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Vodafone Wins Landmark US$2.5 Billion India Tax Case
India’s Supreme Court has ruled that the British telecom giant Vodafone does not have to pay taxes and penalties for the transaction in 2007 that saw the company acquire a 67 percent stake in Indian mobile phone operator Hutchison Essar.
India Further Liberalizes FDI Policy, Drops Mandatory Lock-In Period
The Indian government is loosening its foreign direct investment regulations and is now allowing foreign investors the opportunity to repatriate their original investment before the expiration of a three-year lock-in period from the day it completes its minimum capitalization norm for the sector.
Beijing Adjusts Maternity Insurance Policy
Starting on January 1, 2012, all company employees in Beijing – including employees with non-Beijing hukous– are required to participate in the city’s maternity insurance program.
China Clarifies Favorable CIT Treatment to Infrastructure and “Green” Projects
China’s “Corporate Income Tax (CIT) Law (PRC Chairman Decree No. 63)” and its implementation details (State Council Decree No. 512) – both effective on January 1, 2008 – have granted six-year-long tax incentives to projects on key public infrastructure development and environmental protection.
China Continues Offering Tax Incentives to Animation Industry
As part of its support for emerging cultural industries, China’s Ministry of Finance and State Administration of Taxation recently announced their intentions to continue the favorable value-added tax (VAT) and business tax (BT) treatment to the animation industry.
China Specifies VAT Treatment for Sale of Self-used Fixed Assets
When selling self-used fixed assets, certain general value-added tax (VAT) payers under specific circumstances can use the simplified method to calculate their VAT payment, says the State Administration of Taxation (SAT) on January 6.
China Sets New Greenhouse Gas Emission Reduction Goals
In its newest “12th Five-year Plan on Greenhouse Emission Control (guofa[2011] No. 41),” China has set its new goals of reducing carbon emissions in the next five years and called for pilot programs that aim to promote a low-carbon economy.
Guangzhou Simplifies Electronic VAT Declaration Procedures
Guangzhou’s value-added tax (VAT) small-scale taxpayers are no longer required to submit paper declaration forms when they file electronic VAT declarations.
China Announces Import Tax Treatment to ‘Encouraged’ Foreign-Invested Projects
In Announcement [2012] No. 4 released on January 29, the Chinese General Administration of Customs clarified the favorable import tax treatment to “encouraged” foreign-invested projects (FIPs).
Shanghai Offers Fiscal Support to Promote VAT Reform
Shanghai’s newly included value-added tax (VAT) payers (pilot enterprises) may be able to receive fiscal compensation if they see increases in their actual tax burdens under the new tax scheme, local authorities said recently.