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    March 3, 2011

    Zhejiang New Minimum Wage Standards to be Set in line with GDP Per Capita

    The Zhejiang province government has announced that minimum wages in the province are to increase in line with the GDP per capita in each city during the 12th 5-year program.

    March 2, 2011

    China to Further Regulate Equity Investment in Pilot Areas

    China recently promulgated an official document, intending to better regulate the filing and expansion of equity investment enterprises (EIEs). The country has been practicing the filing system of EIEs as an experiment in the Yangtze River Delta since June 2008, as well as in several development zones in Tianjin, Beijing and Wuhan.

    February 25, 2011

    Hong Kong to Increase Dependent Parent/Grandparent Allowance, Child Allowance and Deduction Ceiling for Elderly Residential Care Expenses

    The Financial Secretary of Hong Kong John Tsang presented the 2011-12 government budget on February 23, 2010, in which he proposed to increase the allowance for maintaining dependent parents/grandparents by 20 per cent.

    February 24, 2011

    China-Nepal DTA Protocol Finally Takes Effect

    The double tax agreement (DTA) signed between China and Nepal in 2001 came into force on December 31, 2010, after the two countries completed their respective domestic legal procedures, China’s State Administration of Taxation announced (SAT Announcement [2011] No. 11) on January 30. The DTA and its protocol apply to the income received in the tax years starting January 1, 2011.

    February 24, 2011

    India to Withdraw Fiscal Stimulus

    Seeing a recovering gross domestic product growth rate of 8.9 percent in the third quarter (September to December) of fiscal 2010, and a surging inflation rate of 12.1 percent last year, India is considering rolling back the fiscal stimulus in order to reduce the government’s financial deficit and curb inflation.

    February 24, 2011

    Vietnam to Raise Power Prices by 15%

    Vietnam recently announced that the government has decided to raise the country’s power price by a record 15.3 percent, up from the current VND1,077 per kw/h to VND1,241 per kw/h, starting March 1, 2011.

    February 23, 2011

    India and Japan Sign Free Trade Pact

    India and Japan signed a free trade pact in Tokyo today which will see the two major Asian economies do away with tariffs on 94 percent of goods over the next decade.

    February 23, 2011

    Updated Rules for Small Business Loans to Take Effect February 25

    The Prime Minister issued decision 03-2011-QD-TTg on January 10, regulating loan guarantees for small and medium-sized enterprises (SMEs). The decision attempts to standardize procedures for the Vietnam Development Bank to issue guarantees for commercial bank loans to SMEs.

    February 22, 2011

    Shenzhen Housing Fund Regulations to Impact Foreign Companies

    The Shenzhen municipal government issued the Interim Measures on the Administration of Housing Funds (Shenfu [2010] No. 176) (“Interim Measures”).

    February 18, 2011

    China Issues Preferential Taxation Policies for Energy-Saving Service Sector

    The Ministry of Finance and the State Administration of Taxation jointly promulgated the Circular on Issues Concerning the Value-Added Tax, Business Tax and Corporate Income Tax Policies for Promoting the Development of the Energy-Saving Service Sector, which came into effect on January 1, 2011.

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