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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.
Transfers of Natural Resource Use Rights Subject to Business Tax
China’s State Administration of Taxation (SAT) recently clarified the tax treatment towards transfers of natural resource use rights.
Dezan Shira Relocates Senior Personnel Out of China
Dezan Shira & Associates is relocating four senior management personnel from positions in China and redeploying them throughout Southeast Asia. The firm’s Founding Partner Chris Devonshire-Ellis will relocate from Beijing to Singapore to head up the firm’s Asian expansion and development, while Olaf Griese, partner in Shanghai, will move to Delhi to take up the […]
India to Loosen Restrictions on FDI into Broadcasting Services
The Government of India is planning to propose a hike in the maximum foreign direct investment (FDI) capital allowed in broadcasting services – such as direct-to-home (DTH) and cable TV – to a uniform portion of 74 percent.
India and Macau Sign Double Taxation Avoidance Agreement
To aid tax and banking-related information exchange and prevent tax evasion, India signed a double taxation avoidance agreement (DTAA) with Macau on January 1. The agreement will also help to generate a better investment climate for Indian businesses in Macau – a special administrative region of the People’s Republic of China and well-known offshore financial center and tax haven.
Shenzhen, Beijing Raise Minimum Wage Standards
On December 31, 2011, both Shenzhen and Beijing announced their new minimum wage standards for 2012. Following the adjustment, Shenzhen’s minimum wage standard will reach RMB1,500, the highest in the whole country.
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