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Shenzhen Considers Raising Pension Contribution Rate
China’s southern city of Shenzhen is mulling a plan to lift the employer contribution rate for pension premiums by a further 3 percent, according to the recently released draft version of the “Social Pension Provisions of the Shenzhen Special Economic Zone” that is currently open to public opinions.
Costs on Tax Control Equipment Now VAT Free
Starting on December 1, 2011, value added tax (VAT) payers can deduct the costs associated with purchase of VAT control equipment, and any costs incurred when conducting technical maintenance on the equipment, from VAT payments.
Vietnam to Extend CIT Payments for SMEs by 3 Months
On January 19, 2012 the Prime Minister enacted Decision No. 04/2012/QĐ-TTg – granting a three-month extension for the payment of corporate income tax which small and medium enterprises, and enterprise using many laborers, must pay for the first and second quarters of 2011.
Vodafone Wins Landmark US$2.5 Billion India Tax Case
India’s Supreme Court has ruled that the British telecom giant Vodafone does not have to pay taxes and penalties for the transaction in 2007 that saw the company acquire a 67 percent stake in Indian mobile phone operator Hutchison Essar.
India Further Liberalizes FDI Policy, Drops Mandatory Lock-In Period
The Indian government is loosening its foreign direct investment regulations and is now allowing foreign investors the opportunity to repatriate their original investment before the expiration of a three-year lock-in period from the day it completes its minimum capitalization norm for the sector.
Beijing Adjusts Maternity Insurance Policy
Starting on January 1, 2012, all company employees in Beijing – including employees with non-Beijing hukous– are required to participate in the city’s maternity insurance program.
China Clarifies Favorable CIT Treatment to Infrastructure and “Green” Projects
China’s “Corporate Income Tax (CIT) Law (PRC Chairman Decree No. 63)” and its implementation details (State Council Decree No. 512) – both effective on January 1, 2008 – have granted six-year-long tax incentives to projects on key public infrastructure development and environmental protection.
China Continues Offering Tax Incentives to Animation Industry
As part of its support for emerging cultural industries, China’s Ministry of Finance and State Administration of Taxation recently announced their intentions to continue the favorable value-added tax (VAT) and business tax (BT) treatment to the animation industry.
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.
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