Press Releases from Nair & Co. (73 total)
China Defines Software Products Eligible for VAT Refunds; Plans To Introduce VAT …
China's Ministry of Finance (MoF) and the State Administration of Taxation (SAT) issued a circular detailing Value Added Tax (VAT) incentives for software products and clarified certain implementation issues. Circular 100 which was released on October 13, 2011, will be effective from January 1, 2011 retrospectively.
According to an earlier notice (Circular 25) issued by the government, VAT can be charged at the full rate of 17 percent by general taxpayers…
India Issues New Permanent Account Number (PAN) Application Form 49AA For Foreig …
(Sunnyvale, CA)- The Income Tax Department of India recently issued a new PAN (Permanent Account Number) application form (Form No. 49AA) for foreign residents/entities.
Foreign companies involved in business transactions in India need to apply for a PAN to avoid a higher withholding tax that is applicable to non-PAN holders. An Indian payer has to deduct tax at the rate of 20% or the applicable rate, whichever is higher, from payments…
Nair & Co. to Provide International Expansion Services to Exemplary Start-Up
(Sunnyvale, CA) - Nair & Co., the leader in international business expansion services, will offer complimentary international expansion services to the “FASTech Favorite” award winner at the upcoming Dow Jones VentureWire FASTech conference.
To be held on November 8-9 in Redwood City, California, the conference brings together venture capitalists, corporate executives, and start-up CEOs to discuss the future of technology and review innovative start-ups. Nair & Co. is a gold sponsor…
Nair & Co. Names Manoj George as New CEO
(Sunnyvale, CA) - Nair & Co., the leader in international business expansion services, today announced Manoj George as the company’s new CEO. George takes over the role from co-founder Dr. Shan Nair who will continue to be actively involved in the company at the strategic level and will also continue to be a member of the board.
"Nair & Co has grown by more than 30% in the last 6 months.…
Nair & Co. Partners with MIT Sloan for CFO Summit
(Sunnyvale, CA) Nair & Co., a leading global integrated solutions provider helping companies expand overseas, announced its participation as a diamond sponsor at the 9th Annual MIT Sloan CFO Summit, the nation’s premier CFO event bringing together financial leaders from around the world and leading faculty from MIT.
The Summit being held on November 17, 2011, at the Boston Mariott Newton, Newton, Massachusetts, is expected to draw over 600 financial…
Expat Tax Regime in Netherlands To Be Modified
(Sunnyvale, CA)- The Dutch State Secretary for Finance, recently announced that changes would be made to the ‘30% ruling regime’ for expatriate employees in the Netherlands, which is expected to come into effect in 2012.
Expatriate employees in Netherlands, working on a temporary basis can avail of “the 30% ruling regime”, resulting in a 30% tax free employment income in their hands. This provision was introduced by the Dutch Government to…
Italy Hikes VAT Rate to 21%; Levies Withholding Tax
(Sunnyvale, CA)- The Italian Ministry of Economy has announced that it has approved the legislation of Law Decree no. 138 of August 13/2011 and Law Decree no. 148 of September 14/2011 which includes an increase in the rate of Value Added Tax (VAT) to 21% from the existing rate of 20%.
The increased VAT rate is effective from September 17, 2011.
The aforesaid decrees shall affect investment in Italy by way of:
-…
China’s Labor Union Movement Affecting Foreign-Invested Enterprises
Many Corps Receive “Fee” Collection Notices.
(Sunnyvale, CA)- China’s state-run All China Federation of Trade Unions (ACFTU) has announced it aims create labor unions in 65% of the country’s foreign-invested enterprises by the end of the year 2011 and increase the percentages to 78% by 2012 and 90% by 2013.
“The enforcement campaign is affecting companies with subsidiaries in the PRC as some face increased costs in complying with the labor union…
Singapore Updates Foreign Tax Credit Pooling System
(Sunnyvale, CA) - The Singapore government recently issued certain clarifications on the Foreign Tax credit (FTC) pooling system which was introduced in the 2011 annual budget.
As per the specifications, from assessment year (YA) 2012, taxpayers may elect to pool foreign taxes paid on any item of foreign income, subject to the following conditions:
• Income tax was paid in the concerned foreign jurisdiction;
• The headline tax rate of the foreign jurisdiction…
Dr. Shan Nair to Present Award at Inaugural “Churchills” Event
(Sunnyvale,CA) – Nair & Co., a global integrated solutions provider helping companies expand internationally, today announced that the firm’s CEO and Co-Founder, Dr. Shan Nair, will be presenting the inaugural Churchill Club Awards “Magical Team” category honor to winner Microsoft Kinect for Xbox 360. The event will take place on Thursday, September 15 at 5:00 p.m. at the Santa Clara Hyatt & Convention Center.
“I am truly honored to be recognizing a…
Japan Extends Special Tax Rates for Small/Medium Companies
(Sunnyvale, CA) - As the proposed Tax Reform Bill submitted to the Japanese Diet was not passed in its original form, the Amended Tax Reform Bill which includes Corporate Tax rates was approved and became effective on June 30, 2011.
The main changes under the amended Tax Reform Bill are:
The expiration dates of the Special Tax Measures Law which had been extended by 3 months (i.e. from March 31 2011 to…
China’s Individual Income Tax Amendments Come Into Effect Sept 1
(Sunnyvale, CA) - New revisions to China’s Individual Income Tax (IIT) Law increased the amount of monthly deductible income for Chinese nationals to RMB3,500, the deductible income for foreign remains the same at RMB 4,800. The earlier proposed increase was to RMB 3,000.
The amended IIT Law passed by the Standing Committee of the National People’s Congress (“NPC”) will take effect on September 1, 2011.
Revisions made to the Individual Income Tax Law include:
• IIT…
Nair & Co. Sponsors Free Theatre Festival Event in Cupertino
(Sunnyvale, CA)— Shakespeare fans are in for a treat this summer as the San Francisco Shakespeare Festival and Nair & Co. team up for ‘Cymbeline’, starting Saturday, August 13, 2011 at Cupertino’s Memorial Park. The show continues over three weekends with performances on Fridays, Saturdays, and Sundays through August 28, 2011. All shows start promptly at 7:30 p.m.
“We are deeply appreciative of the leadership that Nair & Co is taking…
Veteran Executive Bill Billeaud to Head Nair & Co.’s Texas and South Central U …
(Plano, TX) - Nair & Co., a leading global integrated solutions provider helping companies expand overseas, on Friday, announced that William Billeaud, a management expert with extensive experience in taking companies global, will be heading its South Central operations covering Texas, Oklahoma, Louisiana and Arkansas.
Based out of Plano, Texas, Bill will guide Nair & Co.’s continuing expansion in the region. The firm is witnessing exponential growth in the demand for legal,…
India’s new data privacy rules could affect U.S. IT companies
(Sunnyvale, CA) - India recently issued new data privacy rules that impose considerable restrictions on how businesses handle personal information. The Information Technology Rules, 2011 (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information), or "Privacy Rules" issued in April, 2011 empowers the Indian Government to obtain sensitive personal information about individuals from companies without a warrant or the concerned person's consent.
The Privacy Rules, which implement an existing…
Dr.Shan Nair to Deliver Keynote at NASBA International Forum
(Sunnyvale, CA) - Nair & Co.'s Co-founder and CEO, Dr.Shan Nair will be presenting the keynote address at the National Association of State Boards of Accountancy’s (NASBA) fourth annual International Forum on Monday, July 25, 2011.
The two-day conference is scheduled for July 25-26 at The Westin Bayshore in Vancouver, British Columbia and attracts accountancy and compliance professionals from across the globe. Established by NASBA in 2008, it is a unique…
UK Bribery Act Defines New Regulations For Local/International Businesses
(Sunnyvale, CA)-The UK Bribery Act 2010, which came into force on July 1, 2011, enhances sentencing power of courts and raises the maximum sentence for bribery committed by an individual from 7 to 10 years imprisonment and/or with unlimited fine.
Read more at http://www.nair-co.com/UK_Bribery_Act.aspx
The Act supersedes existing British laws dating back to 1889. It will affect foreign companies with offices in the UK and British companies operating overseas and seeks to prosecute…
China Introduces Guidelines for Data Privacy Protection
(Sunnyvale, CA)- China recently issued a draft detailing Information Security Technology Guidelines for Personal Information Protection, the latest in a series of efforts to address rising data privacy concerns amongst locals and corporations in the country.
A non-binding "Guiding Technical Document", the draft was issued by Administration of Quality Supervision, Inspection and Quarantine ("AQSIQ") and the Standardization Administration of China ("SAC").
Highlights include:
Defining what constitutes personal information. As per the draft, personal…
New Guidelines for Fast Track Exit for Defunct Companies Come into Effect July 3
(Sunnyvale, CA) - India has introduced new guidelines for Fast Track Exit (FTE) for defunct companies seeking to get their names removed from the Register of Companies.
Effective July 3, 2011, India’s Ministry of Corporate Affairs is modifying the current process followed by defunct companies wherein they file e-form-61 and file all pending statutory returns alongside it.
The Guidelines for Fast Track Exit by defunct companies, as per the circular issued by…
Nair & Co. Transitions to SSAE 16 Compliance
Move Ensures Highest Internal Control Standards
Sunnyvale, CA —Nair & Co., a global integrated solutions provider helping companies with international expansion plans, today announced that it is compliant with the Statement on Standards for Attestation Engagements (SSAE) No. 16.
SSAE 16 is the new assurance standard, which replaces the previous leading standard for guidance regarding assurance reports for service organizations, SAS70, and is effective for periods on or after June 15, 2011.
“Nair…
China Tightens Transfer Pricing Audits, Increases Scrutiny On Foreign-Domestic D …
Sunnyvale, CA - In order to increase tax revenues, The Chinese State Administration of Taxation (SAT) continues to strengthen its transfer pricing audit methods.
The SAT is likely to increase its audit coverage to cover companies that have converted from manufacturing to service based entities, intellectual property transactions and issues like cost sharing, thin capitalization, controlled foreign corporations, etc.
Read more at http://www.nair-co.com/ChinaTransferPricing.aspx?hilite=china
SAT investigated 178 transfer pricing cases last year. The…
Germany tweaks anti-money laundering & tax laws
Sunnyvale, CA - The German Finance Ministry released new rules which further strengthen the existing anti-money laundering law on voluntary disclosure. The Federal Council also approved the draft bill on combat of tax evasion.
As per the new law, immunity from prosecution will be granted only if information on all assets qualifying for tax is “completely and accurately” furnished during voluntary disclosure.
Read more at http://www.nair-co.com/Germanyanti-moneylaundering.aspx
Important amendments to the current rules include…
Nair & Co. Co-Founder Vyoma Nair Named ‘Woman of Influence’ By San Jose/Sili …
Sunnyvale, CA —Vyoma Nair, co-founder of Nair & Co., a firm that helps companies expand internationally, has been recognized as one of Silicon Valley’s ‘2011 Women of Influence’ by the Silicon Valley/San Jose Business Journal.
Vyoma will be recognized at a private reception and awards dinner on April 14 at the Santa Clara Convention Center in Santa Clara, California.
The fourth annual Women of Influence honorees were chosen by a…
