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Following Shanghai, Beijing to Roll out VAT Reform in July
Following the experiment in Shanghai, the Chinese government has approved Beijing to become the second city that implements a value-added tax (VAT) reform pilot scheme, according to the state-run China National Radio.
Update: Minimum Wage Hikes Across China
A number of local governments across China have recently announced plans to further raise minimum wage levels in an effort to keep up with the national minimum wage growth target of 13 percent per year, set in the latest 12th Five-Year Plan on Employment Improvement.
Shenzhen Considers Raising Pension Contribution Rate
China’s southern city of Shenzhen is mulling a plan to lift the employer contribution rate for pension premiums by a further 3 percent, according to the recently released draft version of the “Social Pension Provisions of the Shenzhen Special Economic Zone” that is currently open to public opinions.
Costs on Tax Control Equipment Now VAT Free
Starting on December 1, 2011, value added tax (VAT) payers can deduct the costs associated with purchase of VAT control equipment, and any costs incurred when conducting technical maintenance on the equipment, from VAT payments.
Vietnam to Extend CIT Payments for SMEs by 3 Months
On January 19, 2012 the Prime Minister enacted Decision No. 04/2012/QĐ-TTg – granting a three-month extension for the payment of corporate income tax which small and medium enterprises, and enterprise using many laborers, must pay for the first and second quarters of 2011.
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.
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