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Update on the Troubled Asset Relief Program

On October 1, the Senate approved H.R. 1424 by a vote of 74-25. This bill, among other things, would allow the federal government to purchase assets blamed for the freezing credit markets. On October 3, the House approved the Senate-amended version of H.R. 1424 by a vote of 263-171. The legislation will be sent to the White House where President Bush is expected to sign the bill in the immediate future.

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Tiffani Lee Named Diversity Partner for Holland & Knight

MIAMI – Tiffani Lee, a litigation partner in the firm's Miami office, has been appointed Diversity Partner for the firm. Lee previously served as Chair of the firm's African-American Affinity Group and led its external diversity marketing efforts. In her new role, she will work closely with the firm's senior management and Chief Diversity Officer to advance Holland & Knight's diversity initiatives, internally and externally.

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China
Newsletter - July 2006
 
In this Issue...
 
In The News
 
 July 26, 2006
 

China: Employers of Foreign Nationals Requested to Fulfill New Tax Reporting Obligations

Recently, employers of foreign nationals in numerous Chinese cities have been requested by local tax bureaus to act in compliance with Circular [2006] No. 58.

This Circular, enacted earlier this year by the State Administration of Taxation (SAT), mandates that local taxation authorities establish and maintain extensive individual income tax archives and records for each enterprise hiring foreigners. The Circular applies to all foreign employees, including foreign passport holders as well as compatriots from Hong Kong, Macau and Taiwan. Note that since a foreigner’s working period in China is not relevant in determining the applicability of the request, business travelers could also be affected. Foreign enterprises are advised to anticipate that more local tax bureaus will issue such requests within the next few months.

On May 17 the China Securities Regulatory Commission (CSRC) issued Measures for the Administration of Initial Public Offering and Listing of Stocks, effective on May 18, 2006. The Measures include provisions on disclosure, procedures and penalty for initial public offerings and listings of shares. It also sets forth certain bottom-line criteria for any company seeking to list its shares on a Chinese stock exchange.

The full text of the Measures is available at: http://www.gov.cn/ziliao/flfg/2006-05/18/content_283660.htm

The U.S.-China Economic and Security Review Commission (USCC) conducted a public hearing on June 7 and June 8 on China’s Enforcement of Intellectual Property Rights; and the Dangers of the Movement of Counterfeited and Pirated Goods into the United States.

The full text of the legislators’ statements before the USCC is available at: http://www.uscc.gov/hearings/2006hearings/hr06_06_08_09.php.