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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.
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.
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”).
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.
New Changes to Wholesale Tobacco Licensing to Take Effect March 14
Vietnam’s Ministry of Industry and Trade (MIT) issued circular 02/0211/TT-BCT on January 3, changing licensing procedures for firms seeking to engage in the wholesale of tobacco products.
State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar
The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11.
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