German FDI in ASEAN, DTAAs with India – China Outbound
Our weekly round up of other news affecting foreign investors throughout Asia.
The Association of Southeast Asian Nations (ASEAN), featuring ten dynamic and growing economies, has become increasingly favorable for foreign investment in recent years. This is mainly due to the desire of governments in ASEAN countries to promote FDI and the increasingly growing domestic markets in the region.
The ongoing Sino-US trade war, the creation of the ASEAN Economic Community in December 2015, and the streamlining of ASEAN’s regulatory landscape greatly improved the attractiveness of the region for investors.
India has one of the largest networks of tax treaties for the avoidance of double taxation and prevention of tax evasion. The country has Double Tax Avoidance Agreements (DTAAs) with over 85 countries under Section 90 of the Income Tax Act, 1961.
The purpose of such tax treaties is to develop a fair and equitable system for the allocation of the right to tax different types of income between the ‘source’ and ‘residence’ countries.
Russia’s Sberbank intends to accelerate currency payments in China, and in order to achieve it, plans to join the Chinese banking payment system, says Anatoly Popov, Deputy Chairman of Sberbank’s Board of Directors.
Ba Ria – Vung Tau (BRVT), situated in the southern key economic zone, is one of the major economies and investment destinations in Vietnam. The region contributes close to eight percent to the national GDP and over 10 percent to the government’s revenues.
The rapid economic growth in the last decade has led the province to have one of the highest GDP per capita and living standard in Vietnam.
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