Company News

The State Administration of Taxation (SAT) has recently announced that China will expand the favorable value-added tax (VAT) treatment to asset transfers during corporate restructuring.

India’s auto companies that import parts for their assembled car manufacturing may face a cost increase due to the country’s growing customs duty on pre-assembled parts and the expanded definition of semi-knocked down (SKD) kits.

The double tax agreement (DTA) between China and Turkmenistan and its corresponding protocol came into force on May 30, 2010, the State Administration of Taxation (SAT) announced on January 30, 2011. The DTA will apply to taxes withheld at source from income derived on or after January 1, 2011, as well as other taxes collected in any taxable year starting January 1, 2011.

The export prices for coal dust products shipped to Asian nations, except for South Korea and Japan, have been raised by 22 percent, according to Vietnam National Coal and Mineral Industries Corporation.

In newly-signed decision 14/2011/QDTTg, Vietnam’s government will limit its holdings of 50 percent of the charter capital of power production companies that are bigger than 500 megawatts.

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.

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 announced on February 25, 2011 that it will implement joint annual inspection of foreign invested enterprises between March 1 and June 30, 2011.

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.

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.