Numbers: (20,18)
2point6billion.com discusses business and investment news rising from the geopolitical relations of China and India, and the interactions these two countries have with the rest of emerging Asia.
And while India and China continue to boom, their economies continue to sky rocket and disposable incomes continue to rise, its not only the two countries that are set to grow and make this the Asian Century. In their rise, India and China are leading to the prosperous rise of their neighbors _ Indonesia, Vietnam, Phillipines, BUrma, Thailand and Nepal. In a recent report by Bloomberg, Indonesian finance minister Sri Mulyani Indrawati, expressed optimism for the Indonesian economy thanks to India and China’s demand, and despite a slowdown in the American economy.
We are aiming for higher than 6.8 percent,” Finance Minister Sri Mulyani Indrawati said in an interview in Jakarta, referring to the government’s forecast for next year’s expansion. “India and China will be quite strong in actually pulling growth in the region.”
Indonesia’s economy,
Recruiting the right talent is every becoming every HR manager’s nightmare. AS Asia faces a talent crunch in the face of growing competition, we find India might just emerge ahead of China.
A recent report by Mc Kinsey says that – India is not only producing more young professionals, it is producing better qualified ones, too. According to a survey of local recruiters, only 10 percent of China engineers have the skills necessary to work in a multinational corporation, compared to 25 percent of engineers in India. By 2008, India’s total pool of qualified graduates will be more than twice as large as China. If Indian universities continue to churn out top-notch talent, its younger, cheaper, and larger professional workforce could help India edge out its neighbor to the east.
Source: Mckinsey Global Institute
In the wake of the India’s nuclear deal, the border issue and China’s ties with Pakistan, India and China are getting ready for a new new game. Today, ending more than more than 45 years of frosty relations, the armies of India and China are holding their first joint military exercise. This is in accordance with the Memorandum of Understanding (MoU) on exchange and cooperation in the field of defence, signed between India and China in 2006.
Indian and Chinese army officers ‘hand in hand’
Although security issues do exist and both India and China view eachother with suspicion, it was nice to come across news of the two armies taking part in joint exercies aptly code named ‘exercise hand in hand’ to practice counter terrorism and counter-insurgency drills.For the Asian giants, it’s a significant event especially since the two nations are regarded as competitors if not adversaries in Asia. Led by Brigadier DS Dadwal, the 100-strong Indian army team will conduct a week-long counter-insurgency and counter-terrorism exercise along with troops of the Chinese People’s Liberation Army in the Yunnan province bordering Myanmar.
By Chris Devonshire-Ellis
Our partner firm in Mumbai, Rahul Guatam Divan & Associates, has just alerted us to an improved decision in India that provides a more attractive platform for expatriates working in the country.
A Special Bench of the Income Tax Appellate Tribunal has held that taxes paid by an employer, on behalf of an employee, can be added only once in the taxable salary of an employee and thereafter, tax on such a perquisite does not need to be added again, since it is considered a non-monetary perquisite. The decision can be found here.
This new development goes against a recent decision of the Delhi Bench of the Tribunal.
Hence, for all of the expatriate clients working in India, this will have the impact of reducing their tax liability. Consequently in light of this new development, they will need to rework the tax liability for all of these expatriates to ascertain the remainder of the tax owed to the Indian Revenue Authorities.
If you require assistance with this matter please contact india@dezshira.com.
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm, please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
