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Business Registration Set to be Streamlined in Mid-2012
The Ministry of Planning and Investment (MPI) of Vietnam has recently drafted a circular pertaining to an online registration initiative for start-up businesses that aim to streamline the establishment process.
Lower Rent for Manufacturers and Environmental Tax Exemptions
On November 23, the Vietnamese Government issued Decision No. 2093/QD-TTg to reduce businesses’ land use rental costs for 2011 and 2012. A 50 percent reduction in rentals for leased land will be enjoyed by firms conducting manufacturing businesses.
China to Further Regulate Labor Dispute Mediation
China is tightening its regulations on labor dispute mediation so that employees can find ways to better protect their labor rights, and so that employers treat labor disputes more seriously.
China to Offer Incentives to Its High-Tech, Cultural Industries
In a recent statement, China’s State Administration of Taxation (SAT) has vowed to offer more tax incentives to the country’s cultural industries, especially those emerging cultural industries essential to China’s advancement in technological innovation.
Calculating Individual Income Tax on Annual Bonus in China
As the year’s end is approaching, many companies in China are poised to give out annual bonuses. However, when contemplating the appropriate bonus amount, employers should pay close attention to the calculation of individual income tax (IIT) on bonuses.
Sale of Food Not for Immediate Consumption Now Subject to VAT
Starting next year, the sale of food not for immediate consumption from hotels and food & beverage (F&B) businesses will no longer be subject to business tax (BT), according to China’s State Administration of Taxation (SAT).
China Announces Official 2012 National Holiday Schedule
China’s General Office of the State Council released the “Circular on Arrangement of Certain Holidays in 2012 (guobanfamingdian [2011] No.45)” today and announced the arrangement of national holidays in 2012 as follows:
China to Further Regulate Labor Dispute Mediation
China is tightening its regulations on labor dispute mediation so that employees can find ways to better protect their labor rights, and so that employers treat labor disputes more seriously.
Female Employees to Receive Greater Benefits, Special Working Conditions
Female employees in China may receive greater maternity benefits in the future, including longer maternity leave, as well as special working conditions and expanded health care coverage, according to the new “Provisions on Female Labor Protection under Special Circumstances (Draft for Public Opinions)” disclosed by the Legislative Affairs Office of China’s State Council yesterday.
China-Syria DTA Takes Effect
The “Agreement between the Government of the People’s Republic of China and the Government of the Syrian Arab Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (China-Syria DTA)” – signed on October 31, 2010 – came into effect on September 1, 2011, according to the State Administration of Taxation.
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