There are many ways to prevent and control risks in listing and financing. The first tax compliance tax lawyer network


2022-08-08: [Chinese Article Link]  On October 10, a meeting took place between the first “synchronous split” company, the Russian-Soviet Syndicate. The breakup was once again the focus of attention in the market, along with the opening of the door to the market. In addition to de-marketing, the usual listing routes include direct listings and mortgage listings, with more enterprises choosing to be listed directly. Professionals suggest that, regardless of the route of listing chosen by an enterprise, attention should be paid to the conformity of tax treatment and to avoiding tax problems affecting the listing process. Directly marketed with a high degree of attention to the legacy of history. Direct listing is the path chosen by most businesses to be listed. This year’s A-share (the renminbi’s ordinary stock) market has received considerable attention as a result of the roll-out. According to public data, in the first three quarters of the year, the A-share issued 127 new shares, an increase of about 46% compared to the previous quarter, of which about 26%. According to the latest data published by the Chinese Securities Supervisory Board (hereinafter referred to as SEC), as of 11 October 2019, the number of IPO (including 12 enterprises that had suspended their censorship) in line with the Shanghai Stock Exchange Board, the Shenzhen Stock Exchange's medium-sized and entrepreneurial boards was 437, of which 24 had been processed, 128 had been pre-disclosed, 264 had been returned to enterprises, 19 had been issued by the Board and one had been put on hold. During the interviews, several professionals said that historical taxation issues were increasingly a focus of attention in the regulatory sector as business applications were listed directly by A’s. KPMG’s Chinese tax partner, Liao Yayan, had a rich experience in advising companies to go on the market, and, in the light of years of work practice, she suggested that enterprises willing to go on the A’s list, refine historical tax issues, conduct self-censorship of past tax compliance, and develop solutions. “Despite the time-consuming nature of this work, timely resolution of historical tax issues will help business management to take advantage of the market and reduce the tax risks and uncertainties associated with listing. In practice, some of the enterprises to be listed, at an early stage of their development and under financial and other pressure, hide their revenues and avoid paying taxes by transferring them to personal accounts rather than to business accounts. In recent years, tax inspections have been increasing in our country, and the Department of Inspections has incorporated the bank accounts of the physical controllers and financial directors of enterprises into the tax inspection materials. Once it has been discovered that a listed enterprise has evaded taxes, it will inevitably have a negative impact on the process of listing. KPMG’s Chinese tax partner, Tang Yanxi, reminds the company that it pays taxes in accordance with the law, raises awareness of tax compliance, and fears that it will survive, and that it will end up losing weight. Among the historical legacies, the application of tax preferences is one of the key elements of which is the requirement that start-up firms disclose in their equity statements the main taxes and rates applicable to the main business of the issuer, as well as the relevant policy basis, approval or filing determinations, the specific range and the period of validity of the tax preferences. At the same time, the issuer is required to provide supporting documentation on the tax situation, tax benefits, and government subsidies for the last three years and periods. The China-China tax firm’s partner Sun-Yan suggested that companies should re-examine the adequacy of their policy base for tax benefits before they go on the market. In addition to the A share market, journalists learned that the H (foreign stock in the Mainland, listed in Hong Kong) market, the N (foreign stock on the New York Stock Exchange) market were also favoured by prospective listed enterprises. Sunyang reminded enterprises that H-stock markets, N-stock markets were more stringent in terms of disclosure of information and penalties, and that enterprises willing to market in Hong Kong and the United States capital markets likewise needed to pay attention to the compliance of historical tax treatment and to resolve tax problems that had accumulated in the past and had not been corrected in a timely manner in order to reduce the risk of market failure. It is interesting to note that, with the launch of Lianlong-Tung, the A stock company of the Shanghai Stock Exchange (SXE) could be placed on the London Stock Exchange Global Deposit Certificate (GDR) and traded on the other's market to provide new access for Chinese enterprises to London's capital markets. In the context of Lorraine, the issuer’s A-stock listing company has met the A-stock listing requirements in terms of tax compliance. At the same time, the issuer does not need to adjust the listing structure to meet the London listing conditions, and therefore does not normally incur additional tax costs. However, Liaoyan alerts those wishing to attract international capital through the Lorraint mechanism to be prepared for adaptive pre-informed disclosure rules for companies listed in the London capital market. At the same time, she suggested that enterprises pay close attention to the development of relevant tax policies, such as how investors would be able to obtain value differentials in stock transfers through the Quilton mechanism, how dividends should be treated in tax matters, and how tax treatment in transactions would be more compliant. I'm afraid of the high tax costs when I put it on the market. In addition to direct listing, listing is also an option for a number of enterprises. Recently, a company listed in the construction industry, S., issued an announcement stating that two shareholders in the company, the de facto controllers, had signed an Agreement on the Transfer of Equity with Company H. Company H was known to be a non-listed company and its main business was educational training. Upon completion of the transfer, the company would acquire 30 per cent of Company S's shareholdings, while the controlling shareholders and the actual controllers of Company S would change to Company H and its actual controllers. Company S's detailed change of interest report discloses that, for the time being, Company H has no plans to change the main business of the listed company or make significant adjustments to the main business of the listed company for the next 12 months, but does not exclude the possibility of proposing appropriate, reasonable and necessary adjustments to the main business of the listed company. In response, professionals analysed how it was difficult to create synergies when company H took control of company S because of the lack of a clear link between the business of the two companies. At the same time, company H had failed to launch a listing scheme, and tried twice to borrow the shell, but failed to do so. “This transfer of equity does not preclude a new attempt by company H to borrow the shell. Direct listings are more stringent in terms of total equity, profitability, start-up, and historical compliance of firms to be listed. Even if the conditions for direct listing are met, long IPO queues, CVM scrutiny, etc., discourage firms from doing so. The senior tax manager of KPMG China, Li Li Ri, told journalists that some companies wishing to be listed would choose to be listed indirectly, and that one of the main ways to do so would be by placing them on the market, i.e. non-listed enterprises with the primary aim of expanding access to finance, by restructuring a listed company with a transaction holding interest in specific assets. In addition to tax compliance, tax costs have a significant impact on a firm’s ability to borrow shell on the market. In practice, it is not uncommon for cases of borrowing shell on the market to fail because of higher tax costs. According to the announcement, the main reason for the failure of the mortgage listing in 2015 was the high tax on the actual controllers of the Shell Jiangsu Circumpolar Engineering Company, based on the circular issued that year on personal income tax policy in relation to the investment of non-monetary assets of individuals (fiscal no. 41 2015) if the reorganization was completed. In the absence of an effective fund-raising programme, it was finally decided to terminate the mortgage restructuring. In response, Li suggested that businesses with shelles should be put on the market, that tax costs should be measured in advance, and that sufficient use should be made of tax incentives in reorganization operations to increase the likelihood of successful listing. It was reported that listing is usually divided into two steps, nettage, that is, stripping off the assets and liabilities of the listed company, and that the listed company is in a position of no assets, no liabilities, no operations and no personnel. The form of the net shell is mainly the way assets are replaced, the way assets are sold, etc. The shell usually refers to the actual control of the party that issues shares from the listed company to purchase the shell. The China Tax Capital Partner Xu Huahuahua's analysis has a number of tax issues that require attention due to the complexity of the netshell programme. In the area of value added tax, for example, according to the Circular of the State Tax Administration on matters relating to value added tax on the reorganization of taxpayers'assets (State Tax Administration Proclamation No. 13 of 2011), the transfer of all or part of the physical assets and the associated claims, liabilities and labour to other units and individuals during the asset reorganization process, through consolidation, separation, sale, replacement, etc., is not covered by VAT, which involves the transfer of goods without VAT. Xu Huaying suggested that enterprises should focus on the details related to assets, liabilities and the overall transfer of labour, when designing programmes, with a view to the accurate application of preferential policies and the reduction of unnecessary expenditures. In the area of land value added tax, enterprises may pay attention to the requirements of the Circular of the General Directorate of Taxation of the Ministry of Finance on the Reorganization of Businesses in relation to the Land Value Added Tax Policy (fiscal No. [2018]57). It should be noted that the policy contained in the circular does not apply to real-estate development enterprises. At the shell link, Xu Hwa-chung suggested that enterprises focus on the applicability of policies such as the special reorganization of corporate income tax, personal income tax instalments, etc., and reduce the burden of borrowing on the market. Dismantling the market and keeping an eye on the connection between tax data. On October 10, Jiang Soviet Union-USSR New Materials Inc. (hereinafter UNRISD) successfully passed a meeting of the Board, which was known to have been the second-largest shareholder of the United Kingdom of Great Britain and Northern Ireland for the benefit of listed companies. Businesses have analysed that, although new United Nations materials are not really marketed, they are similar in some attributes. The successful listing of new United States materials reflects the inclusiveness of the project’s “separate” business, and its willingness to support some of the business start-up companies like listed companies, which are listed on the project’s board. At the end of August this year, the CSRC held an open consultation with the community on a number of provisions for the separation of listed companies from their subsidiaries in the country (hereinafter referred to as " the Regulations " ). It was clearly proposed that listed companies of a certain size may legally be separated from their independent and eligible subsidiaries and listed in the country, and the Regulations specify the conditions for the division pilot, regulate the process for the separation of listings, and strengthen the regulation of the division of listings. Professionals analyse that, for listed companies, opening up A shares to internal listings helps to streamline business structures, broaden access to finance and obtain sound valuations, while at the same time playing a positive role in better serving STIs and achieving high-quality economic development. Professionals pointed out that while the concept of listing was currently hot, listed companies needed to reflect calmly on the need for listing and on the feasibility of doing so. Sun Yang, a partner in China’s clearing-house tax firm, said that the issue of tax compliance in the market could not be ignored as well. It was suggested that listed companies should pay attention to the connection between their own tax data and those proposed for the market, in particular data related to the qualifications of high-technology firms, such as high income from new businesses, high research and development costs, etc. Under the Regulations, one of the conditions for a company to be listed separately is the absence of funds, alleged stockholders of assets, actual occupation by the controlling party and its related parties, or other significant related transactions to the detriment of the interests of the company. In response, KPMG's Chinese tax partner, Liao Yayan, analysed that it could be foreseen that the SEC, in its approval of the splits, would focus on the issue of the reasonableness of related transactions by enterprises, and in particular whether the associated transactions were priced fairly. KPMG’s Chinese tax partner, Tang Yanxi, suggested that the transfer-pricing risks between related firms should be given a high degree of attention. For example, when a related transaction between a listed company and a listed enterprise is made, care should be taken whether the related transaction has a legitimate business purpose and operational substance. At the same time, enterprises are required to make disclosure of relevant transaction information, to submit or retain original information on related transaction, to demonstrate that the related transaction is real, has a legitimate business purpose and that the transaction price is consistent with the principle of independent transaction.


Note: This is a machine translated version of the Chinese news media article. A mature and nuanced reading is suggested.




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There are many ways to prevent and control risks in listing and financing. The first tax compliance tax lawyer network


2022-08-08: [Article Link]  On October 10, a meeting took place between the first “synchronous split” company, the Russian-Soviet Syndicate. The breakup was once again the focus of attention in the market, along with the opening of the door to the market. In addition to de-marketing, the usual listing routes include direct listings and mortgage listings, with more enterprises choosing to be listed directly. Professionals suggest that, regardless of the route of listing chosen by an enterprise, attention should be paid to the conformity of tax treatment and to avoiding tax problems affecting the listing process. Directly marketed with a high degree of attention to the legacy of history. Direct listing is the path chosen by most businesses to be listed. This year’s A-share (the renminbi’s ordinary stock) market has received considerable attention as a result of the roll-out. According to public data, in the first three quarters of the year, the A-share issued 127 new shares, an increase of about 46% compared to the previous quarter, of which about 26%. According to the latest data published by the Chinese Securities Supervisory Board (hereinafter referred to as SEC), as of 11 October 2019, the number of IPO (including 12 enterprises that had suspended their censorship) in line with the Shanghai Stock Exchange Board, the Shenzhen Stock Exchange's medium-sized and entrepreneurial boards was 437, of which 24 had been processed, 128 had been pre-disclosed, 264 had been returned to enterprises, 19 had been issued by the Board and one had been put on hold. During the interviews, several professionals said that historical taxation issues were increasingly a focus of attention in the regulatory sector as business applications were listed directly by A’s. KPMG’s Chinese tax partner, Liao Yayan, had a rich experience in advising companies to go on the market, and, in the light of years of work practice, she suggested that enterprises willing to go on the A’s list, refine historical tax issues, conduct self-censorship of past tax compliance, and develop solutions. “Despite the time-consuming nature of this work, timely resolution of historical tax issues will help business management to take advantage of the market and reduce the tax risks and uncertainties associated with listing. In practice, some of the enterprises to be listed, at an early stage of their development and under financial and other pressure, hide their revenues and avoid paying taxes by transferring them to personal accounts rather than to business accounts. In recent years, tax inspections have been increasing in our country, and the Department of Inspections has incorporated the bank accounts of the physical controllers and financial directors of enterprises into the tax inspection materials. Once it has been discovered that a listed enterprise has evaded taxes, it will inevitably have a negative impact on the process of listing. KPMG’s Chinese tax partner, Tang Yanxi, reminds the company that it pays taxes in accordance with the law, raises awareness of tax compliance, and fears that it will survive, and that it will end up losing weight. Among the historical legacies, the application of tax preferences is one of the key elements of which is the requirement that start-up firms disclose in their equity statements the main taxes and rates applicable to the main business of the issuer, as well as the relevant policy basis, approval or filing determinations, the specific range and the period of validity of the tax preferences. At the same time, the issuer is required to provide supporting documentation on the tax situation, tax benefits, and government subsidies for the last three years and periods. The China-China tax firm’s partner Sun-Yan suggested that companies should re-examine the adequacy of their policy base for tax benefits before they go on the market. In addition to the A share market, journalists learned that the H (foreign stock in the Mainland, listed in Hong Kong) market, the N (foreign stock on the New York Stock Exchange) market were also favoured by prospective listed enterprises. Sunyang reminded enterprises that H-stock markets, N-stock markets were more stringent in terms of disclosure of information and penalties, and that enterprises willing to market in Hong Kong and the United States capital markets likewise needed to pay attention to the compliance of historical tax treatment and to resolve tax problems that had accumulated in the past and had not been corrected in a timely manner in order to reduce the risk of market failure. It is interesting to note that, with the launch of Lianlong-Tung, the A stock company of the Shanghai Stock Exchange (SXE) could be placed on the London Stock Exchange Global Deposit Certificate (GDR) and traded on the other's market to provide new access for Chinese enterprises to London's capital markets. In the context of Lorraine, the issuer’s A-stock listing company has met the A-stock listing requirements in terms of tax compliance. At the same time, the issuer does not need to adjust the listing structure to meet the London listing conditions, and therefore does not normally incur additional tax costs. However, Liaoyan alerts those wishing to attract international capital through the Lorraint mechanism to be prepared for adaptive pre-informed disclosure rules for companies listed in the London capital market. At the same time, she suggested that enterprises pay close attention to the development of relevant tax policies, such as how investors would be able to obtain value differentials in stock transfers through the Quilton mechanism, how dividends should be treated in tax matters, and how tax treatment in transactions would be more compliant. I'm afraid of the high tax costs when I put it on the market. In addition to direct listing, listing is also an option for a number of enterprises. Recently, a company listed in the construction industry, S., issued an announcement stating that two shareholders in the company, the de facto controllers, had signed an Agreement on the Transfer of Equity with Company H. Company H was known to be a non-listed company and its main business was educational training. Upon completion of the transfer, the company would acquire 30 per cent of Company S's shareholdings, while the controlling shareholders and the actual controllers of Company S would change to Company H and its actual controllers. Company S's detailed change of interest report discloses that, for the time being, Company H has no plans to change the main business of the listed company or make significant adjustments to the main business of the listed company for the next 12 months, but does not exclude the possibility of proposing appropriate, reasonable and necessary adjustments to the main business of the listed company. In response, professionals analysed how it was difficult to create synergies when company H took control of company S because of the lack of a clear link between the business of the two companies. At the same time, company H had failed to launch a listing scheme, and tried twice to borrow the shell, but failed to do so. “This transfer of equity does not preclude a new attempt by company H to borrow the shell. Direct listings are more stringent in terms of total equity, profitability, start-up, and historical compliance of firms to be listed. Even if the conditions for direct listing are met, long IPO queues, CVM scrutiny, etc., discourage firms from doing so. The senior tax manager of KPMG China, Li Li Ri, told journalists that some companies wishing to be listed would choose to be listed indirectly, and that one of the main ways to do so would be by placing them on the market, i.e. non-listed enterprises with the primary aim of expanding access to finance, by restructuring a listed company with a transaction holding interest in specific assets. In addition to tax compliance, tax costs have a significant impact on a firm’s ability to borrow shell on the market. In practice, it is not uncommon for cases of borrowing shell on the market to fail because of higher tax costs. According to the announcement, the main reason for the failure of the mortgage listing in 2015 was the high tax on the actual controllers of the Shell Jiangsu Circumpolar Engineering Company, based on the circular issued that year on personal income tax policy in relation to the investment of non-monetary assets of individuals (fiscal no. 41 2015) if the reorganization was completed. In the absence of an effective fund-raising programme, it was finally decided to terminate the mortgage restructuring. In response, Li suggested that businesses with shelles should be put on the market, that tax costs should be measured in advance, and that sufficient use should be made of tax incentives in reorganization operations to increase the likelihood of successful listing. It was reported that listing is usually divided into two steps, nettage, that is, stripping off the assets and liabilities of the listed company, and that the listed company is in a position of no assets, no liabilities, no operations and no personnel. The form of the net shell is mainly the way assets are replaced, the way assets are sold, etc. The shell usually refers to the actual control of the party that issues shares from the listed company to purchase the shell. The China Tax Capital Partner Xu Huahuahua's analysis has a number of tax issues that require attention due to the complexity of the netshell programme. In the area of value added tax, for example, according to the Circular of the State Tax Administration on matters relating to value added tax on the reorganization of taxpayers'assets (State Tax Administration Proclamation No. 13 of 2011), the transfer of all or part of the physical assets and the associated claims, liabilities and labour to other units and individuals during the asset reorganization process, through consolidation, separation, sale, replacement, etc., is not covered by VAT, which involves the transfer of goods without VAT. Xu Huaying suggested that enterprises should focus on the details related to assets, liabilities and the overall transfer of labour, when designing programmes, with a view to the accurate application of preferential policies and the reduction of unnecessary expenditures. In the area of land value added tax, enterprises may pay attention to the requirements of the Circular of the General Directorate of Taxation of the Ministry of Finance on the Reorganization of Businesses in relation to the Land Value Added Tax Policy (fiscal No. [2018]57). It should be noted that the policy contained in the circular does not apply to real-estate development enterprises. At the shell link, Xu Hwa-chung suggested that enterprises focus on the applicability of policies such as the special reorganization of corporate income tax, personal income tax instalments, etc., and reduce the burden of borrowing on the market. Dismantling the market and keeping an eye on the connection between tax data. On October 10, Jiang Soviet Union-USSR New Materials Inc. (hereinafter UNRISD) successfully passed a meeting of the Board, which was known to have been the second-largest shareholder of the United Kingdom of Great Britain and Northern Ireland for the benefit of listed companies. Businesses have analysed that, although new United Nations materials are not really marketed, they are similar in some attributes. The successful listing of new United States materials reflects the inclusiveness of the project’s “separate” business, and its willingness to support some of the business start-up companies like listed companies, which are listed on the project’s board. At the end of August this year, the CSRC held an open consultation with the community on a number of provisions for the separation of listed companies from their subsidiaries in the country (hereinafter referred to as " the Regulations " ). It was clearly proposed that listed companies of a certain size may legally be separated from their independent and eligible subsidiaries and listed in the country, and the Regulations specify the conditions for the division pilot, regulate the process for the separation of listings, and strengthen the regulation of the division of listings. Professionals analyse that, for listed companies, opening up A shares to internal listings helps to streamline business structures, broaden access to finance and obtain sound valuations, while at the same time playing a positive role in better serving STIs and achieving high-quality economic development. Professionals pointed out that while the concept of listing was currently hot, listed companies needed to reflect calmly on the need for listing and on the feasibility of doing so. Sun Yang, a partner in China’s clearing-house tax firm, said that the issue of tax compliance in the market could not be ignored as well. It was suggested that listed companies should pay attention to the connection between their own tax data and those proposed for the market, in particular data related to the qualifications of high-technology firms, such as high income from new businesses, high research and development costs, etc. Under the Regulations, one of the conditions for a company to be listed separately is the absence of funds, alleged stockholders of assets, actual occupation by the controlling party and its related parties, or other significant related transactions to the detriment of the interests of the company. In response, KPMG's Chinese tax partner, Liao Yayan, analysed that it could be foreseen that the SEC, in its approval of the splits, would focus on the issue of the reasonableness of related transactions by enterprises, and in particular whether the associated transactions were priced fairly. KPMG’s Chinese tax partner, Tang Yanxi, suggested that the transfer-pricing risks between related firms should be given a high degree of attention. For example, when a related transaction between a listed company and a listed enterprise is made, care should be taken whether the related transaction has a legitimate business purpose and operational substance. At the same time, enterprises are required to make disclosure of relevant transaction information, to submit or retain original information on related transaction, to demonstrate that the related transaction is real, has a legitimate business purpose and that the transaction price is consistent with the principle of independent transaction.

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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