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China Customs Releases 31 Standards for Unit Consumption in Processing Trade
The General Administration of Customs and the National Development and Reform Commission jointly released a notice on December 10, approving 31 standards for unit consumption in processing trade for 2010
Tax on Securities Investments in Vietnam to be Implemented Next Year
Vietnam will implement a tax on gains in securities investments beginning January 1, 2010. Stock investors can choose to either pay the flat 0.1 percent duty fee on the value of each transaction, or a 20 percent levy on trading profits.
U.S. Congress Looks to Revise SOX Legislation
The U.S. House of Representatives last Friday passed sweeping legislation that tightens government regulation of the financial markets in the U.S. including addressing predatory lending practices and unregulated financial derivatives.
China to Impose Low Tariffs on More Than 600 Commodities
The Ministry of Finance has announced that it would temporarily charge low import tariffs for more than 600 commodities beginning next year.
Clarification on Foreign Exchange Payments for Reinvestment
The State Administration of Tax and the State Administration of Foreign Exchange have jointly issued a circular which provides additional clarification on tax certificate requirements for service industry items and transactions.
Reserve Bank of India Modifies Commercial Borrowing Policy
The Reserve Bank of India has modified its external commercial borrowing (ECB) policy; the changes will take effect from January 1, 2010.
Welfare Payments in China to be Redefined as Taxable Income
The Ministry of Finance has released a notice that will reconsider welfare payments like transportation payments, communication subsidies and other benefits previously not subject to tax as part of an individual
Indian Government Clears 17 FDI Proposals
The Indian government has approved 17 foreign direct investment proposals worth US$$984 million.
Vietnam to Lift Ratio on Foreign Ownership to 49 Percent
Vietnam will soon raise the ceiling on foreign ownership in local businesses from 30 percent to 49 percent.
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