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India Signs Double Taxation Avoidance Agreement with Ethiopia
India signed a double taxation avoidance agreement (DTAA) with the Federal Democratic Republic of Ethiopia on May 25, 2011 for the prevention of double taxation and fiscal evasion with respect to taxes on income.
India’s Registrar of Companies to Issue Certificates by Digital Signature
The Ministry of Corporate Affairs in India has issued a new circular kick starting the “Green Initiative in Corporate Governance” by allowing companies to complete electronic, paperless compliance after considering relevant sections of the Information Technology Act (2000) and the Companies Act (1956).
RBI Liberalizes Opening of Escrow Accounts for FDI Transactions
In order to support foreign direct investment into India, the RBI has loosened up the rules and now permits foreign investors to raise funds by pledging shares of Indian companies to banks without its authorization.
Escrow Mechanism
The Reserve Bank of India (RBI) has allowed AD Category – I Banks (AD Banks) to permit assurance of shares of an Indian company seized by non-residents subject to under the following situation:
China Expats, Employers to Get Hit With Social Welfare Costs
On June 10, 2011, China’s Ministry of Human Resources and Social Security released two measures to the public for solicitation of opinions. The two draft measures were formulated based on the Social Insurance Law, which is set to take effect on July 1, 2011. The respective draft measures are discussed here.
Hong Kong to Return 75% of Salaries Tax to 1.5 Million Taxpayers
The Hong Kong Legislative Council passed the Inland Revenue (Amendment) (No.3) Bill on June 8, confirming that individual taxpayers in Hong Kong will see a 75 percent deduction in salaries tax and tax under personal assessment payable for the year of assessment 2010/2011. The total reduction of each case will be subject to HK$6,000.
15% Preferential CIT Rate Applies to Offshore Income of High and New Technology Enterprises in China
On May 31, 2011, the Ministry of Finance and the State Administration of Taxation jointly issued the Circular on the Applicable Tax Rate and the Tax Deduction and Exemption for the Offshore Income of High and New Technology Enterprises (Caishui [2011] No. 47).
Guangzhou Encourages Better Utilization of Foreign Capital
South China’s economic hub, Guangzhou, recently issued a new official document emphasizing that the government will give more incentives to foreign direct investment (FDI) attraction. The document pushes Guangzhou to have more sectors open to FDI, offer more fiscal support as well as regulatory convenience, and build up better infrastructure.
Guangdong Issues Provisions Regulating the Administration of Foreigners
On March 3, 2011, Guangdong Province issued the Tentative Provisions of Guangdong Province on Foreigner Administration and Services (Government of Guangdong Province No.155), effective May 1, 2011, to regulate the administration of and optimize services for foreigners in Guangdong.
Beijing Announces Wage Bases for 2011 Social Security Payments
Based on Beijing’s average annual wage level RMB50,415 in 2010, the Beijing Municipal Bureau of Human Resources and Social Security announced the wage bases for distinct employees’ social security payment in 2011.
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