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Shenzhen Announces Public Holidays for Universiade
The Shenzhen government issued public holiday arrangements for the 26th Summer Universiade (August 12-23, 2011), which applies to all governmental departments and institutions, schools and non-government organizations at Shenzhen.
SAT Clarifies CIT Calculation Issues Regarding Expenses, Fixed Asset Values
China’s State Administration of Taxation (SAT) released an announcement (SAT Announcement [2011] No.34) on June 9 clarifying several corporate income tax (CIT) issues related to the deduction of distinct expenses from CIT calculation basis, calculation of fixed asset values, as well as depreciation after building replacement or expansion, and determination of income types after enterprises reduce or withdraw their investments.
Vietnam Increases Import Duties on Certain Commodities
Vietnam’s Ministry of Finance has issued Circular No. 91/2011/TT-BTC dated June 20, 2011, amending import tax rates for certain goods in the Preferential Import Tariff.
China Clarifies CIT Issues on Income from Government Bonds
A recent announcement by the State Administration of Taxation clarified several corporate income tax (CIT) issues on the income enterprises receive through investments in government bonds. The document explained the CIT treatment towards the income from both state bond yields and transfers.
U.S. Financial Crimes Bureau Offers Online FBAR Filing
The U.S. Financial Crimes Enforcement Network (FinCIN), a bureau of the U.S. Treasury Department, issued an immediate release on July 18 announcing the availability of an electronic filing system that will accept Form TD F 90-22.1 – Report of Foreign Bank and Financial Accounts (FBAR).
China and UK Sign New Tax Agreement
The governments of the People’s Republic of China and the United Kingdom renewed their agreement for the avoidance of double taxation (new DTA) on June 27, updating the definition of a permanent establishment (PE) and revising withholding tax rates on dividends and royalties.
Vietnam Introduces Tax Incentives for SMEs
Last April, Vietnam’s Prime Minister executed a tax extension for small and medium-sized enterprises (SMEs) for 2010 corporate income taxes with the total amount of around VND7 trillion. The eligible enterprises for this incentive are about 200,000 of the total 360,000 small and medium enterprises currently operating in Vietnam.
Payment of MCA 21 Fees/ROC Fees through NEFT
MCA 21 payments can be done via credit card, internet banking and physical challan currently. Now, the ministry has recognized five banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA 21 fees, which means that only the account holders of these banks can avail Internet banking facility. Also, payment through challan can only be made in the authorized branches of these above five banks.
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.
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