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Examination and Approval Authority Adjusted for Sino-Foreign Cooperative and Sino-Foreign Joint Venture Medical Institutions
On February 9, 2011, the Ministry of Health of the P.R.C. issued and made effective the Circular on the Adjustment of Examination and Approval Authority for Sino-Foreign Cooperative and Sino-Foreign Joint Venture Medical Institutions.
China Issues New Rules on the Handling of Intellectual Property Infringement Cases
On January 10, 2011, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security of the P.R.C. issued and made effective the “Opinions on Several Issues Concerning Application of Law in Handling Criminal Cases of Intellectual Property Rights Infringement” (the “Opinions”).
Vietnam Amends VAT Regulations for SMEs
Vietnam’s government recently approved a proposal to extend the declaration time of value added tax (VAT) for small and medium enterprises (SMEs) and family businesses, removing cumbersome elements of the country’s tax code for emerging entrepreneurs.
RBI Asks Banks to Stop Accepting 25 Paise Coins
The Reserve Bank of India has asked state banks and private lenders to stop accepting 25 paise coins after June 30, 2011.
China Clarifies Urban Land Use Tax and Real Estate Tax Issues
The Ministry of Finance and the State Administration of Taxation co-issued the “Circular on Urban Land Use Tax (ULUT) for Enterprises Employing the Handicapped and Other Tax Policies (caishui [2010] No.121)” on December 21, 2010. The circular emphasized that enterprises will receive favorable tax treatment through employing the handicapped, and clarified several calculation methods regarding the real estate tax (RET).
China Clarifies Tax Treatment for Real Estate Companies before De-registration
In a recent announcement, the State Administration of Taxation clarified issues regarding the refund of overpaid corporate income tax (CIT) to property developers prior to the developers’ deregistration. This CIT overpayment primarily comes from the prepayment of land appreciation tax (LAT).
Chongqing and Shanghai Introduce New Property Tax
Shanghai and Chongqing have introduced China’s first-ever property tax for second-home buyers, part of a series of government measures to curb soaring prices and real-estate speculation. The taxes target high-end newly purchased second homes and will require buyers to pay between 0.4 to 1.2 percent of the total property price. The taxes kick in with immediate effect from today (Friday, January 28, 2011).
China Lowers Import Duties on iPads and Electrical Goods
The State Council approved measures to lower import duties on electrical products from 20 percent to 10 percent, with these measures effective from yesterday (January 27), the State Council Tariffs Commission has announced in a surprise move. Products with reduced import duties include computers and cameras, and has the effect of reducing, for example, duty tax on iPads from RMB1,000 (US$152) to RMB500 (US$76).
China Clarifies Business Tax Exemption For Offshore Outsourcing
China’s Ministry of Finance, State Administration of Taxation and Ministry of Commerce have jointly issued the “Notice on the Business Tax Exemption on the Offshore Outsourcing Business in Pilot Cities,” also known as Caishui [2010] No. 64 (Circular 64).
RBI Relaxes Lending Rules for Bank Loans to Microfinance Institutions
The Reserve Bank of India temporarily relaxed lending rules for bank loans to microfinance institutions, allowing banks to continue offering loans to the ailing sector.
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