Move towards a Chinese FATCA? Enhanced reporting requirements for PRC residents on foreign assets and transactions
On 9 November 2013, the PRC State Council released the revised reporting requirements for ‘PRC residents’ in relation to their cross-border receipts and payments as well as foreign assets and liabilities (Order of the PRC State Council No. 642 outlining the ‘Decision of the State Council on Amending the Measures for Reporting of Statistics on International Receipts and Payments’, hereinafter referred to as ‘Circular 642’), effective from 1 January 2014. Circular 642 revises the Measures for Reporting of Statistics on International Receipts and Payments first published by the State Administration for Foreign Exchange (SAFE) in 1995 (1995 measures). The revised 1995 measures, hereinafter referred to as ‘2014 measures’, expand the group of persons subject to the reporting requirements as well as the reportable events.
The reporting requirements under Circular 642 are imposed on ‘PRC residents’, as well as ‘non-PRC residents carrying out economic activities within the PRC’.
For purposes of Circular 642, the definition of ‘PRC residents’ includes…
Click on the link below to read the rest of the DLA Piper briefing.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Health Alert — Lane v Northern NSW Local Health District (No 3); Psychology Board of Australia v Tubara; and more
DLA Piper has released the 28 July 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
In the midst of the gale-force winds of commentary whipped up by the Google case, we should pause and ask ourselves: just how ground-breaking is this decision?
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions