Legal

• State Administration of Taxation, Circular on Issues Relevant to the Payment of Enterprise Income Tax by Foreign-invested Enterprises Engaging in Telecommunications Business

  国家税务总局关于从事通信业务的外商投资企业缴纳企业所得税有关问题的通知

  Time limits for depreciation of telecommunications equipment adjusted.

  July 02, 2007

• State Administration of Taxation, Official Reply on the Issue of the Income Tax Treatment of Sale-leaseback Transactions by Foreign-invested Enterprises that Engage in Real Property Development

  国家税务总局关于从事房地产开发的外商投资企业售后回租业务所得税处理问题的批复

  Tax policy on sale-leaseback transactions by foreign-invested real property developers clarified.

  July 02, 2007

• EMPLOYMENT LAW PROMPTS FOREIGN COMPANIES TO CLEAN HOUSE

  The nation's long-awaited, much-debated and controversial new law on employment contracts was promulgated on June 29 2007 (see our translation on p. 30…

  July 02, 2007

• China Insurance Regulatory Commission, Guidelines for Contingency Administration of Major Unexpected Events in Insurance Asset Management

  中国保险监督管理委员会保险资产管理重大突发事件应急管理指引

  The CIRC reinforces contingency administration of major unexpected events in insurance asset management.

  July 02, 2007

• State Administration of Taxation, Circular on Issues Relevant to the Enjoyment of Preferential Treatment as Production Enterprises by Foreign Investors Investing in and Operating Natural Gas Projects

  国家税务总局关于外商投资经营天然气项目享受生产性企业有关问题的通知

  Income from the processing and sale of natural gas entitled to preferential tax treatment.

  July 02, 2007

• PRC Employment Contract Law

  中华人民共和国劳动合同法

  New employment contract law imposes greater requirements on employers.

  July 02, 2007

• Supreme People's Court, Several Provisions on the Trial of Cases Involving Civil Tort Compensation in Connection with Audit Activities by Accounting Firms

  最高人民法院关于审理涉及会计师事务所在审计业务活动中民事侵权赔偿案件的若干规定

  Accounting firms face stringent tort liability when conducting audits.

  July 02, 2007

• China Banking Regulatory Commission, Measures for the Administration of Lease Financing Companies

  中国银行业监督管理委员会金融租赁公司管理办法

  New measures to open up the lease financing sector to foreign investment

  July 02, 2007

• People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, Measures for the Administration of Customer Identification, and Preservation of Customer Identity Information and Transaction Records by Financial Institutions

  中国人民银行、中国银行业监督管理委员会、中国证券监督管理委员会、中国保险监督管理委员会金融机构客户身份识别和客户身份资料及交易记录保存管理办法

  Financial institutions required to check customer identity to prevent money laundering.

  July 02, 2007

• MAINLAND PROPERTY DEVELOPER LISTS IN LONDON

  China Central Properties (CCP) has successfully completed a US$500 million global offering and listing on the London Stock Exchange's Alternative Investment…

  July 02, 2007