SUNNYVALE, Calif.--(BUSINESS WIRE)--Fifth graph, first sentence of release dated April 3, 2012, should read: In the case of Mastek Ltd., India’s Income Tax Appellate Tribunal (ITAT) held that Mastek’s (the taxpayer) UK subsidiary was not undertaking merely marketing activities and should be classified as a distributor. (sted In the case of Mastek Ltd., India’s Income Tax Appellate Tribunal (ITAT) upheld that Mastek’s (the taxpayer) UK subsidiary was not undertaking merely distributing activities and should be classified as a marketing service provider.).
The corrected release reads:
CHINA’S NEW FOREIGN EXCHANGE RULES FOR SHARE PLANS, INDIA TRANSFER PRICING UPDATE, NEW TAX MEASURES IN BELGIUM, FINLAND & NETHERLANDS: INTERNATIONAL BUSINESS NEWS FROM NAIR & CO.
Nair & Co. the leader in international business expansion services has released a series of tax and compliance updates and international business news relevant to companies with foreign offices in China, India and Europe.
China Issues New Rules on SAFE Registration Process for Stocks & Share Plans
Chinese authorities have released an updated guidance on the registration process for share plans with the State Administration of Foreign Exchange (SAFE), broadening the scope to cover most types of share plans.
As per the new guidance, the registration requirement has been extended to cover a majority of plans offered including share options, stock purchase plans, restricted stock units, restricted shares, performance shares, etc.
Read more at http://www.nair-co.com/ChinaSAFEregistration.aspx
India Transfer Pricing Update for Distributors, Tribunal Upholds Important Transfer Pricing Principles on Characterization of Selling Activity
In the case of Mastek Ltd., India’s Income Tax Appellate Tribunal (ITAT) held that Mastek’s (the taxpayer) UK subsidiary was not undertaking merely marketing activities and should be classified as a distributor. The ITAT upheld the benchmarking used for transfer pricing purposes.
Read more at http://www.nair-co.com/Indiatransferpricing2012.aspx
Belgium Advance Tax Payments: Decree Published, Affects Companies and Self-Employed
Belgium published a Decree on Advance Tax Payments by Self Employed persons and companies in March 2012 that defines when the advance tax payments are due and the tax surcharge rates in case insufficient payments are made.
Read more at http://www.nair-co.com/BelgiumAdvanceTaxPayments.aspx
Finland Outlines Tax Measures for 2013-2016: R&D Incentive Introduced, VAT Rates Increased
Finland has outlined tax measures spanning 2013-2016 that include R&D incentive rates, increase in VAT rates and updates on Corporate Taxation updates.
The government announced that depreciation rates are doubled for some industrial investments until the end of the year 2014.
Read more at http://www.nair-co.com/Finlandtaxlaws.aspx
Foreign Permanent Establishments get Tax Breaks for P&L in Netherlands
The Dutch Government’s 2012 Tax Bill exempts permanent establishments outside the Netherlands from Dutch income tax effective from January 1, 2012.
With the new legislation, foreign permanent establishments’ profits and losses will be exempt from Dutch Tax and the losses will be deductible under certain conditions.
Read more at http://www.nair-co.com/DutchTaxLaws2012.aspx
Income Tax Deadlines for UK Employers
With the 2011 tax year drawing to a close, it is important that employers in the United Kingdom file returns and make tax payments on time to avoid hefty penalties.
Pay As You Earn (PAYE)
Employers have to submit PAYE and Class 1 NIC to HMRC by April 19, 2012 or on April 22, 2012 (if payment is made electronically), to avoid penalty or interest charges. Penalty for late paid PAYE repeats for every successive monthly payment.
Read more at http://www.nair-co.com/UKtaxfilingdates2012.aspx
Changes to UK’s Injury Reporting Law (RIDDOR) May Take Effect in April 2012
A proposal to increase the injury reporting threshold for Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) may come into force April 6, 2012, if passed by the British Parliament.
Read more at http://www.nair-co.com/RIDDOR2012.aspx
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com.