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Guangzhou Adjusts Housing Fund Base
In accordance with figures released by the municipal statistical department, Guangzhou’s Housing Fund Management Center issued on July 10, 2012 a notice adjusting the maximum housing fund contribution base for 2012 to RMB23,945 (i.e. RMB 4,789×5).
Shenzhen Adjusts Housing Fund Base and Work-Related Injury Insurance Rates
Shenzhen’s Housing Fund Management Center released a supplementary notice adjusting the 2012 housing fund contribution base (shen gong ji jin [2012] No.60) on June 26.
Beijing Likely to Commence VAT Reform in August
In July 2012, tax authorities in Beijing started requiring companies falling under certain sectors to submit forms that include surveys requesting information on total business revenue, as well as applications for general VAT taxpayer status under the pilot project.
China Approves Policies for the Qianhai Shenzhen-Hong Kong Modern Services Zone
China’s State Council released the “Official Reply on Policies Concerning the Development and Opening-up of Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (guohan[2012] No.58, hereinafter referred to as ‘Reply’)” on June 27.
Shanghai Requires Computer Generated Tax Invoice for Claiming Export Refund
To simplify the types of general tax invoices used, and to standardize their format, the State Administration of Taxation (SAT) issued the “Notice Concerning the Printing and Publishing of the National Implementation Plan for Simplifying and Unifying General Tax Invoices into a Uniform Format (guoshuifa [2009] No. 142)” in September 2009.
Vietnam Ratifies New Labor Code
After going through four drafts and numerous debates over the past three years, Vietnam’s National Assembly officially ratified the country’s new Labor Code (revised) during an official meeting on June 18, 2012.
Industrial Licensing: Norms and Policy
For the organized growth and development of industrial India, Parliament has enacted the Industrial (Development and Regulation) Act, 1951.
Retrospective Taxation – Probably Not Applicable to Most Foreign M&A Deals
Foreign investors have been wary of investing in India since the beginning of the year after the budget introduced the General Anti-Avoidance Rules, or GAAR, and retrospectively changed the income tax law.
Morgan Stanley Obtains Indian Banking License
The Reserve Bank of India has granted the U.S. financial institution Morgan Stanley a banking license. The bank, one of the largest players in global M&A and advisory services, is expected to use its license to lend to corporate clients when advising on takeovers involving Indian entities.
India Issues Re-Assurances over Tax and Retroactive Legislation
India’s Finance Minister Pranab Mukherjee has scotched media reports concerning the intentions of India’s new tax regulations, and has pulled back on GAAR (general anti-avoidance regulations) until April 2013.