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China SAT Issues Announcement Clarifying Circular on Equity Transfer by Non-resident Enterprises
On March 28, 2011, the China State Administration of Taxation (SAT) issued the Announcement Regarding Several Issues on the Administration of Non-resident Enterprise Income Tax (EIT) (Announcement 24), which clarifies certain terms in the Circular on Strengthening the Administration of EIT on Gain Derived from Equity Transfer Made by Non-Resident Enterprises (Guo Shui Han [2009] No. 698) (Circular 698) issued by the SAT in December 2009.
SAT Clarifies Specific CIT Declaration Issues
Following the issuance of “Corporate Income Tax (CIT) Law” in 2008, China’s State Administration of Taxation (SAT) has also released a number of regulations specifying distinct tax treatment to enterprises under specific conditions. Based on these documents, the SAT has recently made an announcement (SAT Announcement [2011] No. 29) that tells eligible enterprises what to note during their annual CIT declaration, in order to make sure each particular tax treatment can be well received.
China Law Deskbook Monthly Legal Update
Jim Zimmerman, the China managing partner of U.S. blue chip law firm Squire Sanders Dempsey is a good friend of China Briefing and is also both the Chairman Emeritus of Amcham China and the author of the China Law Deskbook – considered by many to the bible of China law. Jim has recently introduced a monthly update service to the China Law Deskbook and has kindly given permission for China Briefing to host this each month.
Withholding Tax in India
Withholding tax is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government.
Provident Fund Scheme for International Workers in India
The Employees’ Provident Fund Organization is a legislative body of the Government of India under the Ministry of Labor and Employment. It manages a mandatory contributory Provident Fund (PF), pension and an insurance scheme for the Indian work force. It is one of the biggest social security units in the world in terms of members and volume of financial transactions.
China to Collect IIT on Tax Borne by Employers on Behalf of Employees on Annual Lump-Sum Bonuses
The China State Administration of Taxation (SAT) issued the Circular regarding the Calculation of Individual Income Tax on the Portion of Tax Borne by Employers on behalf of Employees on Annual Lump-Sum Bonus (“Circular”) on April 28, 2011.
Beijing Government Issues Circular on Collection of Union Fees
The General Office of People’s Government of Beijing Municipality issued the Circular on the Commencement of the Pilot Work with regard to the Collection of Union Contributions and Preparation Fees by the Beijing Local Tax Bureau (Jingzhengbanhan [2010] No. 34) (Circular).
China Revises Foreign Investment Catalog
Following the principles in the State Council document “Opinions on Further Improving the Work of Utilizing Foreign Investment,” China’s National Development and Reform Commission (NDRC) has recently added a number of changes to the “Foreign Investment Catalog.” The proposed changes are now open to public comment until the end of April.
Producers in China Now Require Goods Production Certificate
According to a new announcement by the State Administration of Taxation (SAT) any taxpayer that sells its own products and provides construction services needs to provide a goods production certificate in order to avoid double taxation by the state and local tax authorities.
Newer, Faster Approval Procedure for Businesses Underway
India will soon have a system in place that will simplify the process of approval for business projects, according to a government official. It will not only encourage investors to invest in India but also young entrepreneurs to start up their own businesses.
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