SUNNYVALE, Calif.--(international business expansion services has released tax and compliance updates for companies doing business in China, UK and Hong Kong.)--Nair & Co., the leader in
China Cracks Down on Employee Secondment Arrangements
Proposed amendments to China’s Labor Contract Law will severely restrict secondment of employees, an arrangement where companies doing business in China contract employees via a labor agency.
China Clarifies Enterprise Income Tax Treatment of Equity Compensation Plans
Chinese tax authorities have clarified the Corporate Income Tax (CTI) treatment of equity incentive compensation plans (EICP) taking effect from 1 July, 2012. The recent clarification dealing with executive compensations is likely to improve the chances of business expansion in China and develop the country’s securities market.
UK Introduces Statutory Definition of Tax Residence in Finance Bill 2013
The United Kingdom is likely to introduce the statutory definition of tax residence in the Finance Bill 2013. Draft legislation which includes a statutory definition of tax residence will provide clear rules for taxpayers; the same has been published after considering public views. The British Government also intends to bring in reforms to the concept of ordinary residence.
Hong Kong Increases Ambit of Deductions on Specified Intellectual Property Rights
Hong Kong’s Inland Revenue Department (IRD) has clarified that capital expenditure incurred by companies doing business in Hong Kong on the purchase of patents and know-how can also be deemed to include capital expenditure on the purchase of copyrights, registered designs and registered trademarks.
For more information about doing business overseas or specific International Tax, HR, Compliance or Legal issues please contact us at http://www.nair-co.com/global-offices.aspx
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 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.