Dezan Shira & Assocs tax info update for Asia January 2013
here's what they say
Key Legal and Tax Updates from Emerging Asia
China Initiates New Round of Minimum Wage Increases
According to data recently released by China?s Ministry of Human Resources and Social Security, 23 regions in the country adjusted their minimum wage levels in 2012, including: Beijing, Sichuan, Jiangxi, Shaanxi, Shenzhen, Shangdong, Shanghai, Tianjin, Guangxi, Ningxia, Gansu, Shanxi, Yunnan, Chongqing, Jiangsu, Xinjiang, Fujian, Hainan, Qinghai, Hunan, Hebei, Inner Mongolia and Heilongjiang.
Furthermore, from January 1, 2013, Beijing and Shaanxi have raised their minimum wage payments for the second consecutive year. The monthly minimum wage in Beijing will be raised from RMB1,260 to RMB1,400, while in Shaanxi it will be increased from RMB1,000 to RMB1,150. Also effective from January 1, Zhejiang Province, which last adjusted its minimum wage levels in April 2011, will raise its monthly minimum wages by 12.2 percent, from RMB1,310 to RMB1,470.
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To contact one of our specialist lawyers or tax accountants please visit www.dezshira.com
China
Shenzhen Adopts New Population and Family Planning Regulation
The Standing Committee of the Fifth People?s Congress of the Shenzhen Municipality passed the ?Shenzhen Special Economic Zone Population and Family Planning Regulations (hereinafter referred to as ?Regulation?)? on October 30, 2012, which came into effect on January 1, 2013.
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China to Strengthen Support of MSEs
China?s State Council released the ?Opinions on Further Supporting the Sound Development of Micro and Small-Sized Enterprises (MSEs) (guofa [2012] No.14)? on April 19, 2012 which puts forward 29 supporting measures in 8 areas for the development of MSEs in the country.
To contact one of our specialist lawyers or tax accountants in China please email china@dezshira.com
India
Maintaining Statutory Registers in India
The Companies Act (1956), which regulates setting up and running companies in India, requires all classes of companies in India (irrespective of size or capital) to maintain a list of Statutory Registers.
Maternity Benefits in India
One of the primary objectives of India?s Maternity Benefit Act (1961) is to maintain the health of a pregnant female employee and her child. The act applies to every factory, mine or plantation (including those belonging to the government), and to every shop or establishment wherein 10 or more people are employed.
To contact one of our specialist lawyers or tax accountants in India please email india@dezshira.com
Vietnam
Vietnam Set to Lower Corporate Income Tax
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.
Vietnam Changes the Law Governing Personal Income Tax
On November 22, 2012, the Vietnamese National Assembly promulgated Law No. 26/2012/QH13, amending and supplementing a number of articles within the Law on Personal Income Tax ? including increasing personal income tax thresholds.
