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Indian 2011/12 Budget Good for Foreign Investment
Finance Minister Pranab Kumar Mukherjee presented the Union Budget for 2011/12 this past Monday. The budget focuses on finding a balance between controlling inflation and maintaining economic growth. Good news for foreign investors comes in the form of no drastic changes in taxation rates, no negative indications, and no major reform agenda.
Important Notice for FIEs: New Regulation Requires Special Chop for Invoices
All invoices must be affixed with a special invoice stamp, effective on February 1, 2011, according to the Measures of the PRC on the Administration of Invoices promulgated by the State Council on December 20, 2010. Entitles who fail to affix the special tax chop on invoices can be fined up to RMB10,000.
Vietnam’s MOF to Update Finance and Real Estate Regulatory Frameworks
Vietnam’s finance and real estate regulatory frameworks are set to undergo changes in the coming months, according to the Ministry of Finance.
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.
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.
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.
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.
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.
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.
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.
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