Company News

Vietnam’s Ministry of Finance issued Circular No.157/2011/TT-BTC on November 14, 2011, stipulating the tax rates of export and import tariff preferences under the list of taxable items. The Decree takes effect from January 1, 2012.

Overseas companies, organizations or an association of individuals are not required to file income returns with regards to liaison offices (LOs) on the grounds that such business is not permitted to be carried out in India. In order to question the basic information of non-resident entities with respect to the kind of activities conducted by their liaison offices, the Indian Government initiated Section 285 to the Income Tax Act in the Union Budget 2011.

On February 6, India’s Central Board for Direct Taxes introduced a new regulation 114DA, notification 5/2012, as part of Section 285 of the Finance Act governing foreign-operated liaison offices in India.

The full form of ITR-V is “Income Tax Return – Verification form.” This form is expected when you E-file without using a digital signature. India’s Income Tax Department needs to validate the authenticity of income tax returns when filed online without using a digital signature.

China has just made another big step in the internationalization of its local currency, the renminbi (RMB) or yuan, recently. Under the new regulations released by the People’s Bank of China (PBC), trading entities all over the world can now settle trade in RMB subject to local restrictions.

According to the “Report on the Implementation of Central and Local Budgets for 2011 and on Draft Central and Local Budgets for 2012” presented to the National People’s Congress on March 5, China’s key tax reforms in 2012 will focus on six specific types of taxes

Following the promulgation of a national decree ordering foreign employees’ mandatory participation in China’s social insurance system in September, 2011, Suzhou issued new documentation earlier this year to ensure the enforcement of this new policy citywide.

Due to a network breakdown, the deadline for this month’s tax declarations – including declarations of turnover tax, corporate income tax and individual income tax – will be extended to March 16, according to a circular released yesterday by Shanghai’s local tax authorities.

Dezan Shira & Associates, the specialist foreign direct investment legal and tax consultancy, has opened an office in the United States. The office is based in the downtown financial district of Charlotte, North Carolina, and is currently headed by Jessica Tou, who has relocated from the firm’s Beijing office. Charlotte is the second largest banking […]

A protocol to facilitate the exchange of tax information within the existing double taxation agreement (DTA) between Singapore and Estonia, signed on February 3, 2011, will enter into force on March 30, 2012.