Indonesia’s Minimum Wage, E-Invoicing in Vietnam – China Outbound
Our weekly round up of other news affecting foreign investors throughout Asia.
By January 2020, Indonesia will increase its minimum wage by 8.51 percent from the current 2019 rate. As the minimum wage for each province differs, foreign investors should seek the help of registered local advisers to help understand how these latest changes will affect their operations.
Iran has begun its new era of Eurasian Economic Union Free Trade, and has signed off an initial agreement with Russia and Kazakhstan to broaden cooperation with those countries within the framework of a recently signed agreement with the Eurasian Economic Union (EAEU).
Chinese President Xi Jinping agreed to multiple deals with the Greek government on his three-day state visit this week. Greece, like nearby Italy, is a signatory to China’s Belt and Road Initiative, with Xi syaing that “China and Greece are natural partners” in the scheme.
Chinese investors already own the majority stake in Piraeus Port, one of Europe’s largest, which acts as the distribution hub for a massive network of ports, railways, roads and industrial parks spanning Asia, Africa, the Middle East, and Europe.
Vietnam recently issued Circular 68/2019/TT-BTC (Circular 68) to provide guidance for Decree 119/2018/ND-CP (Decree 119) on the use of electronic invoices (e-invoices). Decree 119 states that all businesses, excluding household businesses or individuals, must issue an e-invoice with or without the tax verification code to the buyer for the sale of goods and services.
Circular 68 took effect on November 14, 2019, but businesses have until October 31, 2020 to comply. E-invoicing will become mandatory from November 1, 2020.
China Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in Dalian, Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong. Readers may write to email@example.com for more support on doing business in China.