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Articles contributed by Lefèvre Pelletier & associés
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.
The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.
The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.
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.
In order to enter the Chinese market or rapidly develop there, it is becoming more and more common for companies to acquire a Chinese competitor or take over a subcontractor in China.
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...
Following the summer holiday period, the Insurance Department of Lefèvre Pelletier & Associés has prepared a review of legal developments in second-half 2008 featuring decisions that were rendered during the summer. We hope you enjoy it.
Structuring investment in China: optimizing financial flows between China, Hong Kong and France | Current overview of distribution law in China or how to succeed in a market you can no longer ignore
The regime set out in Article 210 E of the General Tax Code (SIIC III – reduced taxation on capital gains arising on disposals of real estate assets to a property company making a public issue, or approved by the AMF [the French markets authority]) is to be modified by the amending Finance Law for 2009, currently being debated, in order to include operations financed through leasing.
The Court of cassation continued its work of clarification, initiated last year, regarding the sensitive issue of the definition of and link between the concepts of formal acknowledgment, resignation, cancellation by the courts and dismissal.
With increased globalisation, and the opening of additional foreign offices in Asia and North Africa over the last two years, the clientele of Lefèvre Pelletier & associés has never been more international.