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Expats in Vietnam, who work and are tax residents there, must pay personal income tax (PIT) according to the relevant Vietnamese tax laws and regulations. When calculating the amount of tax due, the tax residents can apply a number of deductions in order to reduce the taxable income base. First, however, one must be aware

In order to further support the prevention and control of the Covid-19 pandemic in China and protect and help domestic businesses with their development, on March 17th, 2021, the Ministry of Finance announced the extension of several preferential tax policies. The implementation period of the preferential tax policies determined in the "Announcement of the Ministry

The Central Board of Direct Taxes (CBDT) of India has issued a Circular in which it clarifies the residency status of non-residents, or foreign visitors, whose duration of stay in India in the financial year 2020-2021 was extended due to the Covid-19 lockdown. A number of non-residents were not able to leave India as a

On March 5th, 2021, the Fourth Session of the 13th National People's Congress opened in the Great Hall of the People in Beijing with Premier Li Keqiang making a grandiose report on the work of the government. In the report, it was announced that the VAT threshold for small-scale taxpayers has been raised from RMB

When a company in Vietnam is preparing its annual corporate income tax (CIT) return it is of great importance to consider several essential issues, such as deductible expenses and the most recent tax incentives. This article investigates the most closely watched items overviewed by the State tax audit committee. Generally, expenses that can be deducted

In 2020, China has become one of the primary destinations for foreign direct investment (FDI) globally. Despite the challenges brought on by the COVID-19 pandemic and the global economic recession, China was the world's first destination for new foreign direct investment in 2020. Furthermore, the country introduced a number of policies to further improve its

On February 1st, the Finance Minister of India, Nirmala Sitharaman announced the 2021 annual financial report of India, also known as the Union Budget. The 2021 expansionary Union Budget seeks to assist industries hit hard by the COVID-19 pandemic, and at the same time direct the country towards long-term economic recovery and growth. The government’s

The Ministry of Finance announced on Wednesday, February the 4th 2021, that the Central Government will provide financing support to more than 1,000 innovative small and medium enterprises (SMEs) from 2021 to 2025. The Government will allocate more than RMB 10 billion (USD 1.5 billion) to further drive the development of the country’s industrial economy.

The Tax Administration Law of Vietnam, which was approved and took effect on July 1st, 2020, has set forward several goals to assist both the regulators and businesses in their tax processes and management. In short, the Law attempts to simplify administrative and tax procedures of entities operating in Vietnam, and at the same time

China has recently began transforming its paper-based official invoices, also known as fapiao, into digital versions. Specifically, 11 regions in China were incorporated, by December 21, 2020, in the pilot program on electronic special value-added tax fapiao (or in short, VAT e-fapiao). These regions are Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Anhui, Guangdong, Chongqing, Sichuan, Ningbo,

China ends 2020 with a record trade surplus driven by the increase in exports throughout December. The flourishing exports have further fortified the steady economic growth in the world’s best-performing major economy. In fact, exports were up 18.1% YoY in December, while imports increased by 6.5%. The trade surplus for 2020 achieved USD 535 billion,

Recent events and developments in China promoted the idea that China is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The country prepares fundamentally to opening-up reforms even further. This is supported by the news that on Wednesday, December 30, 2020, the negotiations between China and the European Union (EU) on Comprehensive