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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.
New Social Insurance Law Aims to Improve Social Welfare System in China
The Social Insurance Law (SIL) of the People’s Republic of China that was finally adopted by the government on October 28, 2010 is going to become effective on July 1, 2011.
Indian 2011/12 Budget Good for Foreign Investment
Finance Minister Pranab Kumar Mukherjee presented the Union Budget for 2011/12 this past Monday. The budget focuses on finding a balance between controlling inflation and maintaining economic growth. Good news for foreign investors comes in the form of no drastic changes in taxation rates, no negative indications, and no major reform agenda.
Important Notice for FIEs: New Regulation Requires Special Chop for Invoices
All invoices must be affixed with a special invoice stamp, effective on February 1, 2011, according to the Measures of the PRC on the Administration of Invoices promulgated by the State Council on December 20, 2010. Entitles who fail to affix the special tax chop on invoices can be fined up to RMB10,000.
Vietnam’s MOF to Update Finance and Real Estate Regulatory Frameworks
Vietnam’s finance and real estate regulatory frameworks are set to undergo changes in the coming months, according to the Ministry of Finance.
Zhejiang New Minimum Wage Standards to be Set in line with GDP Per Capita
The Zhejiang province government has announced that minimum wages in the province are to increase in line with the GDP per capita in each city during the 12th 5-year program.
China to Further Regulate Equity Investment in Pilot Areas
China recently promulgated an official document, intending to better regulate the filing and expansion of equity investment enterprises (EIEs). The country has been practicing the filing system of EIEs as an experiment in the Yangtze River Delta since June 2008, as well as in several development zones in Tianjin, Beijing and Wuhan.
Hong Kong to Increase Dependent Parent/Grandparent Allowance, Child Allowance and Deduction Ceiling for Elderly Residential Care Expenses
The Financial Secretary of Hong Kong John Tsang presented the 2011-12 government budget on February 23, 2010, in which he proposed to increase the allowance for maintaining dependent parents/grandparents by 20 per cent.
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