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The General Department of Taxation of Vietnam issued the Circular No 40/2021/TT-BTC on June 1st, 2021, regarding the taxation of e-commerce sellers. Essentially, all e-commerce platforms must be connected electronically to the State tax agencies and disclose various data on the sellers registered on such platforms. The areas covered in the Circular include value-added tax,

China’s State Administration of Taxation recently issued the Announcement [2021] No.4 with the aim of streamlining procedures for claiming VAT incentives with the new policy effective from April 1st, 2021. The Announcement facilitates taxpayers who claim VAT reductions and exemptions, since a direct claim in the routine VAT filing form is now sufficient (e.g., a

India applies a multi-bracket personal income tax regime, with tax rates ranging from 0% to 30%, which are applied progressively on the tax residents of the country. In order to reduce taxable income, individuals have a number of tools in their arsenal to utilize. In this article we provide an overview of general deductions that

On June 10th, 2021, the "Hainan Free Trade Port Law" (hereinafter referred to as the "Law") was passed, which coincided with the first anniversary of the publication of the "Overall Plan for Hainan Free Trade Port Construction". The Law introduced several arrangements aimed at the construction and promotion of the Hainan Free Trade Port (FTP).

Businesses which are based outside of Vietnam (i.e. have no licensed presence in Vietnam), and provide goods and services in Vietnam, should be aware of the foreign contractor tax (FCT). FCT can be simply seen as a withholding tax in Vietnam, as Vietnamese-registered entities (including foreign-owned enterprises) pay FCT on behalf of foreign contractors by

Case 1: The risk of denial of outbound payments and denied deductibility of payments Recently, we have witnessed cases where tax authorities have either denied outbound payments or rejected the deductibility of such royalty and service payments leading to an additional tax burden. This can happen if no sufficient evidence is provided to support the

The European Union (EU) and India concluded a ‘Comprehensive Connectivity Partnership’ in order to support resilient and sustainable connectivity in India as well as other countries throughout Africa, Central Asia, and the Indo-Pacific regions. The new comprehensive partnership attempts to improve the regional trade and influence as announced on May 8th, 2021. The recent EU-India

China’s Ministry of Finance together with the State Taxation Administration have issued an announcement with the goal to enhance the existing policies for pre-tax additional deductions for R&D expenses. The announcement was first issued on April 7th, 2021 and is effective retrospectively from January 1st, 2021. In order to further stimulate enterprises to increase investment

The economy of Vietnam continued its expansion in the first three months of 2021 as reported by the General Statistics Office. The gross domestic product (GDP) of one of the best performing economies in the South-East Asian region has increased by 4.48% as reported by the General Statistics Office (GSO). The authorities’ successful efforts to

In order to further support the development of small and micro enterprises and individual entrepreneurs, China has implemented additional preferential income tax policies specifically tailored for such investors with the implementation period of these new policies from January 1st, 2021 to December 31st, 2022. For the annual taxable income of small and micro enterprises not

In the financial year 2020-2021 India’s indirect tax collections have increased by 12% to 10.7 trillion rupees (USD 142 billion), which can be an important factor for the government budget amidst the Covid-19 pandemic and its potential negative influence on the economy. The authorities have released data that demonstrates that the increased taxes stem from

On Friday, April 16th, 2021, the National Bureau of Statistics released data on the growth rate of the gross domestic product (GDP) in the first quarter of 2021. The most important information of which is that the pace of economic recovery has accelerated, with GDP growing by 18.3% from the previous year’s drop amidst the