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Indian GAAR Impacts on Mauritius Tax Haven Use
India’s new General Anti-Avoidance Rules (GAAR) kicked in from April 1, and it looks like they will have an immediate impact on the use of Mauritius as a tax haven for investing in India.
India Increases Service Tax Rate
Service tax is the tax charged on services offered, which has to be collected from the clients and paid to the government. If these taxes increase, there is an increase in many expenses such as mobile bills, insurance premiums, professional consultations, property purchases from the builder, courier expenses, and credit card bills.
India Proposes to Amend the Term ‘Foreign Company’
The Ministry of Corporate Affairs informed the Upper House that, under the Companies Act (1956), there is no precise provision for compulsory registration of foreign companies engaged in online business practices.
Rules of Overseas Chartered Accountant Firms
India’s Ministry of Corporate Affairs informed the Upper House today that Indian chartered accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act (1949) and the rules and regulations framed thereunder.
Reporting Activities of Liaison Offices in India
Overseas companies, organizations or an association of individuals are not required to file income returns with regards to liaison offices (LOs) on the grounds that such business is not permitted to be carried out in India.
2012 Annual Compliance Reports for Shenzhen Representative Offices
According to the new “Regulations on the Registration and Administration of Representative Offices of Foreign-Invested Enterprises(guowuyuanlingNo.584)” (Regulations), representative offices (ROs) of FIEs registered and established before December 31, 2011 are required to submit the annual compliance report to the local registrars before June 30, 2012.
Beijing Releases 2011 Average Income and 2012 Social Insurance Wage Base
The Beijing Social Security Fund Management Center released the “Notice from Beijing Human Resources and Social Security Bureau and the Beijing Statistics Bureau on the 2011 Beijing Average Income” on April 11, specifying the new wage base for calculating social security contributions for the year 2012.
Guangdong Streamlines the Registration Process for Foreign-Funded Companies
According to the Department of Foreign Trade and Economic Cooperation of Guangdong Province and Guangdong Province Administration of Industry and Commerce (Guangdong AIC), a new streamlined registration and approval process for foreign-funded companies will be run across nine cities along the Pearl River Delta.
SAFE Registration Procedures and Compliance Requirements in China
On February 15, 2012, the State Administration of Foreign Exchange (SAFE) issued the “Circular Regarding Issues Relating to Foreign Exchange Administration of Domestic Individuals’ Participation in Equity Incentive Plan of Overseas Listed Companies (huifa[2012] No.7)” (Circular 7) providing that foreigners working in China are subject to SAFE registration if they participate in any form of equity incentive plan with an overseas-listed company.
Foreigners in China Now Subject to SAFE Registration for Equity Incentive Plans
China’s State Administration of Foreign Exchange (SAFE) replaced the “Circular Regarding Procedural Requirements for Chinese Nationals to Participate in Employers’ Overseas Equity Incentive Plans (huizongfa [2007] No.78)” (“Circular 78”) with the new “Circular Regarding Issues Relating to Foreign Exchange Administration of Domestic Individuals’ Participation in Equity Incentive Plan of Overseas Listed Companies (huifa[2012] No.7)” (“Circular 7”) in February 2012.
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