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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.
Consequences for Nonpayment of TDS in India
If an individual fails to subtract the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Indian Central Government within the agreed time-frame, the individual shall be legally responsible for the repercussions in agreement with the provisions of Section 201.
Hong Kong’s New Arbitration Law Improves China Dispute Resolution
Hong Kong has recently introduced a new aspect to its well-regarded arbitration laws, and has enacted the new Arbitration Ordinance, which came into effect on June 1, 2011. This legislation, based on the widely-used United Nations Commission on International Trade Law (UNCITRAL, or the Model Law), further underlines Hong Kong’s pro-arbitration stance and is an important tool when dealing with cross border cases that affect mainland China partners.
China Offers New Incentives to Logistics Industry
In order to promote the robust development of the country’s logistics industry, China’s State Council issued new guidelines (guobanfa [2011] No.38) on August 19 offering fiscal and administrative incentives to logistics enterprises.
Dalian-based Employers to Face Higher Social Insurance Costs
On August 25, the northeast Chinese city of Dalian released a new policy set to come into effect from September 1, 2011, stating that the calculation for the employer contribution of social insurance costs on behalf of their employees will change. The effect of this change is going to have a considerable negative effect on some companies based in the city.
China Formalizes Security Review Rules for Inward M&As
China has released new regulations to formalize its security check system for inward merger and acquisition (M&A) transactions. The new law will make it relatively difficult for foreign investors to avoid security reviews, even though many investors tend to merge with or acquire Chinese companies through ways such as establishing variable interest entities or trust companies.
Calculation of Maternity Benefits to Change in Dalian
In addition to amendments to the social insurance system in Dalian (explained here yesterday), the northeast city has also implemented an amendment to the maternity benefit policy.
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