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U.S. Financial Crimes Bureau Offers Online FBAR Filing
The U.S. Financial Crimes Enforcement Network (FinCIN), a bureau of the U.S. Treasury Department, issued an immediate release on July 18 announcing the availability of an electronic filing system that will accept Form TD F 90-22.1 – Report of Foreign Bank and Financial Accounts (FBAR).
China and UK Sign New Tax Agreement
The governments of the People’s Republic of China and the United Kingdom renewed their agreement for the avoidance of double taxation (new DTA) on June 27, updating the definition of a permanent establishment (PE) and revising withholding tax rates on dividends and royalties.
Vietnam Introduces Tax Incentives for SMEs
Last April, Vietnam’s Prime Minister executed a tax extension for small and medium-sized enterprises (SMEs) for 2010 corporate income taxes with the total amount of around VND7 trillion. The eligible enterprises for this incentive are about 200,000 of the total 360,000 small and medium enterprises currently operating in Vietnam.
Payment of MCA 21 Fees/ROC Fees through NEFT
MCA 21 payments can be done via credit card, internet banking and physical challan currently. Now, the ministry has recognized five banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA 21 fees, which means that only the account holders of these banks can avail Internet banking facility. Also, payment through challan can only be made in the authorized branches of these above five banks.
India Considers New Law to Regulate Micro-lenders
The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates. Aiming to bring various microfinance institutions (MFIs) under the regulation of the Reserve Bank of India (RBI), the proposed law is expected to strongly impact smaller players who look for large profit through their lending businesses.
Major Municipalities in China Successively Implementing Uniform Local Education Surcharge
On October 18, 2010, the State Council issued the Circular on Unifying the Systems for City Construction Tax and Educational Surcharge on Chinese- and Foreign-funded Enterprises and Individuals (guofa [2010] No. 35), which expanded the coverage of City Construction Tax (CCT) and Education Surcharge (ES) to include foreign invested enterprises, foreign enterprises and foreign individuals (“FIEs”) in addition to domestic enterprises.
China Issues Classification Standards for SMEs
China’s Regulations on the Standards for Classification of Small and Medium-sized Enterprises (the “Regulations”) were jointly promulgated by the Ministry of Industry and Information Technology, the National Bureau of Statistics, the National Development and Reform Commission, and the Ministry of Commerce on June 18, 2011 and came into effect on the same date.
China Clarifies Consumption Tax Exemption for Biodiesel Production
Following its announcement in December last year that pure biodiesel made from waste plant and animal oil is exempt from consumption tax, the Chinese government has recently clarified the actual scope of animal and plant oils subject to such tax exemption. Experts say the tax incentives will not only largely support China’s emerging biodiesel market, but will also effectively prevent waste oil from flowing back to dining tables.
China’s New Individual Income Tax Changes to Have Universal Impact
The Standing Committee of the National People’s Congress has just passed new revisions to China’s Individual Income Tax (IIT) Law during its 21st meeting today. The final revisions increased the amount of deductible income for Chinese nationals to RMB3,500, while it was reported in the NCP’s last two proposals submitted for IIT reform that the IIT exemption threshold would only be lifted to RMB3,000.
New IIT Proposal Maintains Tax Exemption Threshold, Adjusts Tax Rates
After two months of consultations with the public and experts, the National People’s Congress finally disclosed the second draft for the individual income tax (IIT) reform yesterday. Compared to the first draft released in April, the new proposal adjusted the lowest tax rate, but did not amend the amount of deductible income, despite some 80 percent of people’s cry for a change.
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