By Zhang Yunwei (Mark) , Yao Jinchuang and Zhan Jia King & Wood Mallesons Shanghai ,China
With the rapid development of information network technology, healthcare system reform and M-health policy support from the PRC[1] government, the Chinese mobile health market which emerged in 2014 has grown quickly. More and more pharmaceutical and medical device
By Edmund Wan , Teng Haidi, James McKenzie, Yu Qing and Jack Nelson. King & Wood Mallesons
IntroductionThe foundational instrument for the enforcement of international arbitral awards, the New York Convention (the “Convention”),[1] has made arbitral awards readily enforceable across the world but, in application, the Convention remains reliant upon the divide
By King & Wood’s Trademark Practice
Foreign companies often have concerns regarding whether the litigation process in an overseas venue will be efficiently handled by the relevant courts. In China, given the large increase in IP-related lawsuits in recent years, this is a reasonable concern. In 2009, P.R.C. courts had concluded 6,262 cases with a yearly increase of 31.89%. 1With such an upsurge in litigation, the P.R.C. courts have faced a very significant challenge.
Continue Reading P.R.C. Courts Show Improved Efficiency in Handling Foreign-related IP Lawsuits
CDM ‘Hong Kong’ ‘Clean energy’ ‘Hong Kong Environmental Protection Department’
Continue Reading New Investment Opportunities for Foreign Companies in Sustainable Projects in China
By Stephen Nelson, Partner and Head of King & Wood’s Taxation Practice
It is not uncommon for foreign investors to sell the shares of intermediate holding companies that hold the equity in Chinese companies as a way to exit their investments in China, in order to get around government approval procedures, as well as to avoid PRC tax on their capital gains. It certainly appears that these offshore transfers may be examined by the China tax authorities going forward, and may no longer escape the Chinese tax net. Recently, the State Administration of Taxation (the “SAT”) issued the circular Guoshuihan [2009] No. 698, “Strengthening the Tax Administration of Equity Transfers by Non-resident Enterprises” ("Circular 698”), which, for the first time, explicitly requires disclosure to the tax authorities of offshore indirect transfers of equity in PRC companies. The tax authorities may then examine the transferred offshore holding company in order to ascertain whether the structure has a reasonable commercial purpose – if not, the offshore gain could be held subject to Chinese tax.
Continue Reading Offshore Equity Transfers – Next Target for PRC Tax Anti-avoidance Attack
China’s crack down on tax anti-avoidance took another major step forward with the release of a new Circular by the SAT which may severely restrict the ability of offshore holding companies to take advantage of tax treaty benefits.
Continue Reading China Launches Latest Attack on Offshore Holding Companies
