Autumn 2003
• Acquisition of domestic enterprises in China II
  The promulgation of Provisional Rules on the Acquisition of Domestic Enterprises by Foreign Investors (“Provisional Rules”) in April 2003 provides foreign investors an alternative investment vehicle to invest in the domestic enterprises of China.
 
• Computer forensic accountant
  Many companies rely on personal computers to run their businesses. No doubt that the computer has proven to be a powerful toon in the world of commerce. Along with it came a number of security issues.

• The key to managing successful outsourcing
  The economies of scale offered by the outsourcing service provider can lead to cost savings, access to better technology and allowing the company's management to devote more efforts on its core and critical activities.
   
• Legal update of Companies Ordinance
  Legal updates for both the BVI International Business Companies (Amendment) Act 2003 and Hong Kong Companies (Amendment) Ordinance 2003 should be carefully looked at for it can bring significant impact to business owners.
 
• Holiday journey benefits now taxable
  With effect from 1 April 2003 all payments made by an employer in connection with a holiday journey for an employee are subject to Salaries Tax in the hands of the employee.
 
• New customs regulations on license fees
  The Chinese Customs Authorities have introduced new regulations aimed at tightening the enforcement of Customs duties on license fees on imported goods.

• New trial measures on foreign currency settlement
  The State Administration of Foreign Exchange implemented trial measures in August 2003 to allow Chinese entities to remit foreign currency payments to related companies overseas provided certain conditions are fulfilled.
 

More to know...

• CEPA
• Global New Markets Guide 2003

  

 
 

 

Desmond Yuen, Grant Thornton Partner and Head of China Services, shares the updates regarding acquisition of domestic enterprises in China in this issue.