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China State Council issued opinions to facilitate enterprise merger and reorganization

2 April 2014
China State Council issued on March 7, 2014 the "Opinions on further Improving Market Environment for Enterprise Merger and Reorganization" which include, inter alia, the following State Council's opinions:
- Prior approval for acquisition of listed stock company will no longer be required;
- Prior approval for purchase, sale or exchange of material assets of listed stock company will no longer be required (provided that if such transaction constitutes a backdoor listing, prior approval will still be required);
- To facilitate acquisition of overseas enterprises, relevant foreign exchange control procedures will be simplified, procedures for obtaining prior consent on information report for overseas acquisition will be improved;
- The special tax treatment will be made applicable to more merger and reorganization projects;
- Value-added tax and business tax will not be levied if an enterprise transfers all or part of its physical assets, related credits, debts and employees through merger, division, sale, exchange, etc..
Generally speaking, the State Council's opinions are still not in detail and we are waiting for implementing rules to be enacted by relevant departments.

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Disclaimer
Any legal information contained in this newsletter is general in nature and laws and regulations are changing from time to time and compliance will always depend upon the particular circumstances. We have not attempted to give exhaustive descriptions of law or to give a legal opinion on specific legal issues. You should not rely on this newsletter as a legal advice for any particular purpose.

 

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