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Expatriate Annual Tax Reporting for 2010 Incomes
Individuals residing in China are subject to individual income tax (IIT). Expatriates who are employed in China are liable for IIT from either the first day they arrive in China or their first official working day. Be aware that the China Tax Bureau may take the arrival date as the trigger point for tax liabilities. They must file a monthly tax return as well as an additional annual return. Penalties for late filing can be up to five times the amount that was due.
Important Notice for FIEs: China Annual Audit Deadline Approaches
Much hard work needs to be done with regards to annual compliance for joint ventures (JVs), wholly foreign owned enterprises (WFOEs) and foreign invested commercial enterprises (FICEs) operating in China.
New Rules and Regulations Effective Jan. 1 in Vietnam
Beginning January 1, 2011, several new rules have come into effect.
Minimum wage increase
Minimum wages at both local and foreign firms in Vietnam have increased by VND100,000 and VND370,000 per month, respectively.
Monopoly Concerns May Lead to FDI Restrictions into India’s Pharmaceutical Sector
The Indian government may issue new polices to only allow 49 percent foreign direct investment (FDI) into the country’s pharmaceutical market through the automatic avenue due to concerns that the increasing foreign market control may cause a price monopoly on drugs. Currently India allows 100 percent automatic FDI into the sector.
India Resumes Sugar Futures Trading
The Indian government decided to lift the ban against sugar futures trading on December 27 as a result of a bumper cane crop during the year. The policy change comes at a time when prices of some commodities such as onions and other vegetables have surged in the country.
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.
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