The Legal 500

The People's Republic of China has initiated an overhaul of its social security system, reformed the personal taxation regime and has extended the scope of these laws to foreigners residing in China.

Au delà des mesures applicables à l’ensemble des contribuables (telles que la limitation du report des déficits ou la réforme du mode de calcul des plus values sur cessions de participations),le plan de réduction des déficits annoncé le 24 août dernier par le gouvernement comprend des mesures qui intéressent spécifiquement les acteurs du secteur financier.

Current tax legislation
Beyond the measures applicable to all taxpayers (such as limiting the deferral of losses or reform the method of calculating capital gains on sales of investments), the deficit reduction plan announced on August 24 by the government includes measures specifically relevant to financial sector players.

À la une Parmi les mesures annoncées par le Premier Ministre dans le cadre du plan de réduction des déficits, deux d’entre elles sont susceptibles d’affecter de nombreuses entreprises

Tax Reform
In a Among the measures announced by the Prime Minister as part of the deficit reduction plan, two of them are likely to affect many companies
 

What is a tax shelter? There is no official definition of a "tax shelter" (or niche fiscale in French). The government refers to "tax expenditures" and draws up quite an exhaustive list of them for households or companies. There are nearly 500 of them, one‐third of which concern the first kind and two‐thirds the second, for a total cost of almost 75 billion euros, being specified that the 15 biggest shelters account for nearly 50% of the total cost.

In the early 80s, the Chinese government, eager to attract foreign investors, offered them tax incentives, took measures to facilitate their expansion and encouraged trade relations.

Dans son instruction du 26 août 2008 , concernant les modalités de calcul des revenus à prendre en compte au titre du bouclier fiscal, l’Administration avait estimé qu’un contrat multi-supports devait être assimilé à un contrat mono-support à partir du moment où l’épargne était, en réalité, exclusivement ou quasi-exclusivement investie sur le fonds en euros et non sur des « supports diversifiés ». En pratique, certains Services vérificateurs réintégraient ainsi dans le revenu de référence les intérêts des contrats multi-supports qui n’avaient pas été investis à 20%, au moins, en unités de compte pendant la majeure partie de l’année.

Option Finance, 21 September 2009 : The United Kingdom and Liechtenstein have recently signed a highly original agreement that should make it possible for British residents to rectify their situation with regard to the British tax authorities (HMRC).

The 3% tax payable annually on the market value of real estate located in France that is held, directly or indirectly, by entities holding the majority of their assets in real estate, whether or not they have a legal personality, represents a difficulty as regards the structuring of French and foreign real estate investments...