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Asia Briefing publishes articles, magazines, and guides on doing business in Asia.
It has been produced by Dezan Shira and Associates since 1999.
Indonesia recorded some US$44 billion in combined domestic and foreign investments for H1 2023 according to data from the Investment Coordinating Board, or the BKPM. The country is on track to surpass its combined total domestic and foreign investment target of 1,400 trillion rupiah (US$92 billion). We discuss standout sectors in this Indonesia investment report, shedding light on key areas ripe for foreign capital infusion, trade expansion, and business development.
Effective October 1, 2023, India has terminated the GST exemption for overseas OIDAR service providers. This change will result in companies like Facebook, Google, and various edtech platforms facing an integrated GST of up to 18% for services rendered to individuals and the government. Previously, OIDAR services by foreign companies to the Indian government, state authorities, or individuals for non-business purposes were exempt.
Emirates Airlines and Philippine Airlines (PAL) have expanded their interline agreement which they commenced earlier this year. Filipinos make up over 6% of the UAE’s total population with about 700,000 Filipino expats working in the Emirates. The country is also looking to expand its tourism both to UAE nationals and the significant expatriate population also based in the UAE, while the required freight volumes between the UAE and the Philippines have tripled.
Manufacturing in Vietnam is becoming increasingly popular among businesses in the United States. This is in part because of increasing trade tensions with China but also because Vietnam has a relatively low-cost workforce, a range of incentives for foreign enterprises, and an export-orientated outlook that is seeing red tape reduced and export infrastructure improved. We explain how to effectively plan for exporting from Vietnam to the US. This article outlines how it works and when you need to think about establishing a local presence.
India’s Central Board of Direct of Taxes (CBDT) has officially announced the final valuation rules (revised Rule 11UA) for overseas investments in startups in India. These amendments are in response to the Finance Act, 2023’s inclusion of non-resident investments in Section 56(2) of the Income-tax Act 1961, commonly known as the ‘Angel Tax’ provision. We discuss the valuation process for startup investors under the amended rules.
China has taken steps to enhance the safety and convenience of its digital yuan (e-CNY) payment service for foreigners by introducing several new features on the digital yuan app (e-CNY app). A new function has been added, allowing foreigners to top-up the money in their e-CNY wallets before making payments, improving their experience with the digital yuan payment services. We discuss how these can benefit expatriate users.
Central Asia is the only region of the world where an American president has never set foot. It is unlikely that Joe Biden will change this, but his meeting with the heads of Central Asian republics on the margins of the 78th session of the UN General Assembly is a truly historic event. The meeting of the five Central Asian (CA) heads of state with the US President in New York demonstrates Washington's seriousness about the region. In today's circumstances, this means the United States wants to reduce the balancing power of the Central Asian republics.
Amid the re-orientation of trade from the West to Asian markets, Russia has been expanding its trade and, to some degree, investments ties with South Asian countries. Among them Myanmar stands out as a promising market for Russian companies which are willing fill in the niche created by the fleeing of major Western companies also from Myanmar. Bilateral trade is increasing fast - up from US$15.7 million in 2021 to an expected US$400 million in 2023.
Five of the new BRICS member countries are MENA influential. In this special report we analyze how China, India and Russia are positioning BRICS to become a global entity with a special emphasis on the merging Middle East. We highlight Egypt, Ethiopia, Iran, Saudi Arabia and the UAE trade and development relations and look at how the BRICS is emerging to become a global powerhouse with trade influence over 84 countries with a combined GDP of US$92 trillion.
China has postponed indefinitely the construction of the China-Kyrgyzstan-Uzbekistan railway line, which was scheduled to start construction this autumn. This is positive news for Kazakhstan, as the route was supposed to be an alternative for the delivery of Chinese goods to Russia, depriving Astana of customs clearance fees. However, Kyrgyzstan and Uzbekistan are disappointed.
In this H1 2023 Indonesia investment report, we discuss the performance of standout sectors and highlight areas ripe for foreign capital infusion, business development, and trade expansion.
We introduce tax avoidance arrangements as defined by Chinese tax authorities, discuss standard procedures for special tax investigations related to arrangements lacking reasonable commercial purposes, and provide practical suggestions for mitigating associated tax risks.
In India, 18% GST tax is applicable on digital services categorized as 'OIDAR'. We explain what services are considered OIDAR and relevant GST compliance.
The third draft of Vietnam's Cybersecurity Administrative Action Decree (CASD), set to take effect on December 1, 2023, brings forth crucial regulatory changes in the realms of cybersecurity and data protection. Here are the details.