Company News
Minimum Wage Set to Rise Next Year in Vietnam
Starting next year, Vietnam will increase the mandatory minimum monthly salaries for people working at local and foreign companies by between VND100,000 and VND370,000 according to a government statement issued last week.
NGOs in India No Longer Need to Renew Tax Concession Status
India’s Central Board of Direct Taxes announced on Wednesday that non-governmental organizations, charitable institutions and other groups that are eligible for tax benefits and can issue tax benefit receipts to those who give donations will no longer need to renew their tax concession status every three years.
China SAT to Allow Firms to Deduct Losses from Taxable Income
Beginning December 1, 2010, enterprises that have seen an increase in income may make up their losses incurred in previous years, according to a recent announcement made by China’s State Administration of Taxation.
Vietnam Establishes New Economic Zone in Ca Mau Province
The Vietnamese government approved the establishment of a new economic zone in the country’s southernmost province of Ca Mau on October 27, looking to take advantage of the region’s geographical position and existing business environment.
RBI Hikes Interest Rates for Sixth Time this Year
India’s central bank raised interest rates on Tuesday for the sixth time this year, but said that rates will probably remain stable for the next three months.
Customs Adds Extra Administrative Processes for Enterprises Importing Trade Goods
China’s General Administration of Customs has made an amendment to the Measures for Customs’ Supervision over and Administration of Processing Trade Goods, which will be effective December 5, 2010.
New Amendment Set to Alter Vietnam’s Insurance Market
Vietnam’s draft law on the amendments and supplements to the Business Insurance Law will be submitted to the Vietnamese National Assembly for approval at the body’s next meeting, to be held from October 20 to November 27.
India Scraps Foreign Employment Visa Policy While Introducing Another
The Indian government has decided to exchange its current employment visa policy regarding the number of foreign residents a company may employ in favor of a new one.
China to Redefine SMEs Giving Small Firms Wider Access to Gov’t Funding
China’s Ministry of Industry and Information Technology is in the process of redefining small and medium-sized enterprises in the country, with the aim of leveling the playing field and providing fairer competition for smaller companies by opening channels of government funding for small enterprises.
Vietnam to Open Up Express Delivery Market to Foreign Companies
To fully comply with WTO policies, Vietnam has committed to opening up its growing express delivery market to create a level playing field for both domestic and foreign express mailing companies.