China Law Update : China Business Law Lawyers & Attorneys : Sheppard Mullin Law Firm : Direct Investment, Dispute Resolution, Intellectual Property, Antitrust, Venture Capital

On March 23, 2009, China's Ministry of Finance and State Administration of Taxation jointly issued a Notice on the Policy of Enterprise Income Tax for China Clean Development Mechanism Fund ("CCDMF") and China Clean Development Mechanism ("CCDM") Projects (hereinafter referred as to the “Notice”) to introduce new tax incentives for CCDM projects and the CCDMF. The Notice has retroactive effect from January 1, 2007.

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The global economic downturn has impacted employers in China and, as with their U.S. counterparts, some of them are conducting mass layoffs in order to reduce costs. In addition to complying with layoff-related requirements under the PRC Labor Law, employers in China should take note of new local laws related to layoffs, and take steps to ensure compliance therewith.

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