Tuesday, January 3, 2023
Compiled by Chris Devonshire-Ellis
It’s been a busy Christmas and New Year week for China, with 2023 Import-Export Tariffs being announced, a Xi-Putin Year-End Video Summit, and the appointment of a new Foreign Minister. We delve into the implications of all these developments. We have a complimentary “2023 Doing Business In ASEAN” guide for you while looking at what the new year holds for the Commonwealth of Independent States. UAE investors must start to get prepared for submitting corporate income tax returns for the first time as business tax rates kick in from June 1st, while we dissect the Russian President’s New Year address and the geopolitical implications for global security and trade during 2023. We have an overview of Russia’s logistics for the year as shifting supply chains continue to alter the global economy and energy flows and finish with our global BRI roundup.
All the best for 2023!
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CHINA
2023 Import-Export Tariffs in China
The State Council has announced new adjustments to the China import-export tariffs for 2023 to address domestic supply and demand and assist with a pro-growth agenda in the coming year. These adjustments include tariff waivers for key medical goods, tariff increases on certain commodities to help domestic industries, and the addition of new tax items. We explain the latest adjustments to the import and export items and discuss the reasons behind the changes.
Xi, Putin, Discuss Strategic Cooperation For 2023
A video call on December 30 discussed global geopolitics, trade, and security. According to official translations, Xi told Putin that Beijing was ready to increase strategic cooperation with Russia and said that Russia and China’s partnership benefits the people of both countries. “We maintain close strategic contact,” Xi told Putin, adding that relations with Moscow have demonstrated their “resilience” in the “new era” the world is witnessing.
China Appoints New Foreign Minister
China’s former ambassador to the United States, Qin Gang, has been promoted to the foreign minister position, replacing Wang Yi, who has taken up a role in the Communist Party Politburo. In his first statement as foreign minister, 56-year-old Qin said Beijing’s diplomatic approach will be based on “Chinese wisdom, Chinese initiatives, and Chinese strength.”
ASEAN
An Introduction to Doing Business in ASEAN 2023 – New Publication from Dezan Shira & Associates
This complimentary publication, designed to introduce the fundamentals of investing in ASEAN during 2023, covers the following: Corporate establishment; Tax and accounting; Human resources and payroll; and Audit and compliance. It is essential reading for all executives with existing ASEAN investments wanting to keep abreast of new 2023 regulations and new investors looking into this dynamic market.
CENTRAL ASIA
Kyrgyzstan To Chair The Commonwealth of Independent States During 2023
Revolving Presidencies of regional trade blocs has meant that Kyrgyzstan now chairs the Commonwealth of Independent States (CIS) for the year. Intra CIS trade has been increasing during 2022. We highlight these trends, the fundamentals behind them, and look at 2023 prospects.
MIDDLE EAST
UAE Foreign Investors Must Prepare For New Tax Rules Effective June 1st
The United Arab Emirates has announced Federal Law No. 47 of 2022 on the taxation of companies. Under the new regime, UAE registered businesses become subject to corporate tax in their first financial year that starts on or after June 1, 2023. The previous tax regime was at 0%. Foreign investors in the UAE must start preparations to be in compliance with the new tax reporting regime.
RUSSIA
What 2023 Has In Store For Russia
Unpacking the reality from the media hype: Putin’s 2023 New Year Speech including Russia, China and Asian impact analysis.
Russia’s Transport & Logistics Trends For 2023
In 2022, the Eurasian logistics services market was adjusting to the new conditions. Many of the usual routes for cargo transportation from abroad to Russia had to be set aside, and there were problems with paying for supplies from Europe. Major players left Russia. The situation has begun to improve; suppliers revised many aspects of their work and changed delivery routes. We look at what 2023 holds.
BRI Global
China’s Belt And Road & Beyond
All our latest intelligence on who is doing what along the Belt & Road Initiative.
About Us
Dezan Shira & Associates provide business intelligence, market research, legal, tax and compliance issues for foreign investors throughout Asia, and have 28 offices across the region. We are members of the Leading Edge Alliance, a network of related firms with offices throughout the world. For assistance with Belt & Road Initiative research, please contact us at silkroad@dezshira.com or visit us at www.dezshira.com. To subscribe to our Belt & Road Initiative portal, please click here.