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Easier Norms for Overseas Nationals to Obtain Indian PAN
In an attempt to develop greater fund flows and offer some steadiness to the irregular Indian bourses, India’s Finance Ministry has tranquilized norms for foreign nationals and foreign institutional investors (FIIs) to obtain permanent account numbers (PANs) that could also double up as know-your-customer (KYC) compliance for any investment they make in Indian stocks.
Taxes on Immovable Properties and Attached Fixed Assets
When a taxpayer transfers land use rights or sells immovable properties together with fixed assets attached to the land or properties, the sale of goods subject to different types of taxes shall be counted separately, according to the “Announcement on Tax Issues Concerning Transactions in which Land Use Rights or Immovable Properties Are Sold Together with Fixed Assets Attached to the Land or Immovable Properties (SAT Announcement [2011] No.47)” issued by the State Administration of Taxation (SAT) on August 17, 2011.
China to Simplify Forex Control System
China is set to kick off a reform of its foreign exchange control system for international trade in pilot areas, in a move to bring increasing efficiency to traders and strengthen the information sharing system for foreign exchange control.
Foreigner Participation in China’s Social Insurance System Now Mandatory
On September 6, 2011, China’s Ministry of Human Resources and Social Security issued the “Interim Measures for Participation in Social Insurance System by Foreigners Employed in China (‘Measures’),” which will come into effect on October 15, 2011.
Circular Clarifies Tax Deferral Scheme for SMEs in Vietnam
A circular issued by the Ministry of Finance last month clarified details of the extension of 2010 corporate income tax payment for small and medium enterprises.
SAFE Requires Additional Documents for Foreign Exchange Settlement
The State Administration of Foreign Exchange (SAFE) issued the Supplementary Circular on Issues Relating to Improving Business Operations with Respect to the Administration over Payment and Settlement of Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa [2011] No. 88, “Supplementary Circular”) on July 18, 2011, which came into effect on August 1, 2011.
China Lifts Tariff on CBM, Oil and Gas Equipment Imports
China’s rapidly increasing domestic demand for energy is driving the country to boost its production of key natural resources. In the three documents released on August 8, the Ministry of Finance (MoF), the General Administration of Customs (GAoC) and the State Administration of Taxation (SAT) together announced the decision to exempt coal bed methane (CBM), oil, and natural gas exploration equipment from import duties.
Vietnam’s New Tax Changes for Aug. 2011
On August 4, 2011, Vietnam’s Ministry of Finance promulgated Circular No.113/2011/TT-BTC amending and supplementing the guidance of the PIT Law mentioned in the Circular No.62/2009/TT-BTC dated March 27, 2009, Circular No.02/2010/TT-BTC dated January 11, 2010, and Circular No.12/2011/TT-BTC dated January 26, 2011.
CSR Contribution Based on Net Profit
India’s Ministry of Corporate Affairs stated that the Department of Public Enterprises and the Ministry of Heavy Industries and Public Enterprises have issued complete guidelines on corporate social responsibility (CSR) for central public sector enterprises (CPSEs) in April 2010.
India’s MCA Cuts Down Company Registration Time
The Ministry of Corporate Affairs has cut down measures under MCA-21 to facilitate the registration of a company within 24 to 48 hours where there is no complexity about availability of names.
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