Company News

The Indian government may issue new polices to only allow 49 percent foreign direct investment (FDI) into the country’s pharmaceutical market through the automatic avenue due to concerns that the increasing foreign market control may cause a price monopoly on drugs. Currently India allows 100 percent automatic FDI into the sector.

The Indian government decided to lift the ban against sugar futures trading on December 27 as a result of a bumper cane crop during the year. The policy change comes at a time when prices of some commodities such as onions and other vegetables have surged in the country.

China has dramatically changed its regulations concerning the operation of representative offices (ROs) in the country and these alterations are due to take effect from March 1 this year. They will alter the operational and financial effectiveness of using ROs in China considerably.

In a statement published on January 12, the Shanghai government announced the launch of a pilot scheme titled the Qualified Foreign Limited Partner program which will allow foreign private equity firms to directly invest in the nation.

Jiangsu Province will lift its minimum wage standards by over 15 percent beginning next month in an effort to offer more support to workers with low income and to ensure an abundant supply of migrant workers for production in the new year.

Vietnam’s central bank is proposing to the government that the country set interest rates annually and allow companies to negotiate the price they pay for the country’s currency independently with banks, according to reports by Tuoi Tre, a local newspaper.

Based on the State Administration of Taxation’s Circular No.825 and Circular No.212,the Jiangsu provincial tax authorities announced new procedures for regional entities applying for tax preferential treatment regarding technology transfer in a circular issued on November 26, 2010.

Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent.

China is making an effort to generate clear standards for taxation basis verification with regards to personal income tax (PIT) derived from income gained through equity transfers.

Mongolia’s government is reviewing a list of more than 1,700 mining licenses for possible termination under regulations aimed at environment protection, a senior official told reporters.