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Vietnam, EU Announce Free Trade Negotiations
The announcement of negotiations on a Vietnam-European Union (EU) free trade agreement (FTA) this week is promising for business leaders with interests on the intersection of Europe and the whole of the Southeast Asian region.
Corporate Social Responsibility in India
Paths have been cleared for reintroduction of the Companies Bill, 2011, in the monsoon session. If the bill is passed after endorsing all the propositions made by the Parliamentary Standing Committee on Finance, corporate social responsibility (CSR) would become mandatory for the first time in the world in any country.
New Service Tax Regime Introduced from July 1, 2012
A new service tax system has been introduced this week in India based on a list of 38 exemptions, rather than the previous list of 119 explicitly taxed activities. Under this regime, a tax of 12 percent will be levied on all services not included in the exemption list.
Guangzhou Adjusts Housing Fund Base
In accordance with figures released by the municipal statistical department, Guangzhou’s Housing Fund Management Center issued on July 10, 2012 a notice adjusting the maximum housing fund contribution base for 2012 to RMB23,945 (i.e. RMB 4,789×5).
Shenzhen Adjusts Housing Fund Base and Work-Related Injury Insurance Rates
Shenzhen’s Housing Fund Management Center released a supplementary notice adjusting the 2012 housing fund contribution base (shen gong ji jin [2012] No.60) on June 26.
Beijing Likely to Commence VAT Reform in August
In July 2012, tax authorities in Beijing started requiring companies falling under certain sectors to submit forms that include surveys requesting information on total business revenue, as well as applications for general VAT taxpayer status under the pilot project.
China Approves Policies for the Qianhai Shenzhen-Hong Kong Modern Services Zone
China’s State Council released the “Official Reply on Policies Concerning the Development and Opening-up of Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone (guohan[2012] No.58, hereinafter referred to as ‘Reply’)” on June 27.
Shanghai Requires Computer Generated Tax Invoice for Claiming Export Refund
To simplify the types of general tax invoices used, and to standardize their format, the State Administration of Taxation (SAT) issued the “Notice Concerning the Printing and Publishing of the National Implementation Plan for Simplifying and Unifying General Tax Invoices into a Uniform Format (guoshuifa [2009] No. 142)” in September 2009.
Vietnam Ratifies New Labor Code
After going through four drafts and numerous debates over the past three years, Vietnam’s National Assembly officially ratified the country’s new Labor Code (revised) during an official meeting on June 18, 2012.
Industrial Licensing: Norms and Policy
For the organized growth and development of industrial India, Parliament has enacted the Industrial (Development and Regulation) Act, 1951.
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