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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.
China Clarifies Pre-Tax Deduction Policies for Advertising and Promotional Expenses
China’s Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly released the “Circular Regarding Pre-tax Deduction Policies on Advertising and Business Promotion Expenses (caishui[2012] No.28, hereinafter referred to as ‘Circular’)”on May 30, which is retroactively effective from January 1, 2011 and will remain in effect through December 31, 2015.
Hong Kong Amends Mandatory Contribution Levels for MPF
Hong Kong has recently passed legislation that will amend the maximum level of relevant income for compulsory Mandatory Provident Fund (MPF) contributions, effective from June 1, 2012, according to an announcement on the MPF Authority’s official website.
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