By Scott Heezen Malcolm Brennan Zhao Yan Cao Linlin King & Wood Mallesons

zhao_yanheezen_sbrennan_mRecent years have seen a renewed focus by international revenue authorities on ensuring that appropriate tax is paid by multi-national enterprises operating in their jurisdictions. The revenue authorities have been fortunate in some respects, with governments in many jurisdictions facing depleted coffers and open to any suggestions as to how to boost tax revenues. Given this environment, revenue authorities have found governments more willing to amend laws and change arrangements that have, in many cases, been in place for long periods of time on the basis that such changes will provide a quick fix for cash-strapped countries.

While it is clear in many cases that, existing tax and regulatory frameworks need to be modified to more appropriately deal with globalization and the allocation of tax revenues among the various jurisdictions multinationals operate in, such an environment is not necessarily conducive to good law or administration. In many cases, the long term ramifications of changes in law and policy at the behest of the revenue authorities are not fully considered before being announced or enacted.
Continue Reading Border Control – Government Responses to Globalisation

By Susan Ning, Ji Kailun and Yin Ranran

Only 10 days after its conditional clearance of the Alpha V/Savio deal1, the Ministry of Commerce (MOFCOM) published, on 10 November 2011, the third conditional merger clearance of this year approving the proposed joint venture between General Electric (China) Ltd. (GE China) and China Shenhua Coal to Liquid and Chemical Co., Ltd. (CSCLC)2

This is the first conditional decision relating to a Chinese Stated-owned enterprise (SOE) and the number of MOFCOM’s conditional clearance decisions is lifted to nine in total.  According to MOFCOM’s announcement, the review process lasted for about 7 months starting from April 13 when the notification was first submitted to MOFCOM.

Continue Reading MOFCOM Imposed Conditions on SOEs – GE/Shenhua Deal

On 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008. According to its announcement, MOFCOM cleared the proposed acquisition by Alpha Private Equity Fund V (Alpha V) of Savio group (an Italia based textile machinery producer, Savio) with four conditions. This is also the second conditional merger clearance this year.
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Continue Reading MOFCOM’s 8th Conditional Clearance – Alpha V/Savio Deal

By Susan Ning and Liu Jia

On 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008.  According to its announcement1 , the review process lasted for 3.5 months starting from 14 July 2011 when the notification was submitted to MOFCOM. 

Set forth below is a chart outlining the review process.Continue Reading Alpha V/Savio Deal – A Procedural Overview of MOFCOM’s Decision-making Process