Company News
Vietnam to Raise Power Prices by 15%
Vietnam recently announced that the government has decided to raise the country’s power price by a record 15.3 percent, up from the current VND1,077 per kw/h to VND1,241 per kw/h, starting March 1, 2011.
India and Japan Sign Free Trade Pact
India and Japan signed a free trade pact in Tokyo today which will see the two major Asian economies do away with tariffs on 94 percent of goods over the next decade.
China Issues Preferential Taxation Policies for Energy-Saving Service Sector
The Ministry of Finance and the State Administration of Taxation jointly promulgated the Circular on Issues Concerning the Value-Added Tax, Business Tax and Corporate Income Tax Policies for Promoting the Development of the Energy-Saving Service Sector, which came into effect on January 1, 2011.
China to Continue Preferential Tax Policy for Small-Scale and Low-Profit Enterprises
On January 27, 2011, the Ministry of Finance and the State Administration of Taxation jointly issued the Circular on the Continuous Implementation of the Preferential Policy on the Corporate Income Tax of Small-Scale and Low-Profit Enterprises (Caishui [2011] No. 4).
China Issues Catalogue of Key Environment Protection Technology and Equipment the Development of Which Is Encouraged by the State (2011 Version)
On January 31, 2011, the Ministry of Industry and Information Technology and the Ministry of Science and Technology jointly promulgated the Catalogue of Key Environment Protection Technology and Equipment the Development of Which Is Encouraged by the State (2011 Version).
China Issues New Rules on the Handling of Intellectual Property Infringement Cases
On January 10, 2011, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security of the P.R.C. issued and made effective the “Opinions on Several Issues Concerning Application of Law in Handling Criminal Cases of Intellectual Property Rights Infringement” (the “Opinions”).
Vietnam Amends VAT Regulations for SMEs
Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs.
China Clarifies Business Tax Exemption For Offshore Outsourcing
China’s Ministry of Finance, State Administration of Taxation and Ministry of Commerce have jointly issued the “Notice on the Business Tax Exemption on the Offshore Outsourcing Business in Pilot Cities,” also known as Caishui [2010] No. 64 (Circular 64).
Vietnam Lowers Import Duties on Petroleum Products
Vietnam’s Ministry of Finance lowered import duties for petroleum products from January 14 onwards, according to the ministry’s web site.
New Rules and Regulations Effective Jan. 1 in Vietnam
Beginning January 1, 2011, several new rules have come into effect.
Minimum wage increase
Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively.