By King & Wood Mallesons

Structuring the financing of your investment

In funding an acquisition in Germany, investors regularly use both equity and debt instruments. With respect to the debt capacity of the target, investors need to be aware that lenders will base their credit decision – along with other criteria, such as the security position of the lenders – on the cash flows projected for the coming years. In addition, investors will need to take into account the ratio between debt and EBITDA (Leverage) when structuring the financing. Continue Reading Doing Business in Germany (4) – Banking and finance

作者：金杜律师事务所

为您设计投融资架构

在筹集德国收购的资金时，投资者常同时使用权益与债务工具。对于标的企业的债务能力，投资者需要知晓：贷款人将会在未来几年间预期现金流的基础上做出信贷决定，同时也有其他标准，例如贷款人的担保状况。此外，投资者在设计融资架构时，需要考虑到债务与税息折旧及摊销前利润（EBITDA）之间的比率（杠杆率）。 Continue Reading 在德国做生意（四）——银行与融资

作者：雷继平 尹青  金杜律师事务所

 

通道业务或事务类信托，根据2019年8月7日最高法院民二庭发布的《全国法院民商事审判工作会议纪要（征求意见稿）》（下称“纪要（稿）”）第93条，是指“当事人在信托文件中约定，委托人自主决定信托设立、信托财产运用对象、信托财产管理运用处分方式等事宜，自行承担信托风险，受托人仅提供必要的事务协助或服务，不承担信托财产管理职责的”这一类业务。 Continue Reading 资管纠纷：通道业务合同效力及受托人责任的最新裁判规则

景云峰、胡梅（Meg Utterback）、曹宇珂 (Nic Cao)

根据美国商务部工业与安全局(BIS)的统计，2018年经许可例外(License Exception)授权的全球出口贸易额约为200亿美元。2017年，在美国出口到中国大陆地区的高科技贸易中，使用最多的是许可例外ENC（针对加密产品、软件及技术的一种许可例外），涉及23.3亿美元的交易，在当年美国对中国大陆使用许可例外授权的出口贸易额中（24.5亿美元）[1]，占比高达95%。 Continue Reading 如何正确理解与使用美国出口管制中的许可例外

By King & Wood Mallesons

The national tax system

As most western countries, Germany has a rather complex and detailed tax system, with a wide range of legislation as well as decrees from fiscal authorities and jurisdictions of the fiscal courts. Continue Reading Doing Business in Germany (3) – Taxation and deal structuring

By King & Wood Mallesons

What are the main features of Australia’s tax system?

Australia has a comprehensive tax regime with taxes imposed at both the Federal level and the State/Territory level. The Australian Taxation Office (ATO) is responsible for administering the tax laws imposed at the Federal level and each State and Territory has a different body which administers the tax laws imposed in that particular jurisdiction Continue Reading Doing Business in AU丨Features of our Tax System

作者：金杜律师事务所

澳大利亚税务体系有哪些主要特征？

澳大利亚设有综合性的税务机制，联邦和州/领地政府在不同层面分别征税。澳大利亚税务局（ATO）负责联邦层面税务法的管理，而每个州和领地都有一个管理该司法管辖区税务法的机构。 Continue Reading 在澳大利亚经商丨澳大利亚税务体系的特征

作者：金杜律师事务所

需要考虑哪些环境问题？

环境考量对于在澳拟议开发及项目和投资的持续运作而言是非常重要的。澳大利亚有关环境方面的法律超过300部（还不包括这些法律下的无数法规），而联邦和州级的机关或部门超过80家，因此这是一个非常复杂的领域。 Continue Reading 在澳大利亚经商丨环境影响

By King & Wood Mallesons

What environmental issues need to be considered?

Environmental considerations are important to proposed developments in Australia and to the continued operation of most projects and ventures. Australia has over 300 Acts (and numerous regulations under those Acts) relating to environmental matters, and more than 80 agencies or authorities at both Federal and State level, so it is a potentially complex area. Continue Reading Doing Business in AU丨Impacting our World