Dezan Shira & Associates Updates

Key Legal and Tax Updates from Emerging Asia

AIC Releases Requirements for 2012 Annual Inspection
 
The 2012 annual inspection season for Chinese enterprises officially began on March 1, 2013 and will end on June 30, 2013. The Administration of Industry and Commerce (AIC) recently promulgated a Circular to specify the requirements for the annual inspections and to remind AIC-registered enterprises to undergo their inspections on time. All AIC-registered enterprises should fill out the relevant information on the online annual inspection system and submit the required documentation within the abovementioned time period.
 
 
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China
 
China Clarifies Corporate Income Tax Treatment for Non-Resident Enterprises under VAT Reform
 
China’s State Administration of Taxation recently promulgated an announcement concerning corporate income tax treatment for non-resident enterprises in the value-added tax pilot reform. 
 
 
China Releases First Plan to Protect Environment from Toxic Chemicals
 
With the aim to improve the country’s environmental risk management capabilities, China’s Ministry of Environmental Protection issued the “12th Five-Year Plan for Prevention and Control of Chemical Risks to the Environment” on February 21, 2013.
 
 
 
India
 
Introduction to the Service Tax Partial Reverse Charge Mechanism
 
A new taxation scheme for the services sector came into effect on July 1, 2012. According to the scheme, both the service provider and the recipient of the service must now pay the requisite service taxes.
 
 
Companies Act 1956: Annual Compliance in India
 
Indian companies that were incorporated under Companies Act 1956 must file their annual return and audited accounts with the Registrar of Companies (ROC) every year.
 
 
 
Vietnam
 
Vietnam To Revamp Its Economy
 
Vietnam’s Ministry of Finance has announced that it will be making changes to the Law on Corporate Income Tax, to be revised by the National Assembly in 2013. The ministry has also announced plans to reduce tax burdens for foreign-invested enterprises that engage in expansion projects for existing investments.