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Weekly International Highlights From Nair & Co.BRISTOL, England --(Business Wire)-- Nair & Co., the leader in international business expansion and support publishes HR, regulatory, taxation and company updates for the current week. Autumn Statement 2013: the UK Government's Plans for the Economy The UK's Chancellor of the Exchequer recently presented the Autumn Statement to Parliament. A majority of the provisions outlined in the Statement will be effective starting 2014. Among them, new individual tax regulations, incentives for employee training and extension of the small business rate relief. Read More: http://www.nair-co.com/UKAutumnStatement2013-13-12-2013.aspx China Clarifies Enterprise Income Tax incentive for Technology Transfers The Chinese State Administration of Taxation (SAT) issued clarification on the definition of income from transfer of technology by resident companies. Income earned from transfer of technology by a company in China is tax exempt up to CNY 5 million (Excess of CNY 5 million is taxed at 12.5%). The recent clarification provides that income from technical advice, technical service and technical training for the purposes of benefiting from the tax incentive is referred to as those technical advices, services and trainings that are necessary for conversion of the technology transferred into production and practical use, but subject to certain conditions. Read More: http://www.nair-co.com/ChinaEnterpriseIncomeTaxIncentive-17-12-2013.aspx Canada Introduces Economic Action Plan 2013 Act #2 Canada has introduced the Economic Action Plan 2013 Act #2 in an effort to stimulate the economy and job creation. The measures have been introuced to close tax loopholes and combat tax evasion include new monetary penalties and criminal offences to discourage the use, sale, development and possession of software used to forge records for tax evasion purposes. Read More: http://www.nair-co.com/CanadaEconomicActionPlan2013-19-12-2013.aspx Netherlands Published Third Draft Bill altering Tax Plan 2014 Netherlands passed a third amendment to the Tax Plan 2014 which includes reduction in the social security premiums for some employees along with other tax law changes - all effective 1 January 2014. The measure can be applied for a maximum period of two years. In case the employee turns 27 years old in this period, then the reduction will continue to apply for the remaining two year period. Read More: http://www.nair-co.com/NetherlandsThirdDraftBill-24-12-2013.aspx Vodafone (News - Alert) Transfer Pricing Case: Indian Income Tax Department Demands Tax of Rs 3700 Crore Vodafone has received a tax bill of Rs 3,700 crore from the Income Tax Department of India against the recent transfer pricing case. This bill includes the unpaid dues and interest for the assessment year 2008-2009; however, it does not include any penalty. Vodafone has been given 30 days to pay up or appeal against the order. Read More: http://www.nair-co.com/VodafoneTransferPricingCase-23-12-2013.aspx About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com. Subscribe to regular global tax compliance alerts or other international business expansion issues at http://www.nair-co.com/subscribe.aspx. Click to follow us on: Twitter LinkedIn YouTube
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