Company News

    June 29, 2011

    New IIT Proposal Maintains Tax Exemption Threshold, Adjusts Tax Rates

    After two months of consultations with the public and experts, the National People’s Congress finally disclosed the second draft for the individual income tax (IIT) reform yesterday. Compared to the first draft released in April, the new proposal adjusted the lowest tax rate, but did not amend the amount of deductible income, despite some 80 percent of people’s cry for a change.

    June 29, 2011

    Vietnam’s MoF Proposes Personal Income Tax Reductions

    Vietnam’s Ministry of Finance will propose that the government consider the National Assembly Standing Committee’s report covering a number of urgent solutions to help taxpayers awaiting repairs to the personal income tax law.

    June 29, 2011

    Vietnam Releases New Circular on Personal Income Tax Exemptions Related to Medical Treatment

    On June 8, 2011, Vietnam’s Ministry of Finance issued Circular No.78/2011/TT-BTC regarding personal income tax exemption. Accordingly, allowances provided by the company to employees for medical treatment to cure serious diseases of those employees or their direct family members shall not be subject to personal income tax if the amount paid is from profits after tax, or the welfare fund, or the reward fund of the company.

    June 29, 2011

    Competition Commission of India on Mergers and Acquisitions

    The Competition Commission of India needs to be notified for all transactions involving mergers and acquisitions in the country – including pre-merger clearances. Since June 1, 2011 prior clearance from the CCI authorities is required if mergers or acquisitions result in a “combination” within the meaning of Sections 5(a), (b) and (c) (Combination) of the Competition Act and the Combination exceeds any of the thresholds of Section 5 of the Competition Act (Threshold Test).

    June 29, 2011

    Inter-Ministerial Group Discusses Opening Up FDI in Multi-Brand Retail

    An inter-ministerial group (IMG) on inflation has suggested permitting foreign direct investment in multi-brand retail as one of two steps to reduce rising prices and cut down the margin between farms and retail prices.

    June 29, 2011

    Balance Sheets, Profit and Loss Accounts Now in XBRL Format

    India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language (XBRL) format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.

    June 29, 2011

    MCA Proposes Mandatory Demat Deposit Receipts of Public Companies

    The Ministry of Corporate Affairs (MCA) has suggested vide notification dated June 6, 2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (Demat) form.

    June 29, 2011

    Fast Track Exit Mode Guidelines for Defunct Companies in India

    Following are the Fast Track Exit (FTE) mode guiding principles for defunct companies in India under section 560 of the Companies Act, 1956.

    June 29, 2011

    Verifying the Accuracy of TDS Certificates

    India’s National Securities Depository Ltd. (NSDL) has now begun an online service whereby any deductee can verify the accuracy of the TDS Certificate (Form 16A) issued by the deductor.

    June 29, 2011

    Employers to Have Compulsory Insurance for Overseas Workers

    From August 1, 2011 all South Korean companies hiring overseas labor-intensive workers will be required from later this year to give to the departure expiration insurance to pay their retirement benefits.

Showing 10 of 25 articles

To learn more about how we can support you, contact one of our local experts.

We provide professional services tailored to Asia´s business environment across the full business cycle.

Talk to experts