FX VOICE: How India can save the rupee
Aug 4, 2013
China eases remittance tax burden; India shifts focus to save rupee; Bank Indonesia sends traders to the toilet
China has eased the tax and regulatory burden for FX remittances made offshore; Bank Indonesia embroiled in bizarre toilet trading oddity; India shifts monetary policy to save rupee
China abolishes tax burden on FX remittance under $50K
China has lifted requirements for companies to provide tax certificates in respect of payments remitted offshore that exceed $30,000. In new requirements set out under State Administration of Foreign Exchange “Circular 40”, only tax notification is required for a single payment that exceeds $50,000 and general tax compliance for remittance has been made easier. Multinationals can now make payments offshore without waiting for all taxes to be cleared.
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