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Regulatory Changes in China Prompt Reconsideration of the Effectiveness of Representative Offices
China has dramatically changed its regulations concerning the operation of representative offices (ROs) in the country and these alterations are due to take effect from March 1 this year. They will alter the operational and financial effectiveness of using ROs in China considerably.
Shanghai Launches Pilot Program Allowing Foreign Private Equity Investment
In a statement published on January 12, the Shanghai government announced the launch of a pilot scheme titled the Qualified Foreign Limited Partner program which will allow foreign private equity firms to directly invest in the nation.
Jiangsu Province to Raise Minimum Wage Standards
Jiangsu Province will lift its minimum wage standards by over 15 percent beginning next month in an effort to offer more support to workers with low income and to ensure an abundant supply of migrant workers for production in the new year.
Vietnam’s Central Bank Proposes Set Annual Interest Rates
Vietnam’s central bank is proposing to the government that the country set interest rates annually and allow companies to negotiate the price they pay for the country’s currency independently with banks, according to reports by Tuoi Tre, a local newspaper.
Jiangsu Clarifies Tax Reduction Procedures for Technology Transfer Income
Based on the State Administration of Taxation’s Circular No.825 and Circular No.212,the Jiangsu provincial tax authorities announced new procedures for regional entities applying for tax preferential treatment regarding technology transfer in a circular issued on November 26, 2010.
Banks Accept 15 Percent Ceiling on Deposit Interest Rates
Twelve commercial banks in Hanoi entered an agreement with the State Bank of Vietnam’s Hanoi branch and the Vietnam Banking Association (VNBA) to cap deposit interest rates at 15 percent.
China Clarifies Verification Standards for PIT after Equity Transfers
China is making an effort to generate clear standards for taxation basis verification with regards to personal income tax (PIT) derived from income gained through equity transfers.
Mongolia to Sort-Out Gold Mining Licenses
Mongolia’s government is reviewing a list of more than 1,700 mining licenses for possible termination under regulations aimed at environment protection, a senior official told reporters.
New Draft Proposal May Create Investment Barriers
Foreign investors fear that Vietnam’s draft proposal to develop its retail sector may, if enacted, erect barriers to invest from abroad.
Indian Employees May See Salary Hikes Next Year
A 2011 Times of India (TOI) salary level survey conducted by talking to multiple major HR consultancy companies forecasts salary growth in India next year to increase at a similar rate to what the country experienced in 2007, the time before the financial crisis.