Our weekly round up of other news affecting foreign investors throughout Asia.
Employers in the Philippines should understand the obligations around the 13th month pay and Christmas bonuses.
The 13th month pay is exempt from tax, up to a limit of PHP 90,000 (US$1,778) and is mandatory for all non-managerial staff, while the Christmas bonus is at the discretion of the employer.
The 13th month pay must be paid on or before December 24.
Kolkata is the capital of West Bengal, and an important trade and commerce hub in northeast India. It has one of two major ports located in West Bengal. In 2018-19, the Kolkata handled 63.8 million tons of traffic (goods). The city is also the biggest tea handling port and tea auction market in the country.
In comparison to other metropolitan cities, it is much less expensive to start a business in Kolkata. Key industries include information technology, jute, leather, textiles, agriculture, biotechnology, metals and minerals, and tourism.
Mehdi Mirashrafi, the Head of Islamic Republic of Iran Customs Administration (IRICA) has said that the value of Iran’s share of preferential trade with Eurasian countries has reached US$194.2 million since the trade agreement with the Eurasian Economic Union (EAEU) was implemented on October 27 up to the end of November
According to Mirashafri, the value of Iran’s total (preferential and non-preferential) exports to Eurasia stood at US$137.9 million in the mentioned period, while the total imports reached US$193 million, to give a collective trade figure of US$330.9 million.
Argentina will join China’s multibillion-dollar Belt & Road Initiative (BRI), the Argentine newspaper Perfil has reported, citing the Argentine foreign office.
In Latin America, Chile, Peru, and Uruguay, along with 16 other countries, have already joined the scheme, while regional powerhouses Argentina, Colombia, Mexico and Brazil have yet to.
“We will join Belt and Road in the future, we’re interested,” the Argentine foreign office was quoted as saying.
Contributing over six percent to Vietnam’s GDP every year, tourism is one of the most important driving forces for Vietnam’s economic development. Taking note of this, in 2011, the government released the “Strategy on Vietnam’s tourism development until 2020, vision to 2030” to provide guidelines for cities and provinces to promote their tourism industry.
As part of the strategy, Vietnam aims to attract 17 to 20 million international visitors in 2020. As of November 2019, Vietnam welcomed 16.3 million international travelers, a 15.4 percent year-on-year (YoY) increase.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at email@example.com.
We also maintain offices assisting foreign investors in Vietnam, Indonesia, Singapore, The Philippines, Malaysia, and Thailand in addition to our practices in India and Russia and our trade research facilities along the Belt & Road Initiative.
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