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Articles contributed by WongPartnership
Tax competition has always existed, and continues to persist, between countries, particularly between those which impose relatively high taxes and those which impose low or no taxes. The current Great Financial Crisis only serves to exacerbate the tension.
On 25 November 2009, China released a set of measures for the Administration of the Establishment of Partnership Enterprises in China by Foreign Enterprises of Foreigners ("FIP Measures"). Shortly thereafter on 29 January 2010, the State Administration and Industry Commerce ("SAIC") issued the Registration Rules for Foreign-invested Partnership Enterprises ("FIP Registration Rules") This update takes a look at the FIP Measures and the FIP Registration Rules, both of which will take effect on 1 March 2010.
On 3 April 2009, the Monetary Authority of Singapore ("MAS") issued the Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (the "Guidelines") to promote fair dealing by financial institutions when they conduct business with their customers.
In the earlier updates, it was reported that Lehman Brothers Holdings Inc. ("Lehman") had filed for protection under Chapter 11 of the United States Bankruptcy Code. In the UK, administrators to Lehman Brothers International (Europe) ("Lehman Europe") had been appointed. The update had also looked at the insolvency procedures for both the US and the UK. This update on Lehman Brothers looks at the current progress of insolvency proceedings in these jurisdictions.
On 15 September 2008, Lehman Brothers Holding Inc. ("Lehman") field for protection under chapter 11 of the US Bankruptcy Code in the US. Various other Lehman group entities in the UK entered into administration proceedings under the UK Insolvency Act.