Company News
Latest News
India Considers New Law to Regulate Micro-lenders
The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates. Aiming to bring various microfinance institutions (MFIs) under the regulation of the Reserve Bank of India (RBI), the proposed law is expected to strongly impact smaller players who look for large profit through their lending businesses.
Major Municipalities in China Successively Implementing Uniform Local Education Surcharge
On October 18, 2010, the State Council issued the Circular on Unifying the Systems for City Construction Tax and Educational Surcharge on Chinese- and Foreign-funded Enterprises and Individuals (guofa [2010] No. 35), which expanded the coverage of City Construction Tax (CCT) and Education Surcharge (ES) to include foreign invested enterprises, foreign enterprises and foreign individuals (“FIEs”) in addition to domestic enterprises.
China Issues Classification Standards for SMEs
China’s Regulations on the Standards for Classification of Small and Medium-sized Enterprises (the “Regulations”) were jointly promulgated by the Ministry of Industry and Information Technology, the National Bureau of Statistics, the National Development and Reform Commission, and the Ministry of Commerce on June 18, 2011 and came into effect on the same date.
China Clarifies Consumption Tax Exemption for Biodiesel Production
Following its announcement in December last year that pure biodiesel made from waste plant and animal oil is exempt from consumption tax, the Chinese government has recently clarified the actual scope of animal and plant oils subject to such tax exemption. Experts say the tax incentives will not only largely support China’s emerging biodiesel market, but will also effectively prevent waste oil from flowing back to dining tables.
China’s New Individual Income Tax Changes to Have Universal Impact
The Standing Committee of the National People’s Congress has just passed new revisions to China’s Individual Income Tax (IIT) Law during its 21st meeting today. The final revisions increased the amount of deductible income for Chinese nationals to RMB3,500, while it was reported in the NCP’s last two proposals submitted for IIT reform that the IIT exemption threshold would only be lifted to RMB3,000.
New IIT Proposal Maintains Tax Exemption Threshold, Adjusts Tax Rates
After two months of consultations with the public and experts, the National People’s Congress finally disclosed the second draft for the individual income tax (IIT) reform yesterday. Compared to the first draft released in April, the new proposal adjusted the lowest tax rate, but did not amend the amount of deductible income, despite some 80 percent of people’s cry for a change.
Vietnam’s MoF Proposes Personal Income Tax Reductions
Vietnam’s Ministry of Finance will propose that the government consider the National Assembly Standing Committee’s report covering a number of urgent solutions to help taxpayers awaiting repairs to the personal income tax law.
Vietnam Releases New Circular on Personal Income Tax Exemptions Related to Medical Treatment
On June 8, 2011, Vietnam’s Ministry of Finance issued Circular No.78/2011/TT-BTC regarding personal income tax exemption. Accordingly, allowances provided by the company to employees for medical treatment to cure serious diseases of those employees or their direct family members shall not be subject to personal income tax if the amount paid is from profits after tax, or the welfare fund, or the reward fund of the company.
Competition Commission of India on Mergers and Acquisitions
The Competition Commission of India needs to be notified for all transactions involving mergers and acquisitions in the country – including pre-merger clearances. Since June 1, 2011 prior clearance from the CCI authorities is required if mergers or acquisitions result in a “combination” within the meaning of Sections 5(a), (b) and (c) (Combination) of the Competition Act and the Combination exceeds any of the thresholds of Section 5 of the Competition Act (Threshold Test).
Inter-Ministerial Group Discusses Opening Up FDI in Multi-Brand Retail
An inter-ministerial group (IMG) on inflation has suggested permitting foreign direct investment in multi-brand retail as one of two steps to reduce rising prices and cut down the margin between farms and retail prices.
To learn more about how we can support you, contact one of our local experts.
We provide professional services tailored to Asia´s business environment across the full business cycle.
Talk to experts