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One of the most welcome regulatory updates for foreign employees and employers in China was released on the last day of 2021. The Ministry of Finance and the State Administration of Taxation issued on December 31, 2021, the Announcement [2021] no. 43 on the Continuation of the Preferential Policies on Individual Income Taxes for Foreign

An executive meeting of the State Council held on December 29th took place in which an important decision was announced stating the prolongation of applying several preferential individual income tax (IIT) policies. In order to reduce the burden of individual income tax and relieve the pressure for low- and middle-income taxpayers’ categories, State Council executive

The Chinese tax authorities have recently offered a response to queries regarding transfer pricing (TP) during the COVID-19 pandemic. As year-end is approaching, multinationals are now beginning to evaluate and review the results of their TP policies and official guidance on how enterprises may deal with any TP investigations has now arrived. The key points

The digital economy of Vietnam is poised to become the 2nd largest economy in the region just behind Indonesia and to have the fastest-growing e-commerce market in Southeast Asia. The digital economy of the country is expected to reach USD 31 billion in gross merchandise volume (GMV) in 2021, resulting in an annual growth of

New Regulations on Carbon Emission Rights Announced in China From January 1st, 2021, the first compliance cycle of the national carbon market was officially launched in China and by December 31st, 2021, 2,225 key greenhouse gas emission companies across the country will be assigned carbon emission quotas. Additionally, the new trial regulations "Carbon Emissions Measures

Advance Pricing Arrangements (“APA”) is a formal agreement between taxpayers and tax authorities on the related-party transactions’ pricing policy, which could help tax authorities and enterprises to resolve transfer pricing (“TP”) issues. The Chinese State Administration of Taxation ("SAT") has recently released the Finalized Announcement on matters regarding the application of the Simplified Procedures of

The Union Budget of 2020 has introduced a new concept regarding a residency rule, known as deemed residency, which applies to Indian citizens. Tax residency in India is generally determined by residing in the country for a period of at least 182 days in a given fiscal year, and in some cases for a cumulative

The most significant trade agreement to date between the European Union and Vietnam, abbreviated as EVFTA (EU-Vietnam Free Trade Agreement), entered into force on the 1st of August of 2020, and since then it has created a number of opportunities to facilitate trade and strengthen relations between the two economies. This trade agreement improves the

In order to support the development of small and medium-sized enterprises (SMEs) engaged in the manufacturing sector in China and to mitigate the impact of increasing costs, starting from November 1st, 2021, upon completing tax declarations in accordance with the law, tax deferrals can be granted to such businesses. In more details, qualified manufacturing medium

Post-pandemic trade between China and India has shown a drastic increase in the first three quarters of 2021 according to the data released by China’s General Administration of Customs (GAC). India’s bilateral trade with China has increased 49.4% year-on-year (YoY) according to the numbers by GAC. The total trade between India and China has reached

There has been yet another tax update in China, not as major as the upcoming Individual Income Tax reform due to come into force in January 2022, but still relevant for businesses to be aware of. According to the Announcement of the State Taxation Administration (“SAT”) on Matters concerning the Collection and Administration of Urban

Following Resolution 68 of July 1st, 2021, the Vietnamese authorities have issued additional recommendations to support the industries, businesses, and individuals which were especially hit hard by the COVID-19 pandemic and lockdown in 2021. The new Resolution (105/NQ-CP 9, September 2021) is aimed to encourage various authorities and officials of the country to develop, create,