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Balance Sheets, Profit and Loss Accounts Now in XBRL Format
India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language (XBRL) format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
MCA Proposes Mandatory Demat Deposit Receipts of Public Companies
The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.
Fast Track Exit Mode Guidelines for Defunct Companies in India
Following are the Fast Track Exit (FTE) mode guiding principles for defunct companies in India under section 560 of the Companies Act, 1956.
Verifying the Accuracy of TDS Certificates
India’s National Securities Depository Ltd. (NSDL) has now begun an online service whereby any deductee can verify the accuracy of the TDS Certificate (Form 16A) issued by the deductor.
Employers to Have Compulsory Insurance for Overseas Workers
From August 1, 2011 all South Korean companies hiring overseas labor-intensive workers will be required from later this year to give to the departure expiration insurance to pay their retirement benefits.
China-Based U.S. Expats Need to Conduct FBAR Filings by this Thursday
The U.S. Internal Revenue Service has issued reminders to all U.S. citizens with bank or other financial accounts in a foreign country, or signature authority over such an account, that they may be required to report the account to the U.S. Department of the Treasury by June 30 each year.
China Drafts New Details to Vehicle and Vessel Tax Law
Following the issuance of the “Vehicle and Vessel Tax Law of the People’s Republic of China (PRC Presidential Decree No.43)”(VVTL) passed by the Standing Committee of the National People’s Congress on February 25 this year, the Legislative Affairs Office of China’s State Council has also released the “Ordinance for the Implementation of the VVTL of PRC (Draft for Public Opinions)” (Ordinance Draft) on June 14, 2011.
Individuals to Pay IIT on Gifts Received from Businesses
While it is always nice to receive presents at companies’ promotional events, consumers in China should now make sure it is really a free lunch before accepting them. According to a recent circular co-issued by the Ministry of Finance and State Bureau of Taxation, individuals may need to pay individual income tax (IIT) on some gifts they receive under certain circumstances.
China Clarifies Business Tax Exemption for Cross-border Equipment Lease Contracts
The State Administration of Taxation and the Ministry of Finance jointly promulgated the Circular on Continuously Carrying out Transitional Business Tax Exemption Policy on Cross-border Equipment Lease Contracts (Caishui [2011] No. 48) on June 10, 2011, which came into effect the same date.
China MOFCOM Issues Interim Measures on Security Review for M&A Transactions
The Ministry of Commerce (MOFCOM) issued the Interim Provisions of the Ministry of Commerce on Issues Related to the Implementation of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (“Interim Provisions”), which took effect on March 5, 2011 and will remain valid until August 31, 2011.
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