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Q&A

What does the current account and the capital account refer to in China's foreig...

What does the current account and the capital account refer to in China's foreig...

In the Chinese foreign exchange system, there are two main accounts: the current account and the capital account. The current account applies to ordinary recurring business transactions, including trading receipts and payments, payments of interest o...

Q&A

What types of outbound transactions will not be approved by Chinese authorities?

What types of outbound transactions will not be approved by Chinese authorities?

The Chinese government introduced new capital controls in 2016 for the following outbound transactions that would not be approved without specific approval: Outbound investments made by limited partnerships; FDI involving an acquisition of 10 per...

Q&A

What is the importance of pre-investment capital planning when establishing a FI...

What is the importance of pre-investment capital planning when establishing a FI...

Companies should be careful not to invest too little registered capital, as injecting additional capital is a time-consuming process that takes anywhere between eight to 12 weeks. Investing too much can lead to excess capital sitting idly in the acco...

Q&A

What are China's "Enterprise Annual Reporting Form for Related Party Transaction...

What are China's

When filing annual tax returns, all resident enterprises under tax assessment by accounts inspection, and non-resident enterprises that established organizations or premises in China should submit the Enterprise Annual Reporting Forms for Related Par...

Q&A

Are there any special considerations for foreign employees’ salary in Singapor...

Are there any special considerations for foreign employees’ salary in Singapor...

According to Singapore’s Employment Act applicable to both local and foreign employees, there is no statutory requirement on minimum salary to which employers are bound to. Nevertheless, when hiring a foreign national, employers must consider t...

Q&A

How is Singapore's Individual Income Tax (IIT) determined?

How is Singapore's Individual Income Tax (IIT) determined?

Progressive in nature, the Individual Income Tax (IIT) is determined by a percentage ranging from zero to 22 percent on each individual specific earnings. For example, lower than or equal to S$20,000 (US$14,200) corresponds to a zero percent income t...

Q&A

How is income tax liability determined in Singapore?

How is income tax liability determined in Singapore?

To determine income tax liability one must refer to the taxpayer’s residency status. An individual is a tax resident in Singapore if they are: a) a Singaporean; b) a Singapore Permanent Resident who resides in Singapore; c) a foreigner who has ...

Q&A

How is the income tax rate determined for non-residents in Singapore?

How is the income tax rate determined for non-residents in Singapore?

If an individual is physically present in Singapore for 61-182 days, his or her employment income is taxed at the flat rate of 15 percent or the progressive resident rate, whichever is higher. Director fees and other income are taxed at 22 percent. P...

Q&A

Do foreign nationals working in Singapore have to contribute to Singapore's soci...

Do foreign nationals working in Singapore have to contribute to Singapore's soci...

Employers are exempted from making Central Provident Fund (CPF) contributions for foreign employees on an employment/professional visit pass or work permit. CPF is Singapore’s comprehensive social security scheme that addresses home-ownership, ...

Q&A

What are the types of pension offered monthly in India?

What are the types of pension offered monthly in India?

Widows' pension for death while in service. Pension uppon superannuation or disability. Orphan's pension. Children's pension. It should be noted that there are different pension funds for seamen, civil servants, employees in tea plantations i...

Q&A

What is the role of minimum wages in Vietnam's payroll compliance?

What is the role of minimum wages in Vietnam's payroll compliance?

Vietnam’s minimum wage rates play a significant role in payroll compliance: they provide a basis for the calculation of individual income tax and assist in the determination of social insurance payments. Currently, there are two kinds of minimu...

Q&A

What are the types of mandatory social security in Vietnam?

What are the types of mandatory social security in Vietnam?

There are three types of mandatory social security in Vietnam that must be covered by foreign enterprises seeking to hire local staff: social insurance; health insurance; and unemployment insurance. Minimum contributions are required by both the empl...

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