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Consequences for Nonpayment of TDS in India
If an individual fails to subtract the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Indian Central Government within the agreed time-frame, the individual shall be legally responsible for the repercussions in agreement with the provisions of Section 201.
Hong Kong’s New Arbitration Law Improves China Dispute Resolution
Hong Kong has recently introduced a new aspect to its well-regarded arbitration laws, and has enacted the new Arbitration Ordinance, which came into effect on June 1, 2011. This legislation, based on the widely-used United Nations Commission on International Trade Law (UNCITRAL, or the Model Law), further underlines Hong Kong’s pro-arbitration stance and is an important tool when dealing with cross border cases that affect mainland China partners.
China Offers New Incentives to Logistics Industry
In order to promote the robust development of the country’s logistics industry, China’s State Council issued new guidelines (guobanfa [2011] No.38) on August 19 offering fiscal and administrative incentives to logistics enterprises.
Dalian-based Employers to Face Higher Social Insurance Costs
On August 25, the northeast Chinese city of Dalian released a new policy set to come into effect from September 1, 2011, stating that the calculation for the employer contribution of social insurance costs on behalf of their employees will change. The effect of this change is going to have a considerable negative effect on some companies based in the city.
China Formalizes Security Review Rules for Inward M&As
China has released new regulations to formalize its security check system for inward merger and acquisition (M&A) transactions. The new law will make it relatively difficult for foreign investors to avoid security reviews, even though many investors tend to merge with or acquire Chinese companies through ways such as establishing variable interest entities or trust companies.
Calculation of Maternity Benefits to Change in Dalian
In addition to amendments to the social insurance system in Dalian (explained here yesterday), the northeast city has also implemented an amendment to the maternity benefit policy.
Beijing FIEs Now Subject to Labor Union Fees
From July 2011, foreign invested enterprises (FIEs) in the pilot areas of Beijing (Dongcheng, Xicheng, Chaoyang, Mentoutou and Shunyi District) will be required to pay labor union fees, according to a recent announcement made by the Beijing Labor Union.
Foreign Accounting Firms See RO Registrations Cancelled
If a foreign accounting firm in China does not extend its representative office (RO) registration when it expires, the registration may face automatic cancellation by the Chinese authorities. Accordingly, a recent circular by the Ministry of Finance has just announced the cancellation of five foreign accounting companies’ RO registrations in China.
Shenzhen Specifies Taxable Project Filing Details for NREs
Shenzhen’s tax authority made a new announcement recently in order to better regulate tax collection from non-resident enterprises. The document underlines the taxable project filing obligations of non-resident enterprises as well as their related domestic partners, and clarifies relative filing details such as time limits.
Key Points: India’s Economic Outlook For 2011-2012
India’s Economic advisory council has released its outlook for the year 2011-12. Some vital points are given below:
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