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New Tax Law: Significant to U.S. Investors in Chinese Companies Owned Through U.S. Holding Corporations

May 17, 2006 marked the enactment on a temporary expansion of the so-called CFC look-through rule for dividends and certain other payments made by a U.S. shareholder controlled foreign corporation (a CFC) to a related CFC. Generally, when employing the favored corporate structure utilized by Chinese companies for going public in the United States, dividends paid by the Chinese operating CFC to the related foreign intermediary CFC are no longer subject to immediate U.S. tax under Subpart F of the Internal Revenue Code of 1986, as amended (the Code). Rather, such earnings are only subject to U.S. income tax when and if they are repatriated to the United States.