World Tax Update
ASIA & PACIFIC RIM

China (People's Rep.): Recent developments in Value Added Tax (VAT) and business tax, includes: business tax on transfer of use rights of natural resources, VAT on sale of fixed assets and animations, and VAT exemptions for vegetables that are not canned.

India: Supreme Court rules in favor of Vodafone by ruling that India's tax office has no jurisdiction over Vodafone's purchase of mobile assets in India.

Laos: Tax rates postponed from October 1, 2011, now effective January 1, 2012. Profit tax (for both domestic and foreign investors) is 28% and personal income tax (both foreign and domestic employees) is 0% - 28%.

India: India has recently joined the Council of Europe OECD Convention on Mutual Administrative Assistance in Tax Matters.