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China Clarifies Business Tax Calculation Method for Rail Transport Operations
In its recent announcement, the Chinese State Administration of Taxation (SAT) specified the business tax (BT) calculation method for rail transport operations that are conducted through cooperation among different companies.
China Officially Opens Cross-Border RMB-Denominated FDI
Following the issuance of a circular draft concerning cross-border RMB-denominated foreign direct investment (FDI) in August, the Chinese Ministry of Commerce (MoC) has recently fixed and released the official legal document, which can be used as a guidance for foreign investors who intend to conduct FDI with RMB legally obtained overseas.
China Clarifies Consumption Tax Rates for Mixed Liquors
China’s State Administration of Taxation (SAT) issued the “Announcement on Applicable Consumption Tax Rates for Mixed Liquors (SAT Announcement [2011] No.53)” on September 28, clarifying the consumption tax rates for different types of mixed liquors.
State Council Announces Financial Measures to Help SMEs
China’s State Council announced measures yesterday to provide tax relief and financial easing towards the nations small-medium enterprises. Acknowledging that SME’s play a crucial “role in job creation and social harmony,” the measures are a timely response to a structural issue that has long plagued China – getting sufficient capital to smaller businesses.
Property Transfer Not Subject to Business Tax during Asset Restructuring
Taxpayers in China who transfer their immovable property or land use rights to others are not liable for business tax (BT) payments, a recent official document says.
China Kicks off National Resource Tax Reform
After being delayed twice, China’s resource tax reform is finally going national. Starting on November 1, crude oil and natural gas will be taxed based on sales rather than the amount of production, and coking coal as well as rare earths will be subject to higher tax rates.
Dongguan Municipal Local Taxation Bureau Clarifies Terms in IIT Declaration
The Dongguan Municipal Local Taxation Bureau issued a notice explaining certain terms in the individual income tax (IIT) declaration process. These terms are: (i) “The income period”; (ii) “The period to which the income belongs”; and (iii) “The period to which the tax payment belongs”.
China’s General Administration of Customs Issues Announcement on IPR Protection
On September 25, 2011, China’s General Administration of Customs (GAC) issued an announcement specifying matters related to protecting the legitimate rights and interests of relevant parties of intellectual property rights (Announcement of the GAC [2011] No. 59, “Announcement”).
Vietnam Introduces Favorable Policies for Supporting Industries
On February 24, 2011, the Vietnamese government issued Decision No.12/2011/QT-TTg pursuant to the Prime Minister’s Decision No. 49 10/QT-TTg of July 19, 2010, approving the list of prioritized high technologies. The Decision took effect on April 15, 2011.
RBI relaxes Forex Facilities for Individuals
The Reserve Bank of India has further liberalized foreign exchange services for individuals under the Foreign Exchange Management Act (FEMA) 1999. The services are as follows:
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