Although the Belt & Road Initiative is often regarded as an infrastructure ploy, it is additionally supported by far reaching tax and trade incentives.
2021 marks a year of key milestones for China – it is the starting point for the 14th Five-Year-Plan and the centenary anniversary of the Chinese Communist Party. Market watchers should expect policy agendas amplified to meet long-running targets that will match the sense of occasion.
Foreign Minister Sergei Lavrov’s 2021 Speech and Q&A, with details concerning Covid-19 vaccine cooperation, prospects for Russia-US relations under Joe Biden, and a round up of Russia’s relations with the EU, China, India, Italy, Greece, Japan and the Ukraine.
China’s Foreign Minister Visits Myanmar, Indonesia, Brunei & Philippines and provides Covid vaccines to pre-empt regional economic recovery. Numerous bilateral and new Belt & Road projects signed off.
Vietnam Briefing examines the reasons why Vietnam's Thai Nguyen province is emerging as a leading investment hub for foreign investment
An unnoticed aspect of the Belt & Road Initiative is that China has been developing its soft infrastructure – development of new Free Trade Agreements and Special Economic Zones, all designed to reduce the tax and tariff burden.
Resident taxpayers are subject to tax on their worldwide income while non-resident taxpayers are taxed on their Cambodia-sourced income only.
Annual Audit in China: Why it’s Important and How to Get Started. Annual Compliance Requirements and Procedures: the new China Accounting Standards: Get Ready for 2021.
Foreign investors should understand the Company Law, which sets outs the requirements for audit compliance and preparing financial statements. Other important and relevant laws are the Investment Law and Capital Markets Law. If a company’s fiscal year differs from the calendar year, then their deadline for reporting and paying corporate income tax is four months after the end of their fiscal year.
All companies incorporated in Malaysia must have their accounts audited by a Ministry of Finance approved auditor as mandated by the Companies Act of 2016. Most companies in the country choose to have their fiscal period end either on the last day of the year or on the last day of a quarter. Malaysia operates a self-assessment tax system, and tax returns must be filed within seven months of the company’s year-end.
Myanmar operates two assessment systems: the self-assessment system (SAS) and the official assessment system (OAS). The Myanmar Companies Law of 2017 and Myanmar Accountancy Council Law are the main legislation that governs audit and compliance requirements for businesses in the country. Companies incorporated in Myanmar must maintain proper books of accounts as well as appoint an auditor by the company’s directors.
The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31. Companies whose gross annual earnings exceed PHP3 million (US$61,760) are required to have their accounts audited. All companies must submit their financial statements accompanied by an auditor’s report issued by an independent CPA.
Singapore makes it obligatory for registered businesses to hold annual general meetings, file annual financial statements, and to be officially audited. Businesses or business groups that are classified as ‘small’ are exempted from official audits. Foreign investors should use the services of registered local advisors to ensure they stay compliant with the relevant regulations.
All companies in Thailand must now prepare financial statements for their assigned 2020 accounting period to the Ministry of Commerce.
Foreign-owned enterprises (FOEs) and representative offices (ROs) are obligated to have their annual statements audited. Investors should be aware that FOEs and ROs have a different audit and compliance requirements. The government aims to replace the Vietnamese Accounting Standards and adopt the International Financial Reporting Standards by 2025.
The Regional Comprehensive Economic Partnership (RCEP) free trade agreement will provide a boost for foreign investment into ASEAN’s lower wage and lesser skilled countries.
Already the largest economy in the region, Indonesia is expected to become the world’s fourth-largest economy in terms of purchasing power parity by 2030. The government is continuing to enact structural reforms to develop a more competitive business environment for foreign investors.
The Philippine government has approved 12 new economic zones, comprising IT centers, IT parks, and manufacturing zones. Through the supporting CREAT Act, corporate income tax rates are reduced and fiscal incentives are in place to attract high-value foreign investment.
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The start of a new year tends to be a hectic time for foreign companies in China. During this period, businesses must also begin to prepare their annual statutory audit – if they have not started to do so already. In this issue of China Briefing magazine, we walk foreign businesses through the annual audit...
Vietnam’s successful containment of the COVID-19 pandemic and the recently ratified Vietnam EU Free Trade Agreement (EVFTA) has reassured investors. Upbeat manufacturers have even relocated production to the country. In this context, it is important to understand Vietnam’s vast key economic regions tailored to specific industries – providing special incentives, cost structures, and clear regulatory...
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