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Dalian Re-instates Cap on Social Insurance Contributions
On December 27 the Dalian Social Insurance Fund Management Centre released a document stating that the cap on contributions by employers to the various social insurance funds are to be re-instated (as they had been removed from September 2011) and that the previous method for the calculation of bases for contributions would also be re-adopted (this was also changed as of September 2011).
Shanghai SAFE Requires Additional Documents for Foreign Exchange Settlement
The State Administration of Foreign Exchange (SAFE) issued the Supplementary Circular on Issues Relating to Improving Business Operations with Respect to the Administration over Payment and Settlement of Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa [2011] No. 88, “Supplementary Circular”) on July 18, 2011, which came into effect on August 1, 2011.
Tax Agreement Signed between Hong Kong and Malta
On November 8, 2011, a comprehensive agreement for the avoidance of double taxation (DTA) was signed between the Hong Kong special administrative region government and the Maltese government. It will come into force after both governments finalize their respective ratification procedures.
China Unveils Its 12th Five-year Plan on Environmental Protection
In the pursuit of a more environmentally friendly economy, the Chinese government has recently laid out a blueprint on pollution reduction goals between 2011 and 2015. Experts believe the new plan will shift the future investment focus in China from infrastructure development to “green” projects.
China Clarifies Tariff Implementation in 2012
China’s Ministry of Finance recently published the “Tariff Implementation Plan 2012 (shuiweihui [2011] No.27),” where it clarified both import and export tariffs on specific products for next year.
Supplement VIII to CEPA Signed in HK
Supplement VIII to the Mainland and Hong Kong Closer Economic Partnership Arrangement (“CEPA” or “Arrangement”), signed on December 13, 2011 in Hong Kong, will come into effect on April 1, 2012.
Updating of PAN Card Specifications in India
The permanent account number (PAN) card, issued by the income tax authorities, is now broadly used in financial transactions and one of the most convenient proofs for identity.
Tax Collected at Source in India
The vendor has to accumulate tax from the payer who has purchased the following items:
U.S. Car Exporters Get Hit by China’s New Tariffs
The Chinese government recently announced the imposition of two new tariffs on U.S. car imports, bringing higher market access thresholds to U.S. auto manufacturers.
Amended Rules for Unlisted Public Companies
The Central Government of India has recently made amendments to the list of rules for Unlisted Public Companies (known as the “Unlisted Public Companies Preferential Allotment [2011]”).
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