24 January 2011
China’s central bank has taken further steps to liberalise the country’s tightly controlled capital outflow, allowing some Chinese domestic companies to use domestic renminbi for overseas direct investment, and further demonstrating the Chinese government’s firm commitment to steadily progress its renminbi internationalisation agenda.
27 October 2010
Whilst a number of articles have summarised some or all of the matters discussed in the Issues Paper, the purpose of this note is to highlight some of the more practical concerns associated with the new Minerals Resource Rent Tax (MRRT) and revised Petroleum Resource Rent Tax (PRRT), particularly from the perspective of financiers and investors in Australian resource projects, and ways in which these concerns may be able to be managed.
21 September 2010
PRC online trade platform operators like Ali Baba and Taobao realised a combined gross merchandise turnover of over US$190 billion in 2009, the equivalent of the GDP of Norway. This figure demonstrates the growing importance of the internet as a channel for B2B, B2C and C2C transactions in China.
9 August 2010
China’s foreign exchange administration authority, the State Administration of Foreign Exchange (SAFE) has substantially relaxed rules that have, for many years, imposed onerous restrictions on the ability of companies inside China to grant security in favour of foreign entities.
A useful outline of the legal and tax issues relevant to doing business in Australia.
2 July 2010
The Australian Government today released details of the reworked Resource Super Profits Tax (RSPT). Along with a name change, the new Mineral Resource Rent Tax (MRRT) provides significant concessions to the mining industry when compared with the proposed RSPT.
1 July 2010
In December 2009, the Treasurer announced that an “easy to read” framework of the Foreign Investment Policy would be released. On 30 June 2010, the updated Australian Foreign Investment Policy (Policy) was published on the Foreign Investment Review Board (FIRB) website.
Last year China jumped to become Australia’s second-largest source of foreign direct investment, from negligible levels three years ago. And China became Australia’s single largest export destination.
2010 looks to be a record year for Chinese outbound investment.
[Article from April 2010 edition of Regulator newsletter]
22 September 2009
Following amendments to the Foreign Acquisitions and Takeovers Regulations 1989 (Cth), overseas interests wanting to invest in Australia will now need to consider new indexed thresholds.
26 August 2009
The Foreign Acquisitions and Takeovers Amendment Bill 2009 has been introduced in Federal Parliament. If passed the Bill will make significant amendments to the Foreign Acquisitions and Takeovers Act 1975 (FATA).
5 August 2009
The Australian Treasurer has announced significant changes to Australia’s Foreign Investment rules increasing the notification threshold for private foreign investors and removing the New Business notification requirement. The proposed new threshold and policy change is designed to assist in removing the perception that Australia’s regime is too onerous and difficult to deal with.
17 February 2009
The Federal Treasurer has announced that he is seeking to amend the Foreign Acquisitions and Takeovers Act 1975, indicating significant changes to Australia’s Foreign Investment Regime by the Government. With amendments to the legislation to operate from 12 February 2009, the scope of the application of the Act (and Foreign Investment Policy) has been widened to cover all foreign investments irrespective of their structuring.
24 June 2009
China’s National Development and Reform Commission (NDRC) has issued new rules to enable it to exert greater control over strategic overseas investments by Chinese companies.
NDRC promulgated a circular entitled “Circular on Improving the Administration of Offshore Investment” (Circular) on 8 June 2009, imposing a new “preliminary review” process on significant Chinese outbound investments.
On the 20 August 2008, the “Measures for the Administration of Foreign-Invested Mineral Exploration Enterprises” (Measures) that were passed by the Chinese Ministry of Commerce on 27 February 2008, came into effect.