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Latest News
New Decree Detailing Telecom Law of Vietnam
Decree No.25/2011/ND-CP of the government which was issued on April 6, 2011 provides enterprises, including domestic and foreign owned ones, some new regulations in the lucrative field of telecom.
Shenzhen to Raise Fuel Surcharge for Red Taxis
Effective from April 23, 2011, the fuel surcharge for red Shenzhen Taxis was raised from RMB 2 to RMB 3 per ride, making Shenzhen the city with the most expensive fuel surcharge in the country.
SAT’s New IIT Collection Measures to Focus on Foreigners
The State Administration of Taxation (SAT) has recently announced measures to intensify the regulations on individual income tax (IIT) levied on high-income individuals who may obtain their incomes from more than one avenue.
India Allows 100% FDI in Several Key Sectors
India’s Department of Industrial Policy and Promotion has released the “Consolidated FDI Policy – Circular 1 of 2011,” that will allow 100 percent FDI in the development and production of seeds and planting material, floriculture, horticulture, and cultivation of vegetables and mushrooms under controlled conditions.
Changes on Pricing of Convertible Instruments
Companies are now free to lay down a formula to transform convertible instruments (like debentures, partly paid shares, preferential shares and the like) into equity in accordance with the guidelines of FEMA and SEBI.
India Releases Third Consolidated FDI Policy
In an updated foreign direct investment policy, the government of India stated a simplification of joint venture norms and opened up new areas for overseas funds.
India Issues Tax Benefits for Garment Companies
In the annual budget presented by the finance minister, branded garment companies can get the benefit of CENVAT (central and value added tax) credit. It means the garment companies will be taxed on inputs.
New CIT Payment Deferral Incentives for SMEs
A decision concerning small and medium-sized enterprises’ (SMEs’) corporate income tax was published, and thereby become effective, on April 6, 2011. This decision from the Vietnamese prime minister allows SMEs to defer their CIT settlements of one year. This new incentive should help the SMEs to overcome their hardships and also stimulate economic development in 2011.
Hong Kong Promoted to Prime Center for Arbitration
The new Hong Kong Arbitration Ordinance enacted in November last year will take effect on June 1, 2011, the Department of Justice announced.
Important Update for Asia FIEs: China SAT Clarifies EIT Payment Issues for Non-resident Enterprises
China’s State Administration of Taxation (SAT) issued the “Announcement on Several Issues Concerning the Administration of Non-resident Enterprise Income Tax (EIT) (SAT Announcement [2011] No.24)” on March 28, 2011, clarifying non-resident enterprises’ tax liabilities on their China-derived incomes from security fees, financial leasing, property rentals, equity investments as well as equity transfers.