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China Customs Revises Hong Kong CEPA Ad Valorem Definition
On March 28, China’s General Administration of Customs decided to revise Article 6 of the “Provisions on the Implementation of the Rules of Origin for Trade in Goods under the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong (haiguanzongshuNo.107, modified under No. 142 and No. 198),” which is effective from April 1, 2012.
India Issues Ruling on Transfer Pricing Aspect of Royalty Payments
The Delhi High Court, in its ruling on the case of Commissioner Income Tax vs. EKL Appliances Limited (Taxpayer), has given its decision on the transfer pricing aspects of a royalty payment by the Taxpayer to its associated enterprise.
Small Firms and Individuals May Be Exempt from GAAR, Postponement Also Possible
In an attempt to soften the blow of the General Anti-Avoidance Rules (GAAR), India’s Finance Ministry is considering postponing the implementation of the new regime and may completely exempt small firms and individuals.
Credit Institutions in Vietnam Now Offering Foreign Currency Loans
In a recent interview, Vice Director of the Central Institute for Economic Management Nguyen Dinh Cung said that the role of the State has to conform to the requirements of the market, the corporate sector, plus other stakeholders.
Important Changes to Vietnam’s Tax Regulations
Vietnam’s government has made some important changes to the country’s tax regulations over the first four months of 2012, and has issued Circular 06, which took effect from March 1, providing a detailed guidance on some key changes to VAT rules.
Vietnam to Tighten Cash Loan Disbursements from June 1
On April 10, 2012, the State Bank of Vietnam promulgated Circular 09/2012/TT-NHNN stipulating the payment methods for disbursing loans of credit institutions and foreign bank branches (hereafter collectively called “banks”) towards their customers.
New Audit Regulations in Vietnam
The Ministry of Finance approved a new regulation on March 13 – which will be effective from May 1, 2012 – to set new rules with regards to the audit of:
Vietnam to Increase General Minimum Wage Levels from May 1
Vietnam has officially increased its general minimum wage levels from VND830,000 per month to VND1.05 million per month effective from May 1, according to Decree No. 31/2012/ND-CP dated April 12, 2012.
Update Regarding Land Use Mortgage Rights
The Vietnamese Government issued Decree 05/2012/ND-CP to change and set up new rules concerning mortgages of land use rights and assets lying on land.
India to Define Minimum Stake in Joint Ventures
The Indian government is set to make a clarification to the country’s foreign investment laws, with specific attention to joint venture provisions.
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