Indonesia’s Income Tax for Expatriates, China’s Overseas Economic Zones – China Outbound
Our weekly round up of other news affecting foreign investors throughout Asia.
Personal income tax in Indonesia is determined through a self-assessment system, meaning resident tax payers need to file individual income tax returns. Resident tax payers are subject to progressive tax rates ranging from 5 percent to 30 percent.
Russian importers and exporters are gaining more experience and solving the logistics issues of doing business in ASEAN, where Vietnam has a Free Trade Agreement and other ASEAN nations are set to follow.
In Vietnam, since the signing of the Eurasian Economic Union FTA (of which Russia is a part), bilateral trade has zoomed from nowhere to US$10 billion in just two years. However that hasn’t come without problems.
ASEAN and the Eurasian Economic Union (EAEU) have differing quality control (QC) standards, and work is being done on both sides to make these compatible.
With Chinese state-owned enterprises and private businesses looking at developing markets externally from China, it makes sense for China to have joined forces with its overseas diplomatic missions to plug the benefits of establishing economic zones and industrial parks elsewhere.
The article outlines the current Industrial Parks, Free Trade, and Export Processing Zones that Chinese companies, often partnering with Chinese and local governments, have established across Eurasia and Africa to date.
Maxim Akimov, the head of the Russian Intergovernmental Commission of the Russian Federation and Vietnam on Trade, Economic, Scientific and Technical Cooperation has announced that Russia’s GAZ Group will start to assemble vehicles in Vietnam.
Alimov stated that “The issue of cooperation in industry, including the assembly of automobiles from sets of machinery components in Vietnam, are agreed with the Vietnamese side.” He also noted that 300 sets of machinery components are being transported by sea.
Gaz is known for its heavy-duty trucks, which compete in global races such as the Dakar Rally.
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