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Vietnam To Open Up Banking System
In an attempt to obtain additional capital for its already debt-ridden banking system, Vietnam is further opening the door to foreign ownership of its banks.
Vietnam To Revamp Its Economy
Vietnam has approved a plan to boost its economy by focusing on restructuring public investments, banks and state-owned enterprises (SOEs). Furthermore, in an attempt to generate sustainable growth by 2020, attention will also be placed on strictly controlling inflation.
High-Technology Law in Vietnam Sets High Investment Requirements
“Science and technology, along with education, have always been priorities in our national policy, but the [law on high technology] is the first legal document that institutionalizes that policy,” remarked Nghiem Vu Khai, Vice Chairman of the National Assembly’s Committee for Science, Technology and the Environment, in July 2009. It was at this time that Vietnam took a further step in developing its legal framework for its high-technology sector through the implementation of a new law on high-technology.
Companies Act 1956: Annual Compliance in India
Indian companies that were incorporated under the Companies Act 1956 must file their annual return and audited accounts with the Registrar of Companies (ROC) every year. The annual forms that have to be filed with the Registrar of Companies, including a greater description of the particulars, are shown below.
Income Tax Return Forms in India
Assessees who earn a taxable income must declare their total income earned by filing an income tax return form at the end of each financial year. For this process, the Income Tax Department of India has issued the following forms for filing income tax returns:
Introduction to the Service Tax Partial Reverse Charge Mechanism
A new taxation scheme for the services sector that came into effect on July 1, 2012, states that both the service provider and the recipient of the service must now pay the requisite service taxes. Prior to this, the liability to pay such services tax was only born by either the service provider or the service recipient.
Shenzhen Initiates Commercial Registration Reform
The People’s Congress of Shenzhen Municipality passed the “Regulation on Commercial Registration in the Shenzhen Special Economic Zone (hereinafter referred to as the ‘Regulation’)” on October 30, 2012, which states that commercial registration authorities shall no longer collect commercial registration fees starting from March 1, 2013.
China Releases First Plan to Protect Environment from Toxic Chemicals
With the aim to improve the country’s environmental risk management capabilities, China’s Ministry of Environmental Protection (MEP) issued the “12th Five-Year Plan for Prevention and Control of Chemical Risks to the Environment (hereinafter referred to as the ‘Plan’)” on February 21, which is the country’s first plan to safeguard the environment against dangerous chemicals. In the Plan, the Chinese government has officially admitted the existence of “cancer villages” for the first time.
China Law Deskbook Legal Update – January/February 2012
Jim Zimmerman, the China managing partner of U.S. law firm Sheppard Mullin, is a good friend of China Briefing and is also both the Chairman Emeritus of Amcham China and the author of the China Law Deskbook – considered by many to be the bible of China law. Jim has recently introduced a regular update service to the China Law Deskbook and has kindly given permission for China Briefing to host it here.
China Forces Compulsory Insurance on Heavy Polluters
China’s Ministry of Environmental Protection (MEP) and the China Insurance Regulatory Commission (CIRC) jointly released the “Guiding Opinions on Carrying Out the Pilot Program on Compulsory Environmental Pollution Liability Insurance (huanfa [2013] No.10, hereinafter referred to as the ‘Guiding Opinions’)” on February 21, which forces heavily-polluting enterprises to join an environmental liability insurance system to ensure they can provide adequate compensation for any damages caused.
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