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Navigating China’s Industry Priorities: Insights from 2024 Tax Cuts and Incentives

2025-02-17
China’s commitment to technological innovation and manufacturing development was reinforced in 2024 through a comprehensive set of tax incentives. According to the latest data from the State Taxation Administration (STA), tax cuts, fee reductions, and tax rebates reached RMB 2.63 trillion (US$370 billion), playing a pivotal role in fostering new productive forces and enhancing high-quality manufacturing growth. This fiscal strategy highlights key industry policy priorities, underscoring the government’s determination to support innovation-driven development and industrial upgrading.
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India Briefing

Competition Commission of India Introduces Draft Regulations on Predatory Pricing

02/18/2025

India’s national competition regulator, the Competition Commission of India (CCI), has taken a noteworthy step in regulating predatory pricing by introducing the Draft Competition Commission of India (Determination of Cost of Production) Regulations, 2025. This move is part of a broader effort to modernize India’s competition laws under the Competition (Amendment) Act, 2023, ensuring alignment with global best practices.

ASEAN Briefing

A Guide to Foreign Worker Levies in Singapore

02/18/2025

Singapore imposes a foreign worker levy as part of its workforce management strategy to regulate the employment of non-residents and reduce dependence on foreign labor. The levy is a pricing mechanism rather than a tax, designed to encourage employers to hire local talent while maintaining flexibility for industries that require additional manpower.

Middle East Briefing

Saudi Arabia’s AI and Tech Innovation Drive: Opportunities for Global Investors

02/18/2025

Saudi Arabia’s Vision 2030 is driving a major shift towards artificial intelligence (AI) and data-driven innovation as part of its broader economic diversification strategy. With a strong emphasis on reducing oil dependence and fostering high-tech industries, the Kingdom is making significant strides in AI development through strategic investments, infrastructure expansion, and workforce enhancement.

Vietnam Briefing

Dispute Resolution Methods in Vietnam and the Advantages of Arbitration

02/18/2025

There is a growing concern among state officials, experts, and businesses that court trials still dominate dispute resolution in Vietnam, hindering companies from achieving optimal settlements for their disputes. Globally, approximately 90 percent of disputes are resolved outside of court.

China Briefing

Opportunities for China-Canada Trade Under Trump’s Tariffs

02/18/2025

Trump’s sweeping tariffs on major trading partners and key commodities like steel and aluminum are expected to have a significant impact on global trade and supply chains. As the US is Canada’s largest trading partner, the proposed 25 percent tariff on Canadian imports could reduce demand for Canadian goods in the US.

India Briefing

Karnataka Global Investor Meet 2025: Over US$115 Billion in Investments Announced, Industrial Policy 2025-30 Unveiled

02/19/2025

Held from February 12-14, the Karnataka Global Investor Meet 2025 secured investment proposals worth INR 10.27 trillion (US$118.26 billion). Additionally, the state government launched the Industrial Policy 2025-30, aiming to create two million jobs by 2029, achieve a 12 percent annual manufacturing growth rate, and attract INR 7.5 trillion (US$86.31 billion) in investments.

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ASEAN

A Guide to Foreign Worker Levies in Singapore

02/18/2025

Learn about Singapore's foreign worker levies, rates, Dependency Ratio Ceiling, and compliance requirements to optimize workforce costs in 2025.

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China

Managing Tax Compliance Risks in China: Fraudulent Invoicing and Misuse of Tax Incentives

02/19/2025

Companies in China must manage VAT invoices and tax incentives carefully to avoid compliance risks. Strong tax risk management and internal controls are essential to minimize liabilities and ensure regulatory compliance.

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India

Competition Commission of India Introduces Draft Regulations on Predatory Pricing

02/18/2025

India's antitrust regulator, CCI, has unveiled draft regulations for 2025 to refine predatory pricing assessments, ensuring clearer guidelines for fair competition and regulatory transparency.

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Vietnam

Vietnam’s Legal Framework for Probationary Contracts: Implications for Businesses

02/19/2025

The Vietnamese government regulates probationary contracts to protect workers' rights, with a clear legal framework in place for the initial employment phase. This article examines the types of probationary contracts in Vietnam and their corresponding social insurance obligations.

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Middle East

Middle East Briefing

Qatar and India Upgrade Ties to Strategic Partnership, Strengthen Economic Cooperation

02/19/2025

Qatar and India have elevated their ties to a “strategic partnership”, discussed a CEPA, US$10bn in investments in India, and doubling bilateral trade by 2030.

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