Australia introduced the
Foreign Acquisitions and Takeovers Act 1975 (Cth) to regulate the acquisition of land and assets in Australia, by foreign persons or entities. It imposed reporting obligations on foreign persons and entities engaging in transactions, and provided the Federal Government extensive powers to monitor and intervene in transactions involving foreign persons.
From 1 January 2021, the following laws have come into force which have amended the current Foreign Investment Review Board (
FIRB) regime:
Foreign Investment Reform (Protecting Australia s National Security) Regulations 2020 (Cth).
National Security Business and National Security Land
The biggest change is to the acquisition of land and businesses deemed to be in the national interest. The reforms require mandatory notification of:
The 9 percent tax is available for certain goods that fall mainly within the categories of agricultural and utility items, while the 13 percent tax applies to other goods subject to the VAT like manufactured goods.
Taxable services provided by foreign entities or individuals in China are subject to 6 percent of VAT as before.
The import VAT can be calculated based on the following formula:
Import VAT = Composite Assessable Price × VAT Rate
= (Duty-Paid Price + Import Duty + Consumption Tax) × VAT Rate
= (Duty-Paid Price + Import Duty) / (1-Consumption Tax Rate) × VAT Rate
Consumption tax for imported goods
China’s consumption tax (CT) is imposed on companies and organizations who manufacture and import taxable products, process taxable products under consignment, or sell taxable products.
Motorist are being given three months to ensure that the tint on their vehicles are in accordance with what is permitted by law.
In a statement on Friday, the Ministry of Works and Transport said that in 2018, it developed a policy document for the amendment of the Motor Vehicles and Road Traffic Act, Chap.48:50 to modernize the laws regarding the use of window tint .
On August 3, 2020 by Legal Notice 281 of 2020, the new Regulations â the âMotor Vehicles and Road Traffic (Windscreen and Window Tint) Regulations, 2020â came into effect.
However, it is not currently enforced by law enforcement officers.
As such, the Ministry wishes to advise the general public that effective December 7, a three month moratorium was granted to allow citizens sufficient time to ensure that their motor vehicle is in accordance with the new Regulations.