Company News

Shenzhen’s tax authority made a new announcement recently in order to better regulate tax collection from non-resident enterprises. The document underlines the taxable project filing obligations of non-resident enterprises as well as their related domestic partners, and clarifies relative filing details such as time limits.

India’s Economic advisory council has released its outlook for the year 2011-12. Some vital points are given below:

Vietnam’s Ministry of Industry and Trade recently announced that the country will be spending US$48.8 billion to help boost electricity generation capacity to meet the growing domestic demand.

Multi-brand retailing, perhaps the most vital issue of the new century in terms of FDI in India, has gone ahead by one more step. The top notch secretaries of the Indian government have forwarded 10 recommendations to the Commerce and Industry Ministry.

China has decided to impose temporary duties on photographic paper and paper-board imported from the European Union (EU), the United States and Japan for anti-dumping purposes. Starting from August 10, importers of those products have been required to pay a cash deposit at Chinese customs.

On July 27, China’s National Bureau of Statistics, the Ministry of Finance, and the General Administration of Customs jointly published the “Circular on Issues Concerning Tax Policies for In-depth Implementation of Western Development Strategy” (Caishui [2011] No.58, “Circular”), effective from January 1, 2011.

Following amendments to China’s Individual Income Tax (IIT) Law, which are scheduled to come into effect from September 1 this year, China’s State Administration of Taxation (SAT) made a new announcement on July 29 with regards to the revised IIT Law. The document specified how taxpayers will be subject to the old and new tax rates during different times of the tax year and how IIT on the income of individual businesses shall be calculated.

Roughly two years after China launched its pilot program for using RMB settlements during cross-border trading transactions and overseas investments, the People’s Bank of China (PBC) released a new circular on June 3 to clarify agent banks’ authority limits and operational details for both enterprises and banks.

Produced in cooperation with the U.S. Commercial Service and Dezan Shira & Associates, the China Business Handbook (Second Edition) is now available for immediate PDF download on the Asia Briefing Bookstore – offering readers an informative guide to starting and growing a business in this dynamic market.

China’s Customs Tariff Commission of the State Council released a circular (shuiweihui [2011] No.12) on June 24, announcing adjustments to import duty rates on 33 kinds of products starting on July 1, 2011. Goods that are subject to a tariff cut according to the document include fuel oils and several types of raw materials to the country’s textile industry.