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Vietnam to Tighten Cash Loan Disbursements from June 1
On April 10, 2012, the State Bank of Vietnam promulgated Circular 09/2012/TT-NHNN stipulating the payment methods for disbursing loans of credit institutions and foreign bank branches (hereafter collectively called “banks”) towards their customers.
New Audit Regulations in Vietnam
The Ministry of Finance approved a new regulation on March 13 – which will be effective from May 1, 2012 – to set new rules with regards to the audit of:
Vietnam to Increase General Minimum Wage Levels from May 1
Vietnam has officially increased its general minimum wage levels from VND830,000 per month to VND1.05 million per month effective from May 1, according to Decree No. 31/2012/ND-CP dated April 12, 2012.
Update Regarding Land Use Mortgage Rights
The Vietnamese Government issued Decree 05/2012/ND-CP to change and set up new rules concerning mortgages of land use rights and assets lying on land.
India to Define Minimum Stake in Joint Ventures
The Indian government is set to make a clarification to the country’s foreign investment laws, with specific attention to joint venture provisions.
Indian GAAR Impacts on Mauritius Tax Haven Use
India’s new General Anti-Avoidance Rules (GAAR) kicked in from April 1, and it looks like they will have an immediate impact on the use of Mauritius as a tax haven for investing in India.
India Increases Service Tax Rate
Service tax is the tax charged on services offered, which has to be collected from the clients and paid to the government. If these taxes increase, there is an increase in many expenses such as mobile bills, insurance premiums, professional consultations, property purchases from the builder, courier expenses, and credit card bills.
India Proposes to Amend the Term ‘Foreign Company’
The Ministry of Corporate Affairs informed the Upper House that, under the Companies Act (1956), there is no precise provision for compulsory registration of foreign companies engaged in online business practices.
Rules of Overseas Chartered Accountant Firms
India’s Ministry of Corporate Affairs informed the Upper House today that Indian chartered accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act (1949) and the rules and regulations framed thereunder.
Reporting Activities of Liaison Offices in India
Overseas companies, organizations or an association of individuals are not required to file income returns with regards to liaison offices (LOs) on the grounds that such business is not permitted to be carried out in India.
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