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
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.