News & Insights
China will soon levy Value Added Tax (VAT) in all industry sectors
On March 7, 2016, the PRC Ministry of Finance and State Administration of Taxation (“SAT”) issued a notice, Caishui [2016] No. 32 (Notice 32), instructing various SAT branches and provincial local tax bureaus across the country to expand the trial application of VAT to the remaining industry sectors which are still subject to business tax …
FuJae Partners welcomes Christina Tao and Hong Han on Board
Christina Tao, a general corporate and IP lawyer, and Hong Han, a general corporate and litigation lawyer, became members of FuJae Partners as of March 1, 2016. Christina has practiced law for 14 years and Hong Han has been licensed to practice law since 2005.
China issues more new tax policies to encourage technology innovation
On October 23，2015, China’s Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly published a circular (Cai Shui [2015] No.116) on the “Expansion of Pilot Tax Policies in National Innovation Demonstration Zones to all of China” (“Circular 116). In this newsletter, FuJae Partners will outline the four pilot income tax policies that …
FuJae and McGuireWoods Form Strategic Alliance
FuJae Partners and International Firm McGuireWoods Form Strategic Alliance.
AB InBev SAB Miller Merger Tests China’s Competition Watchdogs
As AB InBev and SAB Miller deliberate over the latter’s purchase share price as part of a proposed merger between the two beer giants, China’s competition watchdogs will be eagerly watching. A combined AB InBev/SABMiller would command more than 40% of China’s beer market, enough to guarantee that the Ministry of Commerce (MOFCOM), which enforces the mergers and acquisitions provisions of the China’s 2008 Anti-Monopoly Law (AML), will be closely evaluating the potential implications of this contemplated merger for the Chinese market.
China Streamlines Business Registration
In a move to boost domestic entrepreneurship, China’s government has passed a new regulation stipulating that business licenses, tax registration certificates and enterprise organization code certificates will now all be issued by the State Administration of Industry and Commerce (SAIC). The country’s new business registration system, informally known in Chinese as 三证合一 which translates into “three licenses combined into one”, takes effect on Oct 1 2015.
China’s central bankers tame the Yuan for now
China has stabilized the Renminbi (also known as Yuan) almost three months after the central bank shocked global markets with a devaluation of its currency. In a surprise decision on August 11th, the China’s authorities aggressively implemented measurers to devalue the Yuan, causing it to drop 4.4 percent against the US Dollar within a few days. Since then, the focus of the China’s central bank has been maintaining stability and assuring the market that intentional manipulation will be kept at a minimum. Thus, the promise of letting market forces play a greater role in setting the exchange rate remains an unlikely possibility in the near future.
In Good Faith: Reflections on the Freudenberg Case and China’s Trademark Law
When new amendments (the third amendment) to China’s Trademark Law go into effect on May 1, foreign companies will have a new weapon against trademark squatters who register trademarks in China that don’t belong to them. For the first time ever, the principle of “good faith” has been explicitly codified into China’s Trademark Law, sending clear a message that first filing alone is not enough to secure trademark rights if the filing is made in bad faith.
