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The US Commerce Department has delayed its decision on whether to upgrade Vietnam to 'market economy' status, originally slated for July 26, 2024, to August 2, 2024. This postponement, attributed to disruptions in IT resources caused by a recent software update, affects final determinations in anti-dumping cases, including Vietnam's evaluation. Vietnam, currently classified as a

Cross border transactions usually can be subjected to one of the below categories: Service Contracts with Foreign Suppliers or Clients Import and Export with Foreign Suppliers or Clients Global Management Expense Distribution While cross-border transactions come in various forms, this guide focuses on those involving global management expenses. This scenario occurs when a company's headquarters

In order to stimulate employment in China, the government has decided to introduce several tax incentives for enterprises from January 1, 2024, until the end of 2027. These incentives aim to attract specific groups of people, such as the unemployed, the poor, veterans, fresh graduates of colleges and universities, etc. Enterprises that recruit the aforementioned

In a surprising turn of events, Chinese car manufacturers have thrown down the gauntlet to their European counterparts, calling for Beijing to impose a hefty 25% import tax on large-engine petrol vehicles from the European Union. This audacious proposal comes as a direct response to the EU's recent announcement of imposing tariffs of up to

China's Tax Crackdown: Authorities Pursue Decades-Old Debts Recently, a number of listed companies have disclosed that the tax authorities have recovered their tax evasion and tax arrears in the past few years. This action of the tax authorities to "reverse check and pay taxes" has aroused widespread concern in the business community. Fear of sudden

I. Job Stabilization Rebate Policy Enterprises participating in the insurance program are eligible for the job stabilization rebate policy in Shanghai if they have the following conditions: (i) Participated in unemployment insurance in accordance with the law and paid the required unemployment insurance premiums in FY2023. (ii) The redundancy rate is no higher than the

The economic bonds between Vietnam and the United States have strengthened tremendously in the past thirty years, evolving into a flourishing partnership. A pivotal event that propelled this relationship forward was the signing of the Bilateral Trade Agreement (BTA) in 2001. This landmark agreement granted Vietnam access to the vast American consumer market, a significant

The Shanghai Municipal Taxation Bureau and the Shanghai Municipal Bureau of Finance have compiled the Guidelines for the Main Preferential Tax Policies for Supporting Scientific and Technological Innovation in Shanghai on the basis of the Guidelines on Major Preferential Tax Policies for Supporting Scientific and Technological Innovation in China, striving to provide taxpayers with menu-based

Optimisation Policy for the Basic Medical Insurance Premier Li Qiang held a State Council standing meeting on June 7 to examine and adopt the "Guiding Opinions on Improving the Long-term Mechanism of Basic Medical Insurance Participation". The meeting pointed out that China has built the world's largest, universal coverage of the basic medical insurance network,

For foreign companies seeking opportunities in the vast Chinese market, understanding the intricate employment regulations is crucial. Key questions often revolve around whether permanent representative offices (ROs) can hire employees and whether they can provide social insurance to their staff. According to Interim Provisions of the State Council of the People's Republic of China on

As India marks a decade since the launch of the transformative "Make in India" program, the country has made notable strides in boosting domestic manufacturing and attracting foreign investment. However, significant challenges remain in realizing the initiative's full potential and establishing India as a global manufacturing powerhouse. Launched in 2014 under Prime Minister Narendra Modi's

For Chinese companies, overseas payments, particularly those to cross-border service providers (non-trade remittances), have been a complex and challenging task. This article explores the potential risks and provides guidance based on a real case study. Case Study A Company makes regular payments for design services to overseas suppliers. Major of single payment was under USD