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Guangdong Province Releases Announcement on Invoice Issuance
Guangdong’s Provincial Office of the State Administration of Taxation (SAT) released the “Announcement on Matters Concerning the Issuance of Invoices on Behalf of Taxpayers in the Pilot Collection of Value-Added Tax (VAT) in Lieu of Business Tax (Announcement [2012] No.11, hereinafter referred to as ‘Announcement’)” on October 23, 2012.
Vietnam Set to Lower Corporate Income Tax
Vietnam’s Ministry of Finance has announced it will be making changes to the Law on Corporate Income Tax, to be revised by the National Assembly in 2013. The ministry has also announced plans to reduce tax burdens for foreign-invested enterprises that engage in expansion projects for existing investments.
Vietnam Changes the Law Governing Personal Income Tax
On November 22, 2012, the Vietnamese National Assembly promulgated Law No. 26/2012/QH13, amending and supplementing a number of articles within the Law on Personal Income Tax – including increasing personal income tax thresholds.
Da Nang Offers Massive Tax Incentives for Dutch Businesses
Da Nang City is calling for foreign investment in its hi-tech park by promising attractive incentives.
Maintaining Statutory Registers in India
The Companies Act (1956), which regulates setting up and running companies in India, requires all classes of companies in India (irrespective of size or capital) to maintain a list of Statutory Registers.
Maternity Benefits in India
One of the primary objectives of India’s Maternity Benefit Act (1961) is to maintain the health of a pregnant female employee and her child. The act applies to every factory, mine or plantation (including those belonging to government), and to every shop or establishment wherein 10 or more people are employed.
India Set to Release GAAR Final Draft
GAAR, introduced in the 2012-13 Budget with the aim to prevent tax evasion, has raised widespread concerns from foreign investors. Uncertainties in the investment environment brought up by the regulation have dampened the confidence of foreign investors in the market.
China Clarifies VAT Reform in Fujian Province
At a press conference held by the Fujian provincial government on October 30, officials from relevant government departments introduced the main contents of VAT reform in the province.
Extension Granted for Reporting Annual Accounts
The Ministry of Corporate Affairs has extended the due date for filing e-forms 23AC (Non-XBRL) and 23ACA (Non XBRL) as per the new Schedule VI.
Vietnam Releases Legal Document on Foreign Investment in Education
Decree No. 73/2012/ND-CP regarding education management for foreign cooperation and investment was promulgated in September. Accordingly, the forms of foreign investment allowed in education include 100 percent foreign-capitalized educational institutions and associated educational institutions between domestic investors and foreign investors.
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