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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.
Asset Transfers During Restructuring Now VAT Exempt
The State Administration of Taxation (SAT) has recently announced that China will expand the favorable value-added tax (VAT) treatment to asset transfers during corporate restructuring.
2011 Budget Proposal May Lead to Price Hike in Luxury Cars
India’s auto companies that import parts for their assembled car manufacturing may face a cost increase due to the country’s growing customs duty on pre-assembled parts and the expanded definition of semi-knocked down (SKD) kits.
China-Turkmenistan DTA Takes Effect
The double tax agreement (DTA) between China and Turkmenistan and its corresponding protocol came into force on May 30, 2010, the State Administration of Taxation (SAT) announced on January 30, 2011. The DTA will apply to taxes withheld at source from income derived on or after January 1, 2011, as well as other taxes collected in any taxable year starting January 1, 2011.
Coal Export Prices to Rise
The export prices for coal dust products shipped to Asian nations, except for South Korea and Japan, have been raised by 22 percent, according to Vietnam National Coal and Mineral Industries Corporation.
New Changes in Vietnam May Affect Foreign Investors
In newly-signed decision 14/2011/QDTTg, Vietnam’s government will limit its holdings of 50 percent of the charter capital of power production companies that are bigger than 500 megawatts.
India Puts Accounting Practices in Line with International Standards
The Indian Ministry of Corporate Affairs recently said that it had aligned 35 Indian accounting practices with international standards, marking an important step to bringing International Financial Reporting Standards (IFRS) to India and making financial statements of Indian firms read similarly to those of their international peers.
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