu Jun, King & Wood’s Guangzhou Office,Domestic Dispute Resolution Practice

On March 30, 2008, a notice was issued by the Supreme People’s Court adjusting the standards for jurisdiction of the high people’s courts and the intermediate people’s courts.The adjustment will reduce dramatically the number of first instance cases tried by the high people’s courts and the Supreme People’s Court, however, it will lead to a huge burden on the basic people’s courts and accordingly the intermediate people’s courts will also see their caseloads increase for cases of second instance. In other words, after the implementation of the new standard, most civil and commercial cases of first and second instance will be charged to the basic and the intermediate people’s courts.The new standard came into force from April 1, 2008…Continue Reading Standards for Cases of First Instance Adjusted by Supreme Court

金杜律师事务所 融资组银行部

背景

2008年8月5日，国务院总理温家宝签署第５３２号国务院令，公布了新修订的《中华人民共和国外汇管理条例》(以下简称“新条例”)。新条例于公布之日起实行，并对原来的外汇管理制度做出了较大幅度的改革以适应近年来中国经济的快速发展和国际经济形势的深刻变化。Continue Reading 外汇管理制度的重大变革

By King & Wood’s Banking Regulation & Compliance Practice

A Brief Analysis on the New Administrative Rules on Foreign Exchanges

Background

On August 5, 2008, the Premier of the PRC State Council, Mr. Wen Jiabao, issued the State Council Order No. 532, which promulgates the newly revised “Administrative Rules of the People’s Republic of China on Foreign Exchanges” (hereinafter referred to as the “New Rules”). This document came into force upon its promulgation, and to a large extent changes the rules of the old foreign exchange supervision system. This tremendous change in the regulatory system is for the purpose of accommodating the rapid development of China’s economy and the material transformation in the international economic fields in recent years.Continue Reading Revolution in the Foreign Exchange Control System