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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:
Online Filing of Excise and Service Tax Compulsory from October 1st
To establish the Goods and Services Tax (GST) in 2012-13, India’s Finance Ministry has made it compulsory for taxpayers to file their central excise and service tax returns electronically from October 1.
China Revises Measures on Clean Development Mechanism Projects
In an attempt to boost Clean Development Mechanism (CDM) projects and to ensure the healthy development of the CDM market in China, the National Development and Reform Commission (NDRC) and other departments on August 3, 2011 jointly issued the revised “Administrative Measures for the Operation of Clean Development Mechanism Projects (‘the Measures’)”.
Overdue VAT Deduction Vouchers may be Used for Input VAT Deductions
In cases where general value-added tax (VAT) payers fail to have their VAT deduction vouchers verified at tax authorities within the required time limit due to certain objective reasons, they may still be allowed to recover that part of input VAT, the State Administration of Taxation (SAT) said recently.
Wholly Foreign-owned Shipping Companies to See Relaxed Market Access
China will moderately relax market access conditions for wholly foreign-owned shipping companies, allowing them to touch a wider scope of business in the country.
China Issues Industrial Guidance for Outbound FDI
China’s Ministry of Commerce (MoC), in conjunction with the National Development and Reform Commission and the Ministry of Foreign Affairs, recently promulgated the “Industrial Guidance for Outbound Foreign Investment in Different Countries (2011) (the Guidance).”
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