China Regulatory Brief: Amendments to New Cybersecurity Law, and New Regulation for Bike Sharing

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China’s new cybersecurity law amended before enforcement

Changes to the language of China’s new cybersecurity law, which will come into force on July 1, could implicate a wider range of products and services, and provide the government with access to foreign companies’ sensitive data and technologies.

The law will necessitate many companies to store information within mainland China. Companies storing information via cloud computing may need to use domestic cloud computing services.

The government has chosen to go ahead despite more than 50 trade associations and chambers of commerce signing a petition calling for a delay passing the law. They argued that the law could affect billions of dollars of cross-border trade and lock out foreign cloud operators because of limits on how they operate in the country.

The law will also introduce a mechanism that will allow the government to oversee cybersecurity, implement a multi-layered cyber protection scheme, a security review of network products and services, and a security assessment for cross-border data transmission.

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Asia Investment Brief: Individual Income Tax in Malaysia, GST Rates Released in India, and Banking Crisis in Azerbaijan

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Our weekly round up of other news affecting foreign investors throughout Asia:

ASEAN BRIEFING

Individual Income Tax in Malaysia for Expatriates

Personal Income taxation in Malaysia is laid out in general terms under the Income Tax Act of 1967. In this article, we explain how expatriates should calculate their individual income tax in Malaysia. We highlight exceptions to tax rates and penalties for noncompliance.

INDIA BRIEFING

India’s GST Rates for Goods and Services Released ahead of July 1 Implementation

Effective July 1, 2017, the GST will serve as a single value added tax, replacing the current structure of multiple taxes. In this article, we report on the final GST Schedules released for goods and services by the GST Council, and analyze the possible impact on consumers and businesses.

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China-US Trade Deal Opens Access for US Beef, Financial Services

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By Alexander Chipman Koty

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China and the US agreed to a trade deal on May 11 that will give US firms in certain industries increased access to the Chinese market. The deal is a result of the 100-day plan to resolve trade disagreements that Chinese President Xi Jinping and US President Donald Trump produced at their April meeting at the Mar-a-Lago estate in Florida.

Most of the provisions have a July 16 – the 100th day of the plan – deadline for concrete guidelines. The agreement benefits US beef producers, credit rating services, and credit card providers, among others, while Chinese cooked poultry producers can now sell their products to the US.

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Consumer Trends in China and India’s F&B Industry

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China and India are increasingly consuming global brands and foods in tandem with their rapid development. The two countries are, after all, the largest and fastest growing economies in the world, and account for one-third of the world’s population. Together, they also host two of the world’s most rapidly developing consumer markets.

Key drivers shaping this consumer market growth is the increasing GDP and greater consumer spending power in these countries, which in turn facilitate rapidly changing lifestyles, a growing aspirational middle class, and rising interest in health and wellness.

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The Beijing Belt-Road Forum: What We Learned About China’s Intentions

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CDE Op-Ed Commentary

President Xi Jinping’s “Belt Road Forum”, the highest profile Chinese diplomatic event of 2017, has just finished. It attracted 29 foreign heads of state and government and representatives from more than 130 countries and 70 international organizations. What did we learn?

There are a number of interesting takeaways. Firstly, though Xi is taking personal credit for the initiative, it is in fact a continuation of proven Chinese state policy, a logical continuation of Deng Xiaoping’s policy of “openness”, and Jiang Zemin’s motto “to go outside”. As such, the expansion into OBOR could have been predicted.

Secondly, although it’s rather stating the obvious, as China grows, it needs more markets and more raw materials. This basic need has essentially been given a new set of clothes – the One Belt, One Road initiative.

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China’s ‘Fapiao’ Invoice System Explained

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By Dezan Shira & Associates
Editor: Weining Hu

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Fapiao is the first Chinese word many foreign businesspeople learn when they visit China. A fapiao is a legal receipt that serves as proof of purchase for goods and services. The larger fapiao invoice system, however, is an essential component of China’s tax law, and compliance for businesses.

China’s tax authorities require businesses to use fapiao to compel companies to pay tax in advance on their future sales. In this way, fapiao serve as a paper warranty against tax evasion, unlike other countries where invoices serve as a tax receipt.

The State Administration of Tax (SAT) prints, distributes, and administers fapiao. These authorities then require all businesses to purchase relevant fapiao, according to their business scope.

Foreign businesspeople and companies should take the time to understand the fapiao system: individuals need fapiao to reclaim business expenses, while companies must record all business transactions on a fapiao. A solid understanding of the system is therefore a critical requirement.
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China Market Watch: Funding for Key Manufacturing Projects, Australia and Hong Kong Enter Free Trade Talks

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AirAsia sets up budget airline joint venture based in Zhengzhou with Everbright Group

Malaysian airline AirAsia has signed a memorandum with state-owned financial service provider China Everbright and the Henan Government Working Group to form a joint venture in Henan province’s Zhengzhou.

The low cost carrier chose Zhengzhou as its base due to its strategic positioning and status as a logistics hub for China’s burgeoning western regions, and is a city that will undoubtedly become even more important as the One Belt, One Road project matures.

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Asia Investment Brief: Biomass in the Philippines, Real Estate in India, and Chinese Investment in OBOR

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Our weekly round up of other news affecting foreign investors throughout Asia:

ASEAN BRIEFING

Biomass Industry in the Philippines

The Philippines has large and abundant supplies of biomass resources, including agricultural crop residues, forest residues, animal waste, and agro-industrial waste. Our Philippines correspondent Bob Shead discusses the economic advantages of biomass power generation in the Philippines in this Op-ed.

INDIA BRIEFING

The RERA Act – An Explainer

India’s ambitious Real Estate (Regulation and Development) Act, 2016 (RERA) came into force May 1, 2017. In this article, we highlight the Act’s major rules and discuss its implications for key stakeholders as well as the challenges in its implementation under respective state governments.

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Dezan Shira & Associates

Meet the firm behind our content. Dezan Shira & Associates have been servicing foreign investors in China, India and the ASEAN region since 1992. Click here to visit their professional services website and discover how they can help your business succeed in Asia.

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