Company News
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.
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.
China FIEs Now Liable for Urban Maintenance and Construction Taxes
From December 1, 2010, foreign-invested enterprises (FIEs) in China will be required to pay urban maintenance and construction tax and local fees, according to a recent announcement made by the State Council.
China SAT Issues Export Tax Refund Inspection Procedures
The Chinese State Administration of Taxation issued an announcement on August 30, outlining the processes by which enterprises may be subject to refund inspections.
India Proposes New FDI Rules for Joint Ventures
Indian authorities are reconsidering rules on foreign direct investment for joint ventures in an effort to increase the inflow of new investment in the country.
Indian Education Sector to Allow Foreign Investors
The Indian government is considering opening the education industry for foreign education companies and other cross-border players.
Sarbanes-Oxley and U.S. Businesses in China
U.S. business operating in China must remain compliant with SOX, challenging them to design and maintain their internal control structure in an accounting and reporting environment that is early in its development and is rapidly changing.