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  06.09.2023

  China

  Chinese Tax Regulation Update | August 2023

  The State Administration of Taxation (“SAT”), together with other governmental authorities at central level, has promulgated a series of regulations that extend the validity period of various preferential tax policies for the following years till 31 December 2027 in August. We have picked below certain renewed policies that may be relevant to the companies’ routine business. Digest of renewal of preferential Individual Income Tax (“IIT”) policies regarding certain benefits granted to foreigners (i.e., Announcement 29 jointly released by the Ministry of Finance (“MOF”)...

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  01.09.2023

  China

  Extension of Preferential Individual Income Tax Policies on Benefits Granted to Foreigners and Annual Bonus of PRC Tax Residents

  On August 18th, 2023, the PRC Ministry of Finance and the State Administration of Taxation jointly released Announcement No. 29 ("Announcement 29") and Announcement No. 30 ("Announcement 30") to further extend the expiration date of preferential Individual Income Tax ("IIT") policies on certain benefits granted to foreigners and annual bonus of PRC tax residents from December 31st, 2023 to December 31st, 2027. The extension is good news for both foreigners working in China and all Chinese tax resident individuals. Extension of the IIT exemption policies of certain benefits granted to foreignersAccording...

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  30.08.2023

  United Kingdom

  OEUK De­co­m­mi­s­sio­ni­ng Security Agreements – Ap­pro­val/Ob­je­c­tion of Proposed Plan

  As discussed in our previous Law Now (see our OEUK Decommissioning Security Agreements – the Proposed Plan Law Now here), Offshore Energies UK (OEUK) has published two template Decommissioning Security Agreements (DSAs); one for use in relation to PRT (Petroleum Revenue Tax) paying fields (the “PRT DSA”) and another for all other circumstances (the “non-PRT DSA”) – other than in relation to their treatment of PRT, these are in identical terms, and are collectively referred to in this article as the OEUK DSA for ease of reference. These template DSAs provide a...

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  10.08.2023

  United Kingdom

  The impact of Pillar Two and the BEPS Actions on finance transactions

  Increasing interest rates, inflationary costs and the threat of restricted growth (or even recession) continue to add pressure on borrowers. Those pressures, combined with the lower headroom on financial covenants since higher interest rates have taken hold, will mean a number of financing transactions will be under stress. That stress can be further exacerbated if there is a risk of additional tax exposure materialising, particularly in highly structured transactions. In certain markets, that has focused lenders’ minds on the borrower’s tax structuring and analysis, particularly with...

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  09.08.2023

  Luxembourg, UK

  Luxembourg ratifies amendments to UK-Lu­xe­m­bou­rg tax treaty - key co­n­si­de­ra­tio­ns for investors

  On 19 July 2023 Luxembourg ratified the text of the new tax treaty between the UK and Luxembourg (the Treaty). The UK ratified the Treaty last year. Changes that we addressed in our previous article will now enter into force after 1 January 2024 replacing provisions of the treaty signed in 1967.Due to the fact that the tax year in the UK is ‘shifted’ from the calendar year, certain provisions will enter into force throughout the course of 2024. More details are set out in our previous articles but investors will have to take into consideration the following changes.Residence test and...

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  01.08.2023

  China

  Chinese Tax Regulation Update | June & July 2023

  The latest development in China Tax Regulation mainly includes:Announcement [2023] No. 11 jointly released by the State Administration of Taxation ("SAT"), as the initiator, and the Ministry of Finance ("MOF")Announcement [2023] No. 11 jointly released by the MOF, as the initiator, and the SATPlease click here to read the full article.

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