1China Tax & Investment Express

China Tax CenterChina Tax & Investment Express

China Tax & Investment Express (CTIE)* brings you the latest tax and business announcements on a weekly basis. CTIE provides a synopsis of each announcement including a link that leads you to the full content of the announcement (in Chinese). Please feel free to contact your EY client service professionals for further assistance if you find the announcements have an impact on your business operations.

CTIE does not replace our China Tax & Investment News* which will continue to be prepared and distributed to provide more in-depth analyses of tax and business developments in China.*If you wish to access the previous issues of CTIE and China Tax & Investment News, please contact us.

Tax circulars

► Notice regarding the withholding tax deferral policy related to profits distributed to foreign investors (Caishui [2017] No. 88)

Synopsis

To further attract foreign investments and encourage foreign investors to continue expanding their investments within the People’s Republic of China (PRC), the Ministry of Finance (MOF), State Administration of Taxation (SAT), National Development and Reform Commission (NDRC) and Ministry of Commerce jointly released Caishui [2017] No. 88 (“Circular 88”) on 21 December 2017. This updated policy will provide a withholding tax deferral policy for foreign investors who directly reinvest their attributable/distributable profits from their Chinese investee company(ies) into “encouraged projects” in the PRC.

Issue No. 201800212 Jan 2018

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Eligibility for the withholding tax deferral policy

Foreign investors shall be eligible for the withholding tax deferral policy if all of the following criteria are met:

► The attributable/distributable profits of foreign investors are directly re-invested into “encouraged projects” in the PRC by the following ways:

► Increase of capital/capital reserve in existing Chinese investee company;

► Establishment of new Chinese investee company;

► Acquisition of equity interests in Chinese companies from third party(s); or

► Other form of investment activities permitted by the MOF and/or SAT.

New issuances, conversions or acquisitions of shares of listed companies are not eligible for the withholding tax deferral policy.

► Reinvested China Profits should be of an equity investment income nature (e.g., declared dividends or realized retained earnings from Chinese tax resident enterprises).

► China Profits being reinvested must be directly paid or transferred to the Chinese investee company(ies) and/or the third party seller(s) disposing the Chinese company equity interest1.

► Reinvestments must be made into one of the designated encouraged industries listed under the Foreign Investment Industrial Guidance Catalogue and/or the Catalogue of Priority Industries for Foreign Investments in the Central and Western Regions.

Record filing requirements

A Foreign investor should provide necessary evidence to the Chinese investee company(ies) to justify its eligibility to enjoy the withholding tax deferral treatment. Once assessed as eligible, the Chinese investee company(ies) should proceed with the record-filings with its in-charge PRC tax authority and temporarily refrain from withholding the corresponding tax. The supervising PRC tax authority retains the rights to examine the deferral treatment and any case that cannot pass the examination could subject both the investor and the investee company to penalizing actions.

Repayment of withholding tax deferred

Where a foreign investor withdraws from a “reinvestment” that has enjoyed the deferral, e.g., by way of equity transfer, buy-backs, or liquidation, the foreign investor shall be repay the withholding tax deferred within 7 days upon receipt of the relevant proceeds from the “withdrawal”. However, if the “withdrawal” qualifies for special restructuring tax treatment, the foreign investor may continue to enjoy the withholding tax deferral.

Enforcement of Circular 88

Circular 88 became effective from 1 January 2017, meaning that reinvestments made by foreign investors with any aforementioned reinvested China profits could enjoy the withholding tax deferral treatment from that date. In cases where a foreign investor is eligible for, but did not receive, deferral treatment, such investors can apply for tax refunds within three years from the day on which the withholding tax was paid.

1 In case the reinvestment is made by way of non-cash instruments, e.g., securities or other forms of tangible goods, the corresponding ownerships/titles must be transferred directly to the designated Chinese investee company(ies) or third party seller(s) conducting the Chinese company equity interest.

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We have published an issue of China Tax Investment News (i.e., CTIN2018001) with a detailed introduction and in-depth analysis of Circular 88. Please click the below link to access the full content of CTIN2018001:http://www.ey.com/cn/en/services/tax/country-tax-advisory/ey-china-tax-and-investment-news

You can click this link to access the full content of Circular 88:http://hd.chinatax.gov.cn/guoshui/action/GetArticleView1.do?id=10859394&flag=1

You can click this link to access the full content of the Q&As regarding Circular 88:http://szs.mof.gov.cn/zhengwuxinxi/zhengcejiedu/201712/t20171228_2789816.html

You can click this link to access the full content of the Foreign Investment Industrial Guidance Catalogue:http://www.ndrc.gov.cn/zcfb/zcfbl/201706/t20170628_852857.html

You can click this link to access the full content of the Catalogue of Priority Industries for Foreign Investments in the Central and Western Regions.http://www.ndrc.gov.cn/zcfb/zcfbl/201702/W020170217583526540136.pdf

► Notice regarding the improvement of policies related to foreign tax credits (FTC) for overseas-sourced income (Caishui [2017] No. 84)

Synopsis

According to the PRC Corporate Income Tax Law and its Implementation Rules, as well as Caishui [2009] No. 125 (“Circular 125”, i.e., FTCs related to overseas-source income), the MOF and SAT jointly released Caishui[2017] No. 84 (“Circular 84”) on 28 December 2017 to improve the current FTC policies.

Calculation of FTC limit

According to Circular 84, a PRC resident enterprise is allowed to calculate its FTC limit either on a “country-by-country basis rather than by basket of income” (i.e., 分国（地区）不分项, hereinafter referred to as the “country-by country basis”) or a “comprehensive basis (i.e., 综合抵免法)”. Once a PRC resident enterprise elects to apply a basis, the basis should not be changed within five years.

Where a PRC resident enterprise chooses to apply a different basis to calculate its FTC limit other than what was applied in the previous years, the accumulated creditable FTC amount of the previous years may continue to be utilized in the remaining years within the amount of FTC limit calculated with the new basis.

Indirect FTC expanded to five tiers of overseas subsidiaries

According to Circular 84, an indirect FTC is expanded to five tiers of overseas subsidiaries (instead of three as prescribed in Circular 125):

► For the first-tier overseas subsidiaries, the PRC resident enterprise must directly hold at least 20% equity of the first-tier overseas subsidiaries.

► For the second-tier to fifth-tier overseas subsidiaries, a single upper-tier subsidiary must directly hold at least 20% of the lower-tier subsidiary and the PRC resident enterprise must directly or indirectly hold at least 20% of the lower-tier subsidiaries.

Circular 84 took retroactive effect from 1 January 2017. Other matters related to FTC should still be referenced to Circular 125. We will issue a tax alert to discuss Circular 84 in greater detail, so please stay tuned.

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Our observations

In August 2017, the State Council released Guofa [2017] No. 39 (“Circular 39”, i.e., Notice regarding certain measures on promoting foreign investments) which proposed a tax incentive measure for profit repatriation from overseas to China, i.e., the tax incentive policy for profits derived by a China resident enterprise from overseas. (Please refer to CTIE2017030 for details of Circular 39.) The issuance of Circular 84 specifies the detailed implementation of this tax incentive measure by allowing any PRC resident enterprise to adopt the country-by country basis or comprehensive basis at their own discretion and expanding the indirect FTC to five tiers of overseas subsidiaries. In a nutshell, by adopting the “comprehensive basis”, a PRC resident enterprise holding subsidiaries in multiple countries may have the chance to increase its creditable FTC amount by balancing tax burdens of subsidiaries located in different countries/jurisdictions, while the expanded indirect FTC to five tiers of overseas subsidiaries would be more reasonable for the complicated overseas shareholding structures adopted by PRC holding companies nowadays, (especially in the situation of overseas acquisitions where the investee structure is already fixed).

“Go-global” enterprises should read Circular 84 carefully. If in doubt, consultations with tax professionals are always recommended.

You can click this link to access the full content of Circular 84:http://hd.chinatax.gov.cn/guoshui/action/GetArticleView1.do?id=10859401&flag=1

You can click this link to access the full content of Q&As regarding Circular 84:http://www.gov.cn/xinwen/2018-01/03/content_5252689.htm

You can click this link to access the full content of Circular 125:http://www.chinatax.gov.cn/n810341/n810765/n812166/n812602/c1086639/content.html

► Implementation Rules on the Environmental Protection Tax (EPT) Law of the PRC (State Council Order [2017] No. 693)

Synopsis

On 25 December 2017, the State Council released the Implementation Rules on the EPT Law of the PRC (hereinafter referred to as the “EPT Implementation Rules”) via the State Council Order [2017] No. 693. (Please refer to China Tax & Investment News Issue No. 2017001 and CTIE2016050 for details of the EPT Law.)

According to the EPT Law of the PRC (hereinafter referred to as the “EPT Law”), the key taxable objects, tax basis, EPT reduction/exemption and relevant tax collection and administration provisions are further specified in the EPT Implementation Rules.

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Key features of the EPT Implementation Rules are as follows:

The issues have been clarified recently. The State Council released Guofa [2017] No. 56 (“Circular 56”) on 22 December 2017, announcing the decision that the EPT revenue will be fully designated to local fiscal revenue.

You can click this link to access the full content of Circular 56:http://www.gov.cn/zhengce/content/2017-12/27/content_5250841.htm

You can click this link to access the full content of the EPT Law:http://www.npc.gov.cn/npc/xinwen/2016-12/25/content_2004993.htm

In the same manner as with the EPT Law of the PRC, the EPT Implementation Rules came into effect on 1 January 2018. Accordingly, the Administrative Measures on the Collection and Use of Sewage Charge were revoked at the same time.

You can click this link to access the full content of the EPT Implementation Rules:http://hd.chinatax.gov.cn/guoshui/action/GetArticleView1.do?id=10859402&flag=1

You can click this link to access the full content of the Q&As regarding the EPT Implementation Rules:http://www.mof.gov.cn/zhengwuxinxi/zhengcejiedu/201801/t20180104_2792432.htm

You can click this link to access the full content of the EPT Law:http://www.npc.gov.cn/npc/xinwen/2016-12/25/content_2004993.htm

You can click this link to access the full content of the Administrative Measures on the Collection and Use of Sewage Charge:http://www.ghb.gov.cn/doc/2015114/761226012.shtml

Items Provisions in the EPT Implementation Rules

Taxable objects ► It is stipulated in the EPT Implementation Rules, that the scope of “other solid wastes” in the “Table of EPT Taxable Items and Tax Rates” shall be determined according to the procedures as prescribed in Article 6.2 of the EPT Law, i.e., the provincial-level governments should propose and submit to the standing committee of the local National People’s Congress (NPC) at the same level for determination and file the same to the Standing Committee of the national NPC and the State Council for record.

► The scope of “centralized urban/rural sewage treatment sites” which may be applicable for EPT exemption is further specified in the EPT Implementation Rules.

► EPT matters related to industrial livestock production are further specified in the EPT Implementation Rules.

Tax basis ► Solid wastes stored or disposed of in qualified facilities or sites are not considered as “discharging taxable pollutants”. Hence they are not subject to EPT. Comprehensive utilization of solid wastes according to the law shall not be subject to EPT for the time being.

► Where a taxpayer dumps solid wastes illegally, fails to install automatic test equipment linked with the monitoring network of the competent department, or destroys or removes the automatic test equipment to overwrite or forge the monitoring data for false EPT reports, the quantity of disposed pollutants of the current period should be adopted as the quantity of produced taxable pollutants of the current period.

EPT reduction policy According to the EPT Law, if the concentration value of atmospheric pollutants and sewage pollutants discharged by a taxpayer is less than 30%/50% of the value stipulated by the State or the local governments, taxpayers are entitled to a 25%/50% reduction of taxable income respectively. In this respect, the EPT Implementation Rules further prescribe the calculation of concentration value of atmospheric pollutant and sewage pollutants.

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► Notice regarding the “Rules on Due Diligence of Financial Account Information related to Tax Matters of Non-residents for Depository Financial Institutions in the Banking Industry” (Yinfa [2017] No. 278)

Synopsis

On 18 December 2017, the SAT, State Administration for Foreign Exchange (SAFE), and People’s Bank of China (PBC) jointly released the “Rules on Due Diligence of Financial Account Information related to Tax Matters of Non-residents for Depository Financial Institutions in the Banking Industry” (hereinafter referred to as the “Rules”) via Yinfa [2017] No. 278 for the implementation of the “Administrative Measures on Due Diligence of Financial Account Information related to Tax Matters of Non-residents” (hereinafter referred to as the “Administrative Measures”) released via SAT/MOF/PBC/CBRC/CSRC/CIRC PN [2017] No. 14. (Please refer to 2017020 for details of the Administrative Measures.)

Scope of Depository Financial Institutions

According to the Rules, commercial banks incorporated within the territory of the PRC (including wholly foreign owned banks, Sino-foreign joint venture banks, and branches of foreign banks), depository financial institutions such as the China Postal Savings Bank, urban/rural credit cooperatives, as well as China Development Bank and policy banks (hereinafter referred to as “depository financial institutions”), are required to perform due diligence work on tax-related information of accounts of non-residents. In this respect, the relevant depository financial institutions should gather and record the relevant information and report the same to the SAT, SAFE and PBC. Where an account holder submits documents which cannot properly substantiate the account holder’s tax residency, the depository financial institution should require the account holder to provide solid documentation or a reasonable explanation. If the account holder fails to do so, the depository financial institution should not activate the bank account.

Depository financial institutions’ responsibility to look into accounts with contradicted information

If a bank account will be opened by an individual/entity on behalf of the account holder, a statement for tax resident status (hereinafter referred to as the “Statement”) shall be signed by the account holder or the authorized agent.

As stipulated in the Rules, for the following circumstances, the information provided by an account holder in his/her Statement would be considered as obviously contradicted by other information if:

► the identification details provided in the Statement do not match the information gathered during prevailing account opening and the anti money-laundering procedures;

► in the Statement, the account holder claims to be a PRC tax resident only, but his/her nationality is actually from a foreign country or if his/her type of ID, current residential address and phone number are that of a foreign country or based in Hong Kong, Macau or Taiwan;

► in the Statement, the account holder claims to be a non-resident (which is information which may not actually be consistent with that of his/her nationality, type of ID, and current residential address, etc);

► other circumstances may arise which show obvious contradictions.

The Rules became effective on the promulgation date of i.e., 18 December 2017. Relevant depository financial institutions should study the Administrative Measures and the Rules and take appropriate actions accordingly. Non-residents, especially entities and individuals with high net worth accounts, are also recommended to read the Administrative Measures and the Rules carefully and assess their implications.

You can click this link to access the full content of the Rules:http://www.pbc.gov.cn/zhengwugongkai/127924/128038/128109/3452296/2017122914383673145.pdf

You can click this link to access the full content of the Administrative Measures:http://www.chinatax.gov.cn/n810341/n810755/c2623078/content.html

Business circular

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► Order regarding the issuance of the “Provisional Administrative Measures of the Customs of the PRC on Advance Ruling” (GAC Order [2017] No. 236)

Synopsis

To promote trade facilitation, on 26 December 2017, the General Administration of Taxation (GAC) released the “Provisional Administrative Measures of the Customs of the PRC on Advance Ruling” (hereinafter referred to as the “Provisional Administrative Measures”) via GAC Order [2017] No. 236, which will come into effect on 1 February 2018.

The Provisional Administrative Measures allow importers/exporters to request and obtain a formal Advance Ruling from China Customs, prior to the actual importation/exportation of the goods in question, as per the scope/subject matter and application procedures listed below:

Customs circular

Scope of ruling ► Tariff classification

► Origin

► Customs Valuation

► Considerations related to the dutiable value determination

► Royalty payments, commissions, freight and issuance, etc.

► Special relationships between parties

► Other considerations as relevant

► Customs valuation method

► Other customs matters prescribed by the GAC

Applicant for the ruling Importer/Exporter of Record (IOR/EOR) registered with China Customs, related to the actual importation or exportation in question

Authority for the ruling Direct subsidiary Customs of GAC where the Applicant is registered

ApplicationDocuments

The Application Form for Customs Advance Ruling of PRC (“application form”) and other relevant documents as required by China Customs

Note: each applicable form shall only include one specific subject matter for ruling purposes

Timeline ► The application should be submitted three months prior to the planned importation/exportation. (Note: in exceptional circumstances where the IOR/EOR has an acceptable reason(s), an application may be submitted within the three months period mentioned above.)

► Customs shall decide whether to either accept or decline the application within ten days of the receipt of the application.

► The ruling shall be issued by Customs within 60 days from the acceptance of the application.

Validity The applicant should follow the ruling when making import/export declarations for such goods specified in the ruling and those declarations will be accepted by Customs.

Validity Period 3 years from the issuance date of the ruling, unless it is revoked or withdrawn by Customs before then.

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Relevant enterprises should read the Provisional Administrative Measure and get prepared before applying for Advance Ruling. We have published an Indirect Tax Alert to discuss the Provisional Administrative Measure in detail. Please click the link below for more information.

You can click this link to access the full content of Order 236:http://www.customs.gov.cn/customs/302249/302266/302268/1038457/index.html

You can click this link to access the full content of the Indirect Tax Alert:http://www.gov.cn/zhengce/content/2018-01/09/content_5254764.htm

► PN regarding the “Administrative Measures on Credit Valuation for Tax Consultation Services (Trial)” (SAT PN [2017] No. 48)http://hd.chinatax.gov.cn/guoshui/action/GetArticleView1.do?id=10859395&flag=1

► PN regarding matters related to the collection of information related to tax consultation services (SAT PN [2017] No. 49)http://hd.chinatax.gov.cn/guoshui/action/GetArticleView1.do?id=10859396&flag=1

► Notice regarding Vehicle Purchase Tax (VPT) exemption for the medical vehicles of the “Healthy Mother Expresses” project in 2017 (Caishui [2017] No. 93)http://szs.mof.gov.cn/zhengwuxinxi/zhengcefabu/201712/t20171228_2789901.html

► Notice regarding VPT exemption for flood prevention emergency vehicles in 2017 (Caishui [2017] No. 92)http://szs.mof.gov.cn/zhengwuxinxi/zhengcefabu/201712/t20171228_2789895.html

► Notice regarding VPT exemption for forest fire control vehicles in 2017 (Caishui [2017] No. 91)http://szs.mof.gov.cn/zhengwuxinxi/zhengcefabu/201712/t20171228_2789821.html

► PN regarding the issuance of the 2017 duty stamps (SAT PN [2017] No. 51)http://www.chinatax.gov.cn/n810341/n810755/c3001109/content.html

► Decision on the modification of the “Regulations for the Exemption of Import Duties, Import-Level Value-added Tax and Consumption Tax on the Production Materials Imported for the Scientific Research and Education” (MOF/GAC/SAT Order [2017] No. 93)http://www.mof.gov.cn/gp/xxgkml/tfs/201801/t20180102_2791651.html

► PN regarding measures related to the calculation of the emission quantity of taxable pollutants for Environmental Protection Tax purposes (MOE PN [2017] No. 81)http://www.zhb.gov.cn/gkml/hbb/bgg/201712/t20171229_428887.htm

► Notice regarding a catalogue of invalidated/abolished tax-related regulations and regulatory documents (SAT Order [2017] No. 42)http://www.chinatax.gov.cn/n810341/n810755/c3022106/content.html

► PN regarding the launch of business licenses with social credit codehttp://www.saic.gov.cn/zw/wjfb/zjwj/201712/t20171228_271486.html

► PN regarding the application for the issuance of certificate of origin under the Free Trade Agreement between China and Georgia (AQSIQ PN [2017] No. 113)http://www.aqsiq.gov.cn/xxgk_13386/jlgg_12538/zjgg/2017/201712/t20171228_510229.htm

Other business, customs and tax related circulars recently announced by central government authorities:

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► PN regarding the public opinion consultation on the “Decision on the Amendments to the 'Implementation Measures of the China Banking Regulatory Commission on Administrative Licensing Items for Foreign Banks’ (Discussion Draft)”http://www.chinalaw.gov.cn/art/2017/12/28/art_33_207056.html

► Notice regarding regulating bank card transactions of withdrawing large amount of cash overseas (Huifa[2017] No. 29)http://www.safe.gov.cn/wps/portal/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3gPZxdnX293QwML7zALA09P02Bnr1BvI2c_E_1wkA6zeGd3Rw8Tcx8DAwsTdwMDTxMnfz8P50BDA09jiLwBDuBooO_nkZ-bql-QnZ3m6KioCACk6Xh-/dl3/d3/L2dJQSEvUUt3QS9ZQnZ3LzZfSENEQ01LRzEwODRJQzBJSUpRRUpKSDEySTI!/?WCM_GLOBAL_CONTEXT=/wps/wcm/connect/safe_web_store/safe_web/zcfg/whscyrmbhn/node_zcfg_whjy_store/f598b60043e427369a839a43fc843205

► Catalog of Dual-use Items and Technologies Subject to Import & Export Licensing Administration (2017) (MOFCOM/GAC PN [2017] No. 93)http://www.mofcom.gov.cn/article/b/e/201712/20171202692029.shtml

► PN regarding the “2018 Catalog of Classified Certificates for Goods under Import Licensing Administration” (MOFCOM PN [2017] No. 96)http://www.mofcom.gov.cn/article/b/c/201801/20180102693327.shtml

► PN regarding the “2018 Catalog of Certificates for Goods under Export Licensing Administration” (MOFCOM PN [2017] No. 95)http://www.mofcom.gov.cn/article/b/c/201801/20180102693312.shtml

► PN regarding matters related to the postpone of “Annual Report for the Registration Information of Declaration Entities” submission (GAC PN [2017] No. 68)http://www.customs.gov.cn/customs/302249/302266/302269/1038552/index.html

► PN regarding the amendments to the “Regulations on Filling of Declaration Form for Import and Export Goods” (GAC PN [2017] No. 69)http://www.customs.gov.cn/customs/302249/302266/302269/1056016/index.html

► PN regarding the 2017 import volume and the 2018 annual import volume trigger level for certain agricultural products imported from New Zealand (GAC PN [2017] No. 70)http://www.customs.gov.cn/customs/302249/302266/302269/1058059/index.html

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Contact usFor more information, please contact your usual EY contact or one of the following of EY’s China tax leaders.

• Martin Ngai (Beijing) +86 10 5815 3231 martin.ngai@cn.ey.com

• Fisher Tian (Tianjin) +86 22 5819 3520fisher.tian@cn.ey.com

Office Tax Leaders

• Samuel Yan (Dalian/Shenyang)+86 10 5815 3226samuel.yan@cn.ey.com

Service Line Tax Leaders

• Travis Qiu (Transfer Pricing)+86 21 2228 2941travis.qiu@cn.ey.com

• Paul Wen (People AdvisoryServices)+852 2629 3876paul.wen@hk.ey.com

• Samuel Yan (Global Compliance & Reporting)

+86 10 5815 3226samuel.yan@cn.ey.com

• Becky Lai (Tax Policy)+852 2629 3188becky.lai@hk.ey.com

• Jesse Lv (Transaction Tax)+86 21 2228 2798Jesse.lv@cn.ey.com

• Jane Hui +852 2629 3836jane.hui@hk.ey.com

Author – China Tax Center

Greater China Tax Leader

• Lucy Wang (Qingdao) +86 10 5815 3809lucy-c.wang@cn.ey.com

• Vickie Tan (Shanghai)+86 21 2228 2648vickie.tan@cn.ey.com

• Audrie Xia (Suzhou)+86 21 2228 2886audrie.xia@cn.ey.com

• Raymond Zhu (Wuhan)+86 21 2228 2860raymond.zhu@cn.ey.com

• Jean Li (Xiamen)+86 755 2238 5600 jean-n.li@cn.ey.com

• Rio Chan (Guangzhou/Changsha) +86 20 2881 2878rio.chan@cn.ey.com

• Chuan Shi (Chengdu) +86 21 2228 4306chuan.shi@cn.ey.com

• Clement Yuen (Shenzhen) +86 755 2502 8280clement.yuen@cn.ey.com

• Joanne Su (Xi’an)+86 10 5815 3380joanne.su@cn.ey.com

• Patricia Xia (Hangzhou)+86 21 2228 2878patricia.xia@cn.ey.com

• Andrew Chen (Nanjing)+86 21 2228 2385andrew-jp.chen@cn.ey.com

• David Chan (Hong Kong)+852 2629 3228david.chan@hk.ey.com

• Heidi Liu (Taipei) +886 2275 78888heidi.Liu@tw.ey.com

• Kenneth Leung (Indirect Tax) +86 10 5815 3808 kenneth.leung@cn.ey.com

Sector Leaders

• Catherine Li (Financial Services) +86 10 5815 3890catherine.li@cn.ey.com

• Alan Lan (Energy & Resources)+86 10 5815 3389 alan.lan@cn.ey.com

• Martin Ngai (Technology, Media,Telecommunications) +86 10 5815 3231 martin.ngai@cn.ey.com

• Vickie Tan (Life Science)+86 21 2228 2648vickie.tan@cn.ey.com

• Gary Chan (Real Estate) +86 10 5815 2816 gary.chan@cn.ey.com

• Audrie Xia (Consumer Products)+86 21 2228 2886audrie.xia@cn.ey.com

• Walter Tong (Automotive & Transportation)+86 21 2228 6888walter.tong@cn.ey.com

• Raymond Zhu (Government & Public Sector)+86 21 2228 2860raymond.zhu@cn.ey.com

• Henry Chan +86 10 5815 3397 henry.chan@cn.ey.com

• Andrew Choy (International Tax)+86 10 5815 3230andrew.choy@cn.ey.com

11China Tax & Investment Express

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