Company News

China’s State Administration of Taxation (SAT) recently promulgated an announcement concerning the corporate income tax (CIT) treatment for non-resident enterprises in the value-added tax (VAT) pilot reform (SAT Announcement [2013] No. 9, hereinafter referred to as the “Announcement”). The Announcement came into effect on February 19, 2013.

The 2012 annual inspection season for Chinese enterprises officially began on March 1, 2013 and will end on June 30, 2013. The Administration of Industry and Commerce (AIC) recently promulgated a Circular to remind AIC-registered enterprises to undergo annual inspection on time, specifying the requirements for the inspection. All AIC-registered enterprises should fill out the relevant information in the online annual inspection system and submit the required documentation within this time period.

China and South Korea signed the “Social Insurance Agreement between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Agreement’)” as well as the “Social Insurance Protocol between the Government of the People’s Republic of China and the Government of the Republic of Korea (hereinafter referred to as ‘Protocol’)” on October 29, 2012, aiming to solve the issues concerning double contributions of social insurance between the two countries.

In an attempt to obtain additional capital for its already debt-ridden banking system, Vietnam is further opening the door to foreign ownership of its banks.

Vietnam has approved a plan to boost its economy by focusing on restructuring public investments, banks and state-owned enterprises (SOEs). Furthermore, in an attempt to generate sustainable growth by 2020, attention will also be placed on strictly controlling inflation.

“Science and technology, along with education, have always been priorities in our national policy, but the [law on high technology] is the first legal document that institutionalizes that policy,” remarked Nghiem Vu Khai, Vice Chairman of the National Assembly’s Committee for Science, Technology and the Environment, in July 2009. It was at this time that Vietnam took a further step in developing its legal framework for its high-technology sector through the implementation of a new law on high-technology.

Indian companies that were incorporated under the Companies Act 1956 must file their annual return and audited accounts with the Registrar of Companies (ROC) every year. The annual forms that have to be filed with the Registrar of Companies, including a greater description of the particulars, are shown below.

Assessees who earn a taxable income must declare their total income earned by filing an income tax return form at the end of each financial year. For this process, the Income Tax Department of India has issued the following forms for filing income tax returns:

A new taxation scheme for the services sector that came into effect on July 1, 2012, states that both the service provider and the recipient of the service must now pay the requisite service taxes. Prior to this, the liability to pay such services tax was only born by either the service provider or the service recipient.

The People’s Congress of Shenzhen Municipality passed the “Regulation on Commercial Registration in the Shenzhen Special Economic Zone (hereinafter referred to as the ‘Regulation’)” on October 30, 2012, which states that commercial registration authorities shall no longer collect commercial registration fees starting from March 1, 2013.