On July 19th 2010, the Hong Kong Securities and Futures Commission (“SFC”) published Consultation Paper Concerning the Regulatory Oversight of Credit Rating Agencies (“Consultation Paper”), setting out its proposed regulatory regime to license and supervise the activities of credit rating agencies (“CRAs”) in Hong Kong. The consultation period will be end on August 20 and …
On July 29th 2010, China Internet Information Network Center (“CNNIC”) updated its policies on domain disputes by issuing the new Wireless Domain Name Dispute Resolution Policy (the “Policy”). The Policy is an amendment to the former disputes policy promulgated in 2006, and is to come into effect on August 29th. Wireless domain system is designed …
CNNIC Amends Its Policies on Wireless Domain Disputes Read More »
Following the “Notice on the Pre-tax Deduction for Public-Welfare Donation” released by the Ministry of Finance (MOF) on Dec 31, 2008, the “Supplementary Notice concerning Issues Related to Pre-tax Deduction for Public-Welfare Donation” (Notice) has been issued recently. The Pre-tax Deduction for Public-Welfare Donation means that the donation expenditure paid by the enterprises or individuals …
Further Regulations on Pre-Tax Deduction For Public Welfare Donation Released Read More »
On August 8th 2010, Gome Electrical Appliances Holdings Ltd (“Gome”) started legal proceedings against Huang Guangyu in the High Court of Hong Kong. The claim is focused on a buyback by Gome of its own shares planned by Huang. Gome said Huang breached the trust as a shareholder and did harm to the company. According …
On July 27, the European Commission cleared the merger of the United Airlines and Continental Airlines Inc, making the United Airlines the world largest airline company. According to the investigation undertaken by the administrative authority on the anti-monopoly matters of the European Commission, there are few competition overlaps between the two airlines on their European …
Merger of United Airlines and Continental Airlines Inc. cleared Read More »
On May 19th 2010, the State Administration of Taxation (“SAT”) promulgated the Notice Regarding Certain Issues of Calculating Land Value-Added Tax (Guo Shui Han [2010] No.220) (the “Notice”). The Notice further clarified the calculation of land value-added tax (“LVAT”) from certain aspects concerning calculation of income, deduction of costs, compensation of dismantlement, and such others. …
SAT Issued New Circular to Restrict Collection of LVAT Read More »
On July 30th 2010, the European Commission (“EC”) said that it would deepen its investigation of the proposed merger of Olympic Air and Aegean Airlines, both of which are Greek airlines. The merger is said to be able to “raise serious competition concerns”. Officials of EC said that the business to be merged has “very …
EU Opens Broader Antitrust Investigation of Greek Airlines’ Merger Read More »
On May 12 2010, the State Administration of Taxation (SAT) issued the Notice of Clarifying the Completion Conditions of Product Developments of Real Estate Development Enterprise (Guo Shui Han [2010] No.201) (Notice 201) pursuant to previous Circulars concerning enterprise income tax (EIT) of real estate development enterprises (REDEs). In accordance with Notice 201, the completion …
SAT Clarified Completion Conditions of Real Estate Product Read More »
To improve the management of Accounting Firms, the Ministry of Finance (MOF) has announced an “Interim Measures on the Financial Management of Accounting Firms” (Measures) recently. The Measures is stipulated based on the “Accounting law of the PRC” and the “Law of the PRC on Certified Public Accountants”, consists of 26 articles, and takes effect …
New Measures on the Financial Management of Accounting Firms Announced Read More »
In this July, a number of Chinese banks raised the ATM withdrawal fee to 4 Yuan in uniform. Without any notice to the public, the sudden increase in the bank fee caused a severe public censure. As a response to the complaints, the NDRC announced a Q&A on July 28th concerning the recent increase of …
ATM fee get a unanimous raise, new regulations expected to be released Read More »
