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The People’s Bank of China recently liberalised its foreign exchange controls and eased restrictions on overseas investment.
The State Administration of Foreign Exchange (“SAFE”) issued a circular effective 1 May 2006 clarifying the implementation of the changes to the rules on operating accounts and the purchase of foreign currency.
Also in this issue:
· Australia
- 2006 budget
· China
- Foreign exchange controls liberalised
- Permanent establishment – scope clarified
- New reporting obligations for employers of foreign nationals
- Tax registration certificate – guidance issued
- Export tax refund claims – restricted
· Hong Kong
- New immigration scheme - details announced
· India
- Set off of capital losses
· Indonesia
- Draft tax reform law - amended
· Korea
- Tax changes - update
· Taiwan
- Redeemable preference shares - tax credit restricted
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