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China Releases Circular on Inspection of Corporate Income Tax
To strengthen the administration on collection of corporate income tax generated from trans-regional operations, China’s State Administration of Taxation (SAT) released the “Circular on Inspection of Distribution of Consolidated Payments of Corporate Income Tax on Trans-Regional Operations (guoshuihan [2012] No. 445, hereinafter referred to as the ‘Circular’)”on September 24.
China Clarifies Budget Management Issues Under VAT Reform
China’s Ministry of Finance (MOF), the People’s Bank of China (PBC) and the State Administration of Taxation (SAT) jointly released the “Circular on Budget Management Issues Concerning the Pilot Collection of Value-Added Tax (VAT) in Lieu of Business Tax (caiyu [2012] No.367, hereinafter referred to as ‘Circular’)” on August 17.
China’s SAT Issues FAQs Relating to Tax Payments: Part II
China’s State Administration of Taxation (SAT) issued another set of frequently asked questions relating to tax payments on October 8. The answers provided are based on existing regulations. Detailed information can be found below.
Jiangsu Province Releases Announcement on VAT Declaration
Jiangsu’s Provincial Office of the State Administration of Taxation (SAT) released the “Announcement on Matters Concerning Value-Added Tax (VAT) Declaration in the Business Tax to Value-Added Tax Pilot Conversion in Jiangsu Province (Announcement [2012] No.6, hereinafter referred to as ‘Announcement’)” on September 21, clarifying issues relating to the filing of VAT returns by VAT taxpayers in the province.
China Issues Measures on Income Tax for Enterprise Relocation
China’s State Administration of Taxation (‘SAT’) released the “Administrative Measures on Income Tax for the Policy-Based Relocation of Enterprises (Announcement [2012] No.40, hereinafter referred to as ‘Measures’)” on August 10, aiming to regulate the administration of levying income tax on enterprises undergoing policy-based relocation.
China’s SAT Issues FAQs Relating to Tax Payments: Part I
China’s State Administration of Taxation (SAT) issued frequently asked questions relating to tax payments on September 24. The answers provided are based on existing regulations. Detailed information can be found below.
Opinions Issued on Promoting the Steady Growth of Foreign Trade
With the aim to promote the steady growth of foreign trade and expand domestic employment, China’s State Council released “Several Opinions of the General Office of the State Council on Promoting the Steady Growth of Foreign Trade (guobanfa [2012] No. 49, hereinafter referred to as ‘Opinions’) on September 16.
New Vietnamese Circular on Tax Code Registration
On May 22th, the Ministry of Finance granted Circular No.80/2012/TT-BTC regulating tax code registration under the Law on Tax Administration and replacing Circular No.85/2007/TT-BTC dated July 18, 2007.
Reforms in India: Government Allows FDI in Aviation
The government of India has recently decided to permit foreign airlines to buy stakes of up to 49 percent in local carriers. This has been a highly anticipated policy move that provides for potential support to India’s debt-laden airlines by opening up a fresh source of funding.
Time Extended for Reporting of Annual Accounts with Company Registrar in India
Reporting of the annual accounts and balance sheet for the financial year ending March 2012 can now be made in Schedule VI format, bringing Indian companies on par with global reporting standards.
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