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China Stresses Measures to Boost New-energy Car Market
In a move to increase the number of green vehicles on the country’s roads, China is urging new-energy car promotions in 25 major cities. The new regulatory call will likely provide a boost to the green automobile market after the country saw an overall deceleration in car sales partly due to last month’s issuing of a tightened subsidy policy for fuel-efficient car models.
Corporate Income Tax Delayed One Year For Labor-Intensive Enterprises
Good news for labor-intensive firms in Vietnam. Decision 54/2011/QD-TT inked by the Prime Minister last week agrees to extend corporate income tax payments in 2011 for labor-intensive companies as well as “co-operatives lawfully established and operating which have revenue from the production or processing of agricultural, wood, seafood, garment, footwear, or electronic products, or from development, construction, and installation of infrastructure works.”
Amendments in FDI Policy for India’s Pharma Sectors
The government of India has already allowed 100 percent FDI into the pharmaceuticals industry. Recently, the government has reviewed its policy in the particular sector.
New PAN Forms for India’s Non-Residents
India’s Income Tax Department has initiated a separate permanent account number (PAN) application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
Beijing to Inject RMB1.5 Bln into Zhongguancun’s Modern Service Industries
A massive scheme is currently being laid out to develop modern service industries in Zhongguancun – the technology hub situated in northwestern Beijing often referred to as “China’s Silicon Valley.” Following the central government’s promise to inject some RMB1.5 billion into the area’s modern service sectors within the next three to five years, Beijing’s local government recently announced the key service sectors that will likely enjoy the use of the government funds.
China Regulates Cargo Owners’ Investment into Domestic Shipping Industry
China is tightening regulations on investment by cargo owners into the country’s domestic shipping industry in a bid to avoid excess competition amid the continuing global shipping downturn.
Shenzhen and Xiamen Further Encourage Equity Investment
Local governments of several Chinese coastal cities are offering further incentives to equity investment enterprises, as private equity (PE) investment has emerged as one of the most important capital-raising avenues for small and medium-sized enterprises in those areas.
Banks Obtain More Incentives for Loan Offers to Small Businesses
Chinese authorities recently issued new regulations in a bid to encourage more loan issuance to small enterprises and improve the quality of financial services provided to them.
China Lifts Tax-free Thresholds for Business Tax and VAT Collection
As part of its “structural tax reform,” China has decided to raise the tax-free thresholds for business tax (BT) and value-added tax (VAT) collection starting from today, in a bid to reduce tax burdens for enterprises, especially for small businesses.
China’s Software Developers Can Enjoy VAT Refunds
Starting from January 1, 2011, enterprises which develop their own software products or redesign imported software products can have part of their value-added tax (VAT) refunded, said China’s State Administration of Taxation (SAT) and Ministry of Finance recently.
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