Business updates and special topic events, specially curated for global foreign investors in...

24 May 2023	View in Browser

Weekly business and foreign investment news roundup in Asia

by Asia Briefing and Dezan Shira & Associates.

INDIA EDITION


TOP STORIES THIS WEEK:


Taxation of India’s Outbound Remittances: LRS Scheme and Increased Tax Rate from July 1

From July 1, 2023, the tax on outbound remittances from India increases from 5 to 20%, affecting funds sent overseas for vacations, investments, and gifts. However, it is important to note that small transactions equal to or below INR 700,000, which are made using international debit or credit cards, will be exempted from the Liberalized Remittance Scheme. We outline the latest changes to India’s outbound remittance tax and address frequently asked questions about the LRS scheme.


India Withdraws the 2000-Rupee Note: What Are the Implications and Why Now?

As India withdraws its 2000-rupee note this year, we discuss the impact on businesses and the country’s banking sector. Unlike the 2016 demonetization announcement, the latest currency note withdrawal will take place over a longer period of time – till September 30.


IT Hardware in India: Government Approves PLI Scheme 2.0

India remains keen to promote homegrown manufacturing capacity through its production-linked incentives programs. The government has launched a new phase of incentives for the IT hardware sector, aiming to expand the success achieved in mobile manufacturing to other advanced technology segments. Foreign companies seeking to diversify their manufacturing operations in Asia should explore these incentive programs and government support.


India-Canada FTA Negotiations: Interim Deal Expected this Year

In this article, we discuss the negotiations to the upcoming India-Canada EPTA, growth in bilateral trade and investment relations, and scope for commercial partnerships in the respective markets.


Mandatory GST E-invoicing in India: Annual Turnover Threshold Lowered

GST e-invoicing in India will become mandatory for all businesses with an annual turnover of over INR 50 million starting August 1, 2023. The previous threshold was INR 100 million. This is a significant step towards formalizing India’s small businesses and reducing tax evasion. With the adoption of GST e-invoicing, businesses will be better equipped to synchronize their sales data and simplify input tax credit claims, ultimately contributing to a broader GST base and greater transparency in...


BRICS, EAEU & SCO To Discuss Integration At The Eurasian Economic Forum

The BRICS nations – Brazil, Russia, India, China and South Africa, along with the Eurasian Economic Union free trade group – Russia again with Armenia, Belarus, Kazakhstan and Kyrgyzstan, will be discussing integration with the Shanghai Cooperation Organisation (SCO) at the second Eurasian Economic Forum which will take place on May 24–25 in Moscow. A massive Eurasian regional bloc is being created without Western input.

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NEWS FROM AROUND ASIA:

An Introduction to Doing Business in India 2023 (Complimentary Report)


An Introduction to Doing Business in India 2023 (Complimentary Report)

This publication is designed to introduce the fundamentals of investing in the Indian market and includes a guide to corporate establishment, merger and acquisition, tax advisory, HR and payroll...


Discovering Gujarat’s Investment Potential: Policies, Hubs, and Industry Base – New Issue of India Briefing Magazine Out Now

This magazine discusses the key drivers of investment growth in the west Indian state of Gujarat and its appeal for industry and export-oriented...


An Introduction to Doing Business in Dubai 2023 (Complimentary Guide)

This brand new, 120 page publication is a unique introduction to the United Arab Emirates with a special focus on Dubai. It deals with the...


Clarifying UAE Individual Income Tax Liabilities & Exemptions For Residents and Non-Residents

Recent cabinet decisions clarifying Individual Income Tax liability and exemptions have just been issued before the June 1st new tax regime....

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UPCOMING EVENTS FOR ASIA:


Doing Business in India 2023: Entry Strategies and HR Solutions

Webinar \| Tuesday, June 06, 2023 \| 10.00 AM CEST / 1:30 PM India / 4:00 PM China


AsiaBerlin Summit 2023 - India's Startup Ecosystem

Summit \| June 13, 2023 \| 10:00 AM - 6:00 PM CEST \| Berlin, Germany


Diversifying China Production and Sourcing Into Southeast Asia and India

Seminar \| Friday, June 16, 2023 \| 11:30 AM - 2:00 PM CDT

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