Liu Tianyong interviewed by China Business on resource tax reform issues

Posted by on October 13, 2011 under Hwuason News | Be the First to Comment

State Council called a meeting on 21th September to determine the adjustment of Interim Measures of Resource Tax, including the new calculation methods based on price, comparing to original way based on quantity, Tax rate on crude oil and natural gas will also be changed.
Contemporarily publicized Notice of the State Council No. 26, 2011, the 12th five year plan of reducing energy usage and waste emission also declares to enhance supportive tax policies as the regime perfection. It clearly brings up the issue of increasing resource tax and cancelling of unreasonable fees collected by some governmental branch.
This has been considered to be accelerating of resource tax reform which was said to be in a positive stage, it also shows the trail at Xinjiang and Neimenggu is successful.
As from Liu Tianyong, taxation based on price will be 9 times of based on quantity, which means the more expensive, the more tax amount.
“This is exactly significance of the tax reform, as the price of oil and mine keep rising, such companies get enormous profits, and without tax restriction, mining will keep growing.” 
“Yet as resources are limited, extensive mining will not only harm long term development strategy of the country but also destroy the environment. So restriction of mining through tax is rather urgent.”
Actually, experts have already pointed out after the annual report of three biggest oil companies that, if the interests chain of oil companies are not cleared out or there’s no tax restriction, the oil resource owned by the whole people will become the profit employment of few companies or individuals, mining will be abused as the oil price keep growing.

Liu Tianyong attending the CUPL Round Table Conference of Fiscal Law and giving speech

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Fiscal Law Research Center of China University of Political Science and Law, Comparative Law Research Center of Political Science and Law held the CUPL Round Table Conference of Fiscal Law in the campus at Sep. 21, Chen Qingxiu from Soochow University, Ge Kechang from Taiwan University and other experts attended the meeting. Liu gave a topic speech on how Taiwan’s taxpayer right protection regime affecting the tax reform of mainland China.

Hwuason Lawyers pioneering China’s burgeoning tax law profession

Posted by on January 12, 2010 under Hwuason News | Be the First to Comment

Hwuason Lawyers, China’s first specialist tax law firm, has continued its investment into the development of the young tax law profession in China through a series of initiatives over the past few months. Since November 2009 Hwuason has held a series of speeches to law students at the law schools of the top universities in northern China to explain the appeal of the practicing tax law. Tax, until very recently, has been a profession quite separate from the legal profession. In light of the growing sophistication in China’s tax laws, Hwuason has recognized the growing need for tax practitioners with legal training. One of the aims of the firm has been to convince young lawyers of the attraction of this particular legal specialty.

This latest speech tour comes after the release of a book by the firm on the practice of tax law in China entitled, The Practice of China’s Tax Lawyers. The book detailed the experiences of the firm’s lawyers since the firm was established in 2005. The next step for the firm will be to release a video on Chinese tax law, which will include lectures (some in Chinese and some in English) from the firm’s lawyers on various aspects of practicing tax in China.

Liu Tianyong, Hwuason’s Managing Partner, comments that this push “is about attracting the best young lawyers to the tax specialty, whether it be with Hwuason or another firm, in order to increase the stocks of China’s tax lawyers.” Hwuason sees the development of the profession and the firm as being tied together. Once the business community realizes the additional skills that tax lawyers can provide, and the need for such skills in a sophisticated business culture, this will be beneficial to the firm. In this sense Hwuason’s motives are not “entirely altruistic” says Liu. However, the firm is investing substantial resources into this campaign and, Liu notes, there is “no promise of a return on this investment.” Liu recognises that his goals are very much in the long term. This is something that will take “5 years” says Liu. The firm is working closely with China tax luminaries, such as Liu Jianwen and Tang Gongliang, in developing the profession in China and can rightly be termed a pioneer in this respect.

Reminder: Transfer Pricing Seminar

Posted by on January 4, 2010 under Hwuason News, Transfer Pricing | Be the First to Comment

Hwuason will be holding a transfer pricing seminar on 21 January 2009 in our offices in Jianwai SOHO. This seminar will look at transfer pricing compliance after a year of the new transfer pricing rules.

A copy of the invitation is attached here.

Hwuason is a firm to watch in 2010

Posted by on December 3, 2009 under Uncategorized | Be the First to Comment

Hwuason Lawyers, China’s first specialist tax law firm, has been named by ALB (Asian Legal Business) as one of 10 firms to watch in China in 2010. On an annual basis, ALB produces a China Watchlist outlining the 10 firms that ALB expects to make a splash in the legal market in the coming year.

The recognition demonstrates Hwuason’s rapid rise to prominence in the competitive Chinese legal market. Hwuason distinguishes itself from other commercial law firms through its specialization in tax. Until very recently, tax was generally dealt with by accountants in China and Hwuason has been a pioneer in respect of combining tax and legal services. This pioneering approach to the practice of law in China has led it to be labeled as a firm to keep your eye on in 2010. Hwuason expertise in the area of tax was previously recognized in 2008 when the firm was a finalist in the “Tax & Trust Law Firm of Year” category at the China Law Awards

ALB is the only independent and authoritative magazine dedicated to the latest legal news, events and developments in Australia, Hong Kong, Singapore, China, Asia and the international business community.