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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.
Vietnam Promulgates Fiscal Stimulus Measures
On August 21, 2012, Vietnam’s Ministry of Finance promulgated Circular 140/2012/TT-BTC (hereinafter referred to as “Circular 140”), clarifying the country’s 2012 fiscal stimulus measures which aim to resolve some of the present tax difficulties facing organizations and individuals.
Interim Provisions Issued on Equity Contribution of FIEs
In a move to standardize the equity contributions of foreign-invested enterprises (FIEs) and promote foreign investment, China’s Ministry of Commerce (MOC) released the “Interim Provisions on Equity Contributions of Foreign-Invested Enterprises (Order No.8 of MOC, hereinafter referred to as ‘Provisions’)” on September 21, effective as of October 22, 2012.
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