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In its Union Budget for the fiscal year 2022-2023, India has proposed and introduced the notion of classifying cryptocurrencies as virtual digital assets (VDAs). However, despite the classification of cryptocurrencies as assets, common national assets’ taxation rules do not apply. India has implemented a 30% income tax for VDAs. The policy is effective from April

In order to actively respond to the impact of COVID-19 lockdown measures, which have had an impact on the economic development of the city, Shanghai Municipal Government has made the decision to help enterprises stabilize and promote employment in seven key industries that have been seriously affected by the pandemic. In relation to employment subsidies

Companies which aim to do business in the UAE and individuals who intend to work in the country will encounter the need to deal with certain important key points regarding the duties and obligations on labor and social security. In fact, awareness of such matters is essential to be in compliance with the current relevant

The Vietnamese tax authorities announced on the 28th of May 2022 with the release of Decree 34/2022 that the deadlines for payments of relevant taxes and land rental fees applicable for the 2022 tax year have been extended. The tax year in Vietnam corresponds to the calendar year and the effect of the decree takes

On May 29th 2022, the Shanghai Municipal Government announced various measures ("measures") to revive growth and stimulate the economy impacted by the lockdown restrictions, lifted on the 1st June. The key measures are summarized below. Deferring social insurance payment for enterprises engaged in catering, retail, tourism, aviation, road, waterway and rail transportation The payment of

Following lockdown and the difficulties caused by the disruption of normal working conditions, Shanghai will further carry out the pilot program of fully digital electronic invoices from May 23rd, 2022, for certain taxpayers and taxpayers who use the e-invoice service platform who shall be qualified as the pilot taxpayers (please read our previous article for

When people wish to cease their business operations in China, many misunderstand the importance of deregistration. According to Chinese laws and regulations, if a company stops operations but is not deregistered, the company may be punished by the authorities for not submitting a tax and business report. In addition, the shareholders and the legal representative

As multiple cities around China are in lockdown or facing severe travel restrictions, many companies are facing disruptions in their invoicing processes, due to the limited possibility of accessing the premises where normal administration and finance procedures are carried out. Financing has evolved in recent years in China, allowing for many procedures to be processed

In order to further support the work of Trade Unions in small and micro enterprises, according to the "Notice of the General Office of the All-China Federation of Trade Unions on Continuing the Implementation of the Policy on Supporting Trade Union Funds in Small and Micro Enterprises" (Ting Zi [2021] No. 38), small and micro

On Wednesday, April 20th, 2022, following the meeting held by the Standing Committee of the National People’s Congress, China passed a new Futures and Derivatives Law which is expected to further promote development of the country’s derivatives market by implementing stricter and more efficient control and risk management practices. The legislature will be officially effective

In order to support businesses hit by the pandemic and lockdown restrictions in Shanghai, on April 25th, 2022, the Shanghai Municipal Taxation Bureau issued a notice on the extension of the tax filing due date for April and May 2022. The specific conditions are as follows: 1. For taxpayers who file tax returns monthly and

In consideration of the global pandemic, it is widely anticipated that multinational companies with an international presence may increasingly become the focus of national tax authorities. Consequently, it is important to keep track of global compliance requirements during this turbulent period. The pandemic as well as military/political clashes have the potential of a wide global