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Beijing Details Foreigners’ Mandatory Social Insurance Participation
Following the promulgation of a national decreeordering foreign employees’ mandatory participation in China’s social insurance system, Beijing recently issued its own implementation details in a bid to strengthen the enforcement of the new policy
China Specifies Services Eligible for Zero VAT Rate and VAT Exemption
The beginning of China’s pilot value-added tax (VAT) reform has aimed to make transport services and a list of modern services in pilot areas subject to VAT, instead of business tax. Recently, as a new update to the implementation details of the ongoing VAT reform, China’s Ministry of Finance (MoF) and State Administration of Taxation (SAT) clarified that some of these VATable services can enjoy zero VAT rate and VAT exemption.
India Allows 100% FDI in Single Brand Retail
The Indian government on Tuesday agreed to allow 100 percent foreign ownership in single brand retail stores, paving the way for international businesses such as Starbucks, Ikea and Adidas to operate independently in the country without having to involve local partners. Foreign single brand retailers were previously limited to 51 percent ownership.
Dezan Shira & Associates Raise USD12,000 For Care For Children China
Dezan Shira & Associates have raised USD12,000 for Care For Children China for 2011. The charity specializes in providing homes, education and medical treatment for orphans throughout the country. Web: www.careforchildren.com
Dezan Shira & Associates Win China Olympics Gold Medal Vest
Dezan Shira & Associates bid successfully for Chinesegold medal hurdler Lui Xiang’s signed 2004 Olympics Gold Medal 110 meter hurdles vest at a charity function to raise money for the 2008 Sichuan earthquake victims in Yushu, an ethnic Tibetan village that was completely destroyed. Lui’s Olympics Gold Medal was the first for China in a […]
Celebrating 20 Years in Asia
Interview with Chris Devonshire-Ellis Jan. 9 – Dezan Shira & Associates celebrates its 20th birthday in China during 2012, making it one of the earliest foreign investment practices operating in China. “I recall setting up in Shenzhen,” says the firm’s founder Chris Devonshire-Ellis. “It was during the very early days, and only a handful of […]
Employers’ Overseas Social Insurance Contributions are IIT Taxable
According to the old Circular guoshuifa[1998] No. 101, overseas social welfare contributions made by employers are exempted from IIT, as long as they are mandatory social insurances with legal basis and such costs are not deducted from the WFOE’s taxable income for corporate income tax (CIT) calculation purposes.
Dezan Shira Opens Office in Singapore
Just in time for its 20th year anniversary, Dezan Shira & Associates is celebrating the opening of its 20th office in Asia. As the financial centre of the ASEAN region, Singapore has become a trade hub for the region, a major financial center in its own right and is also a strategic and low tax […]
253 Items of Administrative and Institutional Fees Pertaining to Enterprises Cancelled
The Ministry of Finance (MOF) and the National Development and Reform Commission (NDRC) recently issued a notice announcing the decision to eliminate 253 items of administrative and institutional fees pertaining to enterprises (“fees”) imposed by provinces, autonomous regions and municipalities directly under the central government, resulting in the reduction of enterprises’ burden by approximately RMB10 billion.
Beijing Applies for Implementation of VAT Reform Pilot Project
To resolve the issue of duplicate taxation on goods and services and support the development of the modern service industry, the State Administration of Taxation (SAT) and Ministry of Finance (MOF) issued the “Pilot Project Plan for Replacing the Collection of Business Tax with Value-added Tax (caishui [2011] No. 110)” (“Pilot Project Plan”) in November 2011.
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