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China Revises Categorization of Imported Goods and Tariff Rates
China’s General Administration of Customs (GAC) issued the newly-revised “Table of Categorization for the Imported Articles of the PRC” (“Table of Categorization”) on Wednesday, March 28.
China’s Court Releases Second Draft Interpretation of Insurance Law
On March 22, the Highest People’s Court released the “Interpretation II on Several Issues Concerning the Application of the Insurance Law (Draft for Comments)” (“Draft Interpretation”), which provides clarifications to the latest version of China’s Insurance Law promulgated in October 1, 2009.
Shanghai Issues Trial Procedures for Consolidated CIT Payments by Headquarters
Shanghai’s state and local tax bureaus have issued the “Trial Procedures on the Filing of the Allocation Proportion of Consolidated CIT Payments by Headquarters in Shanghai (huguoshuisuo[2010] No. 10)” (“Trial Procedures”) on March 10, 2012.
International Accounting Bulletin Names Dezan Shira Network Second Largest
Global billing hits US$2.6 billion in 2011 The Leading Edge Alliance (LEA Global), of which Dezan Shira & Associates are China and India members, has been ranked by International Accounting Bulletin as the second largest international association of independent accounting firms for 2012. LEA Global is an international alliance of independently owned accounting and consulting […]
Dezan Shira & Associates Repositions Key China Personnel
Dezan Shira & Associates has reshuffled their senior management team, moving three key personnel from China to other locations throughout Asia. Olaf Griese, previously regional partner in Shanghai, has relocated to Delhi, India as partner of the firm’s India practice. Griese has been with the practice since 2006 and is a graduate of the Institute of […]
Vietnam’s New Tax Schedule for 2012
Vietnam’s Ministry of Finance issued Circular No.157/2011/TT-BTC on November 14, 2011, stipulating the tax rates of export and import tariff preferences under the list of taxable items. The Decree takes effect from January 1, 2012.
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. In order to question the basic information of non-resident entities with respect to the kind of activities conducted by their liaison offices, the Indian Government initiated Section 285 to the Income Tax Act in the Union Budget 2011.
Greater Scrutiny for Foreign-Owned Liaison Offices in India
On February 6, India’s Central Board for Direct Taxes introduced a new regulation 114DA, notification 5/2012, as part of Section 285 of the Finance Act governing foreign-operated liaison offices in India.
Income Tax Returns in India
The full form of ITR-V is “Income Tax Return – Verification form.” This form is expected when you E-file without using a digital signature. India’s Income Tax Department needs to validate the authenticity of income tax returns when filed online without using a digital signature.
China Allows Companies to Settle Trade in RMB
China has just made another big step in the internationalization of its local currency, the renminbi (RMB) or yuan, recently. Under the new regulations released by the People’s Bank of China (PBC), trading entities all over the world can now settle trade in RMB subject to local restrictions.
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