Perspective
Oct. 20, 2010
Unexpected Reach of Circular 698: Chinese Tax on Non-Chinese Transfers
China's vague law subjects foreign investors in Chinese subsidiaries to new reporting and tax obligations. By John Eichelberger and Allan Marson of Baker & McKenzie.
A California buyer acquires from a Nevada company the shares of a Hong Kong company with a Chinese subsidiary. Did the seller comply with Chinese reporting requirements and pay tax on any capital gain attributable to the indirect transfer of the Chinese subsidiary? Is the California buyer liable for penalties in China if the seller did not report and pay?
These questions were of little concern before Dece...
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