In December 2016, the National People’s Congress promulgated China’s first Environmental Protection Tax Law (the EPT Law), replacing the existing Pollutant Discharge Fees (PDF) system in a bid to strengthen the enforcement of environmental regulations.
Personal income tax, or PIT as it is commonly reffered, is a tax levied on all wage earners within a given jurisdiction. With the exception of Brunei and Cambodia, the former having no PIT in place and the latter a fixed 20 percent rate, ASEAN members all employ a progressive taxation system wherein an individual is taxed according to how much they earn.
Revenue neutrality is an often-stated goal of tax reform proposals. Typically, revenue neutral tax plans are marketed as “lowering tax rates and broadening the base” in such away that the opposing revenue effects exactly offset each other.
The UK’s lengthy process of leaving the EU is set to begin by the end of March 2017. While reaching a positive partnership with the EU is an immediate priority for the UK, as China is one of the UK’s biggest trade partners, the prospect of a free trade agreement with China is becoming more and more of an issue.
Once an investor has set up their trading company within Vietnam, it is important that their workers gain a strong understanding of the country’s import and export regulations and procedures. Below we lay out the key takeaways that companies must be aware of before starting their trading activities in Vietnam.
Following the withdrawal of the United States from the Tran-Pacific Partnership (TPP), the spotlight has shifted quickly to the future of foreign investment in members such as Vietnam – the party once projected to be the agreement’s greatest beneficiary.
Established in 1998, Hanoi’s Hoa Lac High-tech Park (HHTP) was Vietnam’s first high-tech park and is currently the country’s largest. While Vietnam has over 190 industrial parks and plans to increase this number to 500 by 2020, HHTP is one of only three national-level high-tech parks, alongside Saigon High-tech Park and Danang High-tech Park.
As President Trump and a Republican Congress tiptoe into the minefield that is the Affordable Care Act, it is worth remembering that the law is arguably more a tax law than a health care law. It was, after all, upheld by the Supreme Court as a tax law.
2016 was a challenging year for Thailand, both economically and socially. The death of the much-loved King, His Majesty Bhumibol Adulyadej, clouded a year also blighted by political instability, water shortages, and bearish domestic business sentiment.
India will adopt the General Anti-Avoidance Rules (GAAR) with effect from April 1, 2017. GAAR is an anti-avoidance regulation that allows tax authorities to deny tax benefits on transactions conducted with the purpose of avoiding taxes.
Every three months, the U.S. Treasury Department publicly names individuals who renounced their U.S. citizenship. And once again, the cadre of Americans renouncing citizenship has hit an all-time high.
On February 6, 2017, the Ministry of Public Security of the People’s Republic of China (MPS) announced that it would launch a joint effort with 20 departments to assess methods to improve the practical utilization of foreign permanent residence cards in China.