Earlier this year the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation issued a circular containing new Measures on HNTE Recognition. These measures, along with a Catalogue of supported industries, detail HNTE recognition requirements and necessary administration procedures under the PRC Enterprise Income Tax Law.
The Measures set forth the criteria for recognition as a hi-tech enterprise. After obtaining qualifications as a hi-tech enterprise, the enterprise is entitled to tax reduction or exemption.
A material asset reorganization shall be constituted when the purchase or sale of assets by a listed company and by the companies in which it has a controlling interest or that it controls reaches any of the specified benchmarks
Maoye International has raised HK$2.7 billion (US$343 million) in a Hong Kong initial public offering, the first company to list on the Main Board of the…
Taiwan firm J&J Attorneys-at-Law's nine lawyers have joined the Taipei office of Kirkpatrick & Lockhart Preston Gates Ellis (K&L Gates). With offices…
Vladimir Furman and Dina JarmukhanovaMcGuire WoodsIn the absence of a treaty, Kazakhstan will not recognize or enforce judgments of the PRC courts.…
Huaneng Power International has completed an approximately HK$26 billion (US$3.3 billion) acquisition of SinoSing Power from Huaneng Group, including cash…
Adam LiJun He Law Offices2007 witnessed the dramatic change of China's legislation and regulations landscape concerning the acquisition of businesses…
Last year saw the promulgation of the Employment Contracts Law and the Employment Promotion Law, both of which work towards strengthening employee rights. The new laws build on the existing PRC Labour Law and make clarifications regarding open-ended contracts, employee rights in the workplace, trade unions and equal opportunities laws. As employers and employees are now adjusting to the new laws, more clarification is needed in order for them to be successfully implemented.
The new circular issued by the CBRC represents a step towards the wider acceptance of commodities futures transactions, helping banks generate more business, provide more flexibility in gold trading, and improve competitiveness. The various conditions, application procedures and other requirements are extensive; while there are still some concerns about the operation of the new regulation, it is a step in the right direction.