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India Releases Third Consolidated FDI Policy
In an updated foreign direct investment policy, the government of India stated a simplification of joint venture norms and opened up new areas for overseas funds.
India Issues Tax Benefits for Garment Companies
In the annual budget presented by the finance minister, branded garment companies can get the benefit of CENVAT (central and value added tax) credit. It means the garment companies will be taxed on inputs.
New CIT Payment Deferral Incentives for SMEs
A decision concerning small and medium-sized enterprises’ (SMEs’) corporate income tax was published, and thereby become effective, on April 6, 2011. This decision from the Vietnamese prime minister allows SMEs to defer their CIT settlements of one year. This new incentive should help the SMEs to overcome their hardships and also stimulate economic development in 2011.
Hong Kong Promoted to Prime Center for Arbitration
The new Hong Kong Arbitration Ordinance enacted in November last year will take effect on June 1, 2011, the Department of Justice announced.
Important Update for Asia FIEs: China SAT Clarifies EIT Payment Issues for Non-resident Enterprises
China’s State Administration of Taxation (SAT) issued the “Announcement on Several Issues Concerning the Administration of Non-resident Enterprise Income Tax (EIT) (SAT Announcement [2011] No.24)” on March 28, 2011, clarifying non-resident enterprises’ tax liabilities on their China-derived incomes from security fees, financial leasing, property rentals, equity investments as well as equity transfers.
Firms Conducting Temp Audits in China Need MoF License
Foreign accounting firms entrusted by their overseas principals to conduct temporary auditing on entities in Mainland China now need to apply for qualification approval from provincial financial departments.
Higher Fuel Prices Proposed to Combat Smuggling
Oil companies and authorities in the southern provinces have recommended that fuel prices be raised in Vietnam to combat smuggling into neighboring Cambodia, where fuel is much more expensive.
Notice on CIT Declaration and Payment by Resident Enterprises in Shanghai Issued
The Shanghai Municipal Office of SAT and Shanghai Municipal Local Taxation Bureau jointly promulgated the Notice on Improving the Work Related to the Settlement and Payment of Corporate Income Tax (“CIT”) of Year 2010 (Hu Guo Shui Suo [2011] No.3) (“Notice”) on January 21, 2011.
Founder of Dezan Shira & Associates Chris Devonshire-Ellis on Chinalogue
Chris Devonshire-Ellis, the founding partner of Dezan Shira & Associates was invited to appear on Chinalogue, a bi-weekly broadcast bringing in Beijing’s top experts and commentators for in-depth analysis on current issues affecting China.
Hong Kong Statutory Minimum Wage to Come into Force
The Minimum Wage Ordinance (“MWO”) was passed by the Legislative Counsel and will come into force on May 1, 2011. The initial statutory minimum wage (“SMW”) rate is $28 per hour.
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