By: Bill Ye Ma Xiaoyu King and Wood Mallensons Shanghai, China

捕获The State Administration of Taxation (“SAT”) issued Bulletin 42 on 29 June 2016 to improve administration of related-party transaction reporting and contemporaneous documentation (“Bulletin 42”). With the first wave of comment behind us, many questions have emerged. Among the controversial provisions, Article 18 stands out It exempts enterprises transacting only with their domestic related parties from preparing master files, local files and special issue files. The new provisions will have a significant impact on taxpayers. So what is the trend of regulation of domestic related-party transactions under Bulletin 42?

Special provisions for domestic related-party transactions were first set out in the Measures for the Implementation of Special Tax Adjustments (for Trial Implementation), Guoshuifa [2009] No. 2 (“Circular 2”). According to Circular 2, as a general rule, no transfer pricing adjustments need to be made to transactions between domestic related parties and eligible domestic enterprises, for example, those less than 50% foreign-owned whose related-party transactions are conducted with domestic affiliates only, may be exempt from preparing contemporaneous documentation.

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作者：徐萍 姚平 Thomas Harrison 金杜律师事务所公司证券部

xu_ping2016年，中国企业境外投资的势头更加迅猛，仅2016上半年中国境外并购的交易金额已达到1116亿美元，约占全球并购交易总规模的21% 。中国企业俨然已经成为全球并购市场的最大买家。然而，中国买家的高歌猛进也引发了很多国家的担忧，近期在德国、美国、澳大利亚等中国投资的热点国家接连出现关于中国投资的负面决定，显示各国在“不约而同”地收紧外国投资审批，在对中国投资的态度也互相影响。

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作者：金杜律师事务所

对于考虑澳大利亚房地产投资的人士，”实惠房产，真正机遇”可帮助他们快速了解可能遇到的法律、税务及结构问题。我们还概括了直接或间接购买澳大利亚房地产权益中经常用到的关键实务要素及风险缓解策略。

For those considering real estate investment in Australia, Investing Down Under offers a quick overview of the legal, taxation, FIRB and structuring issues you may encounter, together with key practical considerations and risk mitigation strategies often used in the acquisition of direct or indirect interests in Australian real estate. Continue Reading 南半球投资：全球房地产投资者指南

By Isabel Rodríguez Patrick Deasy Alexandrine Armstrong-Cerfontaine and Emidio Cacciapuoti King & Wood Mallesons

As previously reported in Private Equity Comment, pension funds are the largest single source for European private equity and venture capital funds – according to Invest Europe data they have accounted for almost a third of capital raised in Europe in the last three years. And although many are seeking to increase their allocation to the asset class, there are still a number of potential pension fund investors with limited experience and understanding of how these funds operate, which may be holding them back from making investments.

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作者：尹居全 张元浩 金杜律师事务所商务合规部

yin_juquan用人单位在为员工结算当月工资时会遇到员工当月未全勤的情况，例如入职首月实际工作时间不足一个月应出勤天数、因事假缺勤等情形，那么该员工月工资应当如何计算？法律对此并未明确规定，实务中存在多种计算方式。本文针对实务中两种典型的未全勤工资计算方式进行浅要分析、陈说利弊，以供参考。

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By Simon Witney Tamasin Little King and Wood Mallesons London, United Kingdom

Simon Witney Tamasin Little The British prime minister has helpfully assured us that “Brexit means Brexit”, but many commentators have pointed out that there are, in fact, different degrees of separation – and some have suggested that the UK is heading for a “hard Brexit”. In fact, it isn’t always clear what is meant by that term: to some it just means that the UK will leave the single market (which has always looked highly likely, given the EU’s insistence on freedom of movement of people as a pre-requisite of membership); to others, it indicates a Brexit without any meaningful trade deal at all, even as regards access to the single market from outside. Perhaps that latter option should be called a “very hard Brexit”, or – as some have paradoxically put it – the “easy Brexit”.

Such a “no-deal” break up would certainly require the least negotiation, and the fewest concessions on either side. And there may be good tactical reasons for the British government to hint that it would be happy with that outcome: as any experienced negotiator knows, letting the other side know that you have a credible and satisfactory alternative to a negotiated agreement – a “walk-away” option – is very important. But in these very complex pre-talk talks, both sides are actually speaking to multiple constituencies simultaneously, and hints of a “no-deal” Brexit risk pushing UK businesses into making firm plans for such an outcome. Those plans may be hard to reverse.

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作者：刘新宇 王峰 金杜律师事务所海关与贸易合规团队

刘新宇王峰说到走私犯罪，很多人可能想到的夜幕中的走私飞艇，边境上的闯关卡车……总感觉走私离我们非常遥远。还有部分企业认为，只要进口货物不是违禁品，并且履行了报关手续、缴纳了关税，就不会涉嫌走私。但实际上，即便避免了明目张胆的“绕关走私”或“违禁品走私”，企业在进口业务中仍然随时有可能与走私打擦边球。

比如，从海外代购化妆品的网店，将本应通过一般贸易方式批量进口的化妆品分拆包装，申报为个人物品邮递进境，是否构成走私？又比如，企业从国外购买一件大宗设备用于生产产品，低报设备的交易价格从而实现其避税目的，是否会被认定为走私？再比如，经营进口牛奶口味饮品的企业，在报关时将其原来的货品名称“饮料”报成税率较低的“乳品”，是否会被认定为走私？

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作者：金杜律师事务所 King & Wood Mallesons

圆通速递股份有限公司（简称“圆通速递”，股票代码：600233）在金杜律师事务所专业团队的协助下，借壳大连大杨创世股份有限公司（简称“大杨创世”，600233.SH）于2016年10月20日成功完成整体上市，成为“中国快递第一股”。本次重大资产重组交易方案包括重大资产出售、发行股份购买资产及发行股份募集配套资金三项内容。截至2016年10月19日收盘，圆通速递总市值约1,020亿，是A股市场少有的民营千亿市值公司之一。

Advised by King & Wood Mallesons (KWM), YTO Express Co., Ltd. (YTO Express, stock code: 600233) completed its back-door listing by acquiring Dalian Dayang Trands Co., Ltd. (Dayang Trands, 600233.SH) on 20 October 2016 to become the first listed company in China’s express industry. In the transaction, the major asset restructuring included the sale of major assets, assets purchase via shares issuance and fund raising via shares issuance. At the close of the market on 19 October, 2016, YTO Express’s market capitalization reached approximately RMB102 billion, making it rank among the few non-state-owned companies with over RMB100 billion of market capitalization in the A-share market.

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By Max Bonnell and Edwina Kwan, King & Wood Mallesons Sydney, Australia

Max BonnellAlex BaykitchThe Philippines is the world’s top producer of nickel ore, supplying more nickel ore to China than any other country. However the viability of the Filipino nickel industry is currently in a state of flux following President Rodrigo Duterte’s national mining audit of the country’s forty metallic mines. The mining audit began soon after President Duterte’s election in July 2016 and has already resulted in the suspension of 10 nickel ore mines.

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作者: Max Bonnell Edwina Kwan 金杜律师事务所澳大利亚分所

Max BonnellAlex Baykitch菲律宾是全球最大的镍矿石生产国，也是中国最大的镍矿石供应国。然而，在菲律宾总统罗德里戈•杜特尔特（Rodrigo Duterte）对全国四十个金属矿山的采矿作业进行审查之后，目前菲律宾镍矿业的前景存在着许多变数。杜特尔特于2016年7月当选总统后不久便着手开展采矿活动审查，截至目前，已有十座镍矿被暂停营业。

2016年9月27日，杜特尔特总统扩大了打击镍矿业的范围，以未能遵守环保规定为由，建议另外二十座矿山暂停生产。已经暂停营业或受到关停威胁的企业现在占到了菲律宾所有镍矿企业的四分之三，相当于2015年菲律宾近50%的镍矿产量[1]。由于总统对该行业的严厉整顿，预计2016年镍矿石出口将收缩30%以上[2]。

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