China’s socialist-oriented economy provides access to over 3.5 billion consumers and serves as a crucial gateway to one of the most dynamic markets in the world. Business and Financial centres such as Hong Kong, Singapore and Shanghai attract world-wide companies, by merit of their business-friendly environment, excellent education, political strength and superior tax policies.
In today’s society, many companies are driven to establish their businesses in foreign markets, through seeking international growth. This is because going global offers enormous different opportunities such as expanding business market share and diversification.
UAE’s vision of 2020 has been calling for all types of objectives, from decision pattern to building investment. However, only recently measures have been taken aimed at improving Dubai’s economy even more than before.
This May the executive meeting of the State Council, chaired by China’s Premier Li Keqiang, has decided to reduce again the tariff on certain kind of imported consumer goods. This is the fifth tariff adjustment in four years for daily life consumption product: the new regulation will start from 1 July 2018 and will cover a wide range of daily life products. More specifically, it involves a number of 1,449 items, from products such as clothes and cosmetics to washing machines.
The EU regulation 2016/679 on the protection of personal data of natural persons (GDPR) will become binding from the 25th of May 2018.
The new GDPR introduces important innovations: it is not a simple update of the forms, but a general rethinking of its policy of processing personal data, with sanctions substantially increased for those who disregard it.
Financial, technology and trade hub of the Far East, Singapore is a strategic location to set up your business if you’re planning to expand in the Asian market.
Our experts at Kelmer Singapore have analyzed and highlighted the benefits Singapore provides to startups and entrepreneurs.
UK: Leading accountancy firms have warned that the recent collapse of Carillion is expected to cause a rise in the number of construction companies going bust due to being subcontractors in its supply chain and so missing out on payments.
Following the winding up orders, which were made against Carillion Plc and associated companies in January 2018, and the subsequent woes from subcontractors that the industry is “systemically broken”, there were calls from the public for the government to act and introduce new changes in construction practices.
Good news about the Chinese VAT tax rate since the Chinese State Council, during the meeting chaired by Premier Li Keqiang and held on 28 March 2018, announced that China will cut VAT tax rates related to some industrial sectors. The State Council decision is part of a tax reduction plan amounting to 400 billion yuan ($63.58 billion) to drive high-quality industries development.
Indeed, the meeting pointed out that in China the tax reduction over the past five years has reached the amount of 2.1 trillion yuan.