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Overdue VAT Deduction Vouchers may be Used for Input VAT Deductions
In cases where general value-added tax (VAT) payers fail to have their VAT deduction vouchers verified at tax authorities within the required time limit due to certain objective reasons, they may still be allowed to recover that part of input VAT, the State Administration of Taxation (SAT) said recently.
Wholly Foreign-owned Shipping Companies to See Relaxed Market Access
China will moderately relax market access conditions for wholly foreign-owned shipping companies, allowing them to touch a wider scope of business in the country.
China Issues Industrial Guidance for Outbound FDI
China’s Ministry of Commerce (MoC), in conjunction with the National Development and Reform Commission and the Ministry of Foreign Affairs, recently promulgated the “Industrial Guidance for Outbound Foreign Investment in Different Countries (2011) (the Guidance).”
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.
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