China Desk Newsalerts - February 2011

Happy Year of the Rabbit

We wish you a Happy New Year, a year full of success and achievement, a year rich with the affection of those who are dear to you, a mellow year with happiness and contentment.

PwC Belgium’s first China Desk Newsalert of 2011 will give you an update on the latest news on Tax, Transfer Pricing, HRS and M&A topics.

Enjoy your read!

Tax

Hong Kong Tax Milestones 2010

What's new for a foreign investor in Hong Kong? Our review summarises the main developments from an international perspective (13 treaties signed in 2010) as well as the major domestic developments related to the onshore/offshore qualification of income from cross-border imports processing trade and some specific tax incentives proposed in the 2010/2011 budget.

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Tax Treaty Interpretation

How to interpret the individual provisions under China’s DTAs in a comprehensive manner? We discuss the general provisions of the Departmental Interpretation Notes (“DIN”) as well as those on the passive income articles, namely dividends, interest and royalties.

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Transfer Pricing

China’s First APA Report

This report provides official statistics on Advance Pricing Arrangement (”APA”) Programmes, both in progress and completed, for the period from 1 January 2005 to 31 December 2009.

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HRS

Visa Exemption for Taiwanese Nationals

The visa exemption relates to the 'short' stay, which is a stay of maximum 90 days within a given period of 6 months. The exemption from the visa requirement applies only to holders of a passport issued by Taiwan, which includes an identity card number.

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M&A

Corporate Income Tax Administrative Measures for Corporate Restructuring

In August 2010, the Chinese State Council issued the Guofa Circular (2010) No. 27 to promote corporate restructuring to boom the slow economy. Under such a national policy, it is expected that the MOF and the SAT may roll out new financial and tax regulations in relation to corporate restructuring so that more restructuring parties may enjoy more friendly tax treatments.

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