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China to Exempt Small Businesses From 22 Fees
In a move to substantially reduce the financial burdens on the country’s micro and small-sized enterprises (MSEs), China recently announced that MSEs would be exempt from 22 types of administrative fees charged by 13 different government departments. The introduction of this new favorable fiscal measure is yet another step China is willing to take to assist its MSEs following other recent promises of favorable loan offers and tax treatment.
China’s SAT Clarifies Tax Treatment towards Mining Services
When a taxpayer exploits mineral resources for other entities or individuals, the various services it provides can be subject to different types of taxes, according to a recent announcement by the State Administration of Taxation (SAT).
China to Get Tough on Employers Shirking Social Insurance Payments
China is mulling stronger enforcement of its latest Social Insurance Law by specifying harsher penalties for enterprises that delay or do not fulfill their payment obligations towards all five of the required social insurance items.
China Stresses Measures to Boost New-energy Car Market
In a move to increase the number of green vehicles on the country’s roads, China is urging new-energy car promotions in 25 major cities. The new regulatory call will likely provide a boost to the green automobile market after the country saw an overall deceleration in car sales partly due to last month’s issuing of a tightened subsidy policy for fuel-efficient car models.
Corporate Income Tax Delayed One Year For Labor-Intensive Enterprises
Good news for labor-intensive firms in Vietnam. Decision 54/2011/QD-TT inked by the Prime Minister last week agrees to extend corporate income tax payments in 2011 for labor-intensive companies as well as “co-operatives lawfully established and operating which have revenue from the production or processing of agricultural, wood, seafood, garment, footwear, or electronic products, or from development, construction, and installation of infrastructure works.”
Amendments in FDI Policy for India’s Pharma Sectors
The government of India has already allowed 100 percent FDI into the pharmaceuticals industry. Recently, the government has reviewed its policy in the particular sector.
New PAN Forms for India’s Non-Residents
India’s Income Tax Department has initiated a separate permanent account number (PAN) application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
Beijing to Inject RMB1.5 Bln into Zhongguancun’s Modern Service Industries
A massive scheme is currently being laid out to develop modern service industries in Zhongguancun – the technology hub situated in northwestern Beijing often referred to as “China’s Silicon Valley.” Following the central government’s promise to inject some RMB1.5 billion into the area’s modern service sectors within the next three to five years, Beijing’s local government recently announced the key service sectors that will likely enjoy the use of the government funds.
China Regulates Cargo Owners’ Investment into Domestic Shipping Industry
China is tightening regulations on investment by cargo owners into the country’s domestic shipping industry in a bid to avoid excess competition amid the continuing global shipping downturn.
Shenzhen and Xiamen Further Encourage Equity Investment
Local governments of several Chinese coastal cities are offering further incentives to equity investment enterprises, as private equity (PE) investment has emerged as one of the most important capital-raising avenues for small and medium-sized enterprises in those areas.
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