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India Puts Accounting Practices in Line with International Standards
The Indian Ministry of Corporate Affairs recently said that it had aligned 35 Indian accounting practices with international standards, marking an important step to bringing International Financial Reporting Standards (IFRS) to India and making financial statements of Indian firms read similarly to those of their international peers.
IIT Due Date Fast Approaching for Expatriates Working in China
As the March 31 due date approaches for China’s individual tax payers earning over RMB120,000 annually to file their self-declarations, more and more expatriates who live and work in China – regardless of their distinct visa status, income sources and levels – are looking for a clear explanation as to their individual income tax (IIT) liabilities in this country.
Shenzhen Announces 2010 Joint Annual Inspection for Foreign Invested Enterprises
Shenzhen announced on February 25, 2011 that it will implement joint annual inspection of foreign invested enterprises between March 1 and June 30, 2011.
Vietnam to Cut Import Duties to 15 Percent
Vietnam’s Finance Ministry plans to cut import duties to 15 percent in April. Currently, the tariff on refined sugar is 40 percent, while raw sugar is taxed at 25 percent.
China Releases New Guidelines on Renewable Energy Architecture
On March 3, 2011, the Ministry of Finance and Ministry of Housing and Urban-Rural Development (MOHURD) published a circular on carrying forward renewable energy architecture, stressing broader reach and improved implementation at all levels of government.
Vietnam to Cut Import Tax on Sugar for Price Stabilization
The Vietnamese government finally agreed to allow an import tax cut on sugar, worrying that surging sugar prices due to the increasing local demand and short supply will exacerbate the country’s inflation.
Hong Kong, Macau Medical Service Providers to Have Better Market Access to Mainland
The Chinese medical organization market is becoming sweeter for foreign investors, especially those from Hong Kong and Macau, thanks to easier market access being allowed by the government.
China’s Control Measures on Heavy Metal Pollution to Boost High-tech Enterprises
Although happy to see its rapid economic growth, China is growing increasingly concerned over the heavy pollution it is generating at the same time. A recently released document that calls for stronger quality control in the exploitation and smelting of heavy metals is a sign that China is paying more attention to encouraging an environmentally-friendly economic development model.
India to Lead Asia’s Salary Increase
A recent survey by global human resource consulting and outsourcing company Aon Hewitt shows that India’s 11.7 percent salary rise in 2010 has outpaced all the other Asia Pacific countries and this high increase rate is going to continue over the next few years.
China to Raise Deductible Income Rate for IIT to RMB3,000
The Chinese government reached an agreement on March 2 to lift the deductible income rate during individual income tax (IIT) collection and to reduce the number of tax rate levels in a progressive rate system. The issue will be passed to the National People’s Congress for further discussion.
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