China
Taiwan’s Death-Penalty Debate Could Influence Asia
The ongoing debate in Taiwan about capital punishment could influence China and its other East Asian neighbors, according to a report from human-rights organization Dui Hua Foundation . Although more than 70% of Taiwanese support capital punishment, debate about it came to the fore this year when president Ma Ying-jeou apologized in January for the wrongful execution of a soldier for the murder of a child in 1996. The government also executed five prisoners without notifying their families in March. The executions attracted condemnation from the European Union and advocacy groups, and marked the second time Taiwan executed convicts following an informal four-year moratorium. Starting in 2006 under President Chen Shui-bian’s administration, the informal ban was continued by president Ma Ying-jeou’s minister of justice, Wang Ching-feng, an outspoken opponent of the capital punishment. Ms. Wang became the center of a media firestorm when she said she would rather “go to hell” than authorize the executions . Since her resignation in March last year, Taiwan has renewed its use of capital punishment, executing 10 prisoners. Dui Hua argues that the high profile of the apology and the condemnations stirred by the executions could influence policies in neighboring China, Japan and South Korea: “Besides some widely criticized executions in China, none in recent times in that part of the world have been condemned as much as those in Taiwan, where the current political environment holds little promise of the 40 who remain on its death row. At least the contested political process in Taiwan is likely to ensure that a healthy public debate continues, a debate that will influence the fate of capital punishment there and in Asia more broadly,” the report said. Polls taken in Taiwan have shown more nearly three-quarters of the population support the death penalty. But the Dui Hua report says there is growing political will to develop alternatives to capital punishment without actually banning it outright. Last year in Taiwan a justice ministry task force recommended that longer mandatory life sentences and more stringent parole reviews could encourage judges to opt for life sentences in place of death sentences . A life sentence without parole, called a “special life sentence” in Taiwan, is as popular as capital punishment among the public, according to Dui Hua. Inmates serving life sentences in Taiwan currently stay in jail an average of only 12.8 years, compared with 20 years in Japan. Though it remains to be seen whether Taiwan’s stance on the death penalty will change anytime soon, the report argues that a trend away from capital punishment across the region is appearing in China as well. “The death penalty, like any punishment, is subject to errors that undermine its legitimacy. In Taiwan and Japan, prisoners on death row have been exonerated and freed. Torture has been used to extract confessions from innocent people who have later been executed, as seen with the presidential apology in Taiwan. In such instances, it’s possible to draw parallels between China and its neighbors,” it said. “China has also set death row prisoners free, admitted that innocent people have been executed, and reassessed its death penalty practices; China has made much of its increasingly ‘careful’ use of capital punishment, and the Supreme People’s Court’s more stringent final review of death sentences has been credited in helping to reduce executions.” –Paul Mozur. Follow him on Twitter at @paulmozur
The ongoing debate in Taiwan about capital punishment could influence China and its other East Asian neighbors, according to a report from human-rights organization Dui Hua Foundation . Although more than 70% of Taiwanese support capital punishment, debate about it came to the fore this year when president Ma Ying-jeou apologized in January for the wrongful execution of a soldier for the murder of a child in 1996. The government also executed five prisoners without notifying their families in March. The executions attracted condemnation from the European Union and advocacy groups, and marked the second time Taiwan executed convicts following an informal four-year moratorium. Starting in 2006 under President Chen Shui-bian’s administration, the informal ban was continued by president Ma Ying-jeou’s minister of justice, Wang Ching-feng, an outspoken opponent of the capital punishment. Ms. Wang became the center of a media firestorm when she said she would rather “go to hell” than authorize the executions . Since her resignation in March last year, Taiwan has renewed its use of capital punishment, executing 10 prisoners. Dui Hua argues that the high profile of the apology and the condemnations stirred by the executions could influence policies in neighboring China, Japan and South Korea: “Besides some widely criticized executions in China, none in recent times in that part of the world have been condemned as much as those in Taiwan, where the current political environment holds little promise of the 40 who remain on its death row. At least the contested political process in Taiwan is likely to ensure that a healthy public debate continues, a debate that will influence the fate of capital punishment there and in Asia more broadly,” the report said. Polls taken in Taiwan have shown more nearly three-quarters of the population support the death penalty. But the Dui Hua report says there is growing political will to develop alternatives to capital punishment without actually banning it outright. Last year in Taiwan a justice ministry task force recommended that longer mandatory life sentences and more stringent parole reviews could encourage judges to opt for life sentences in place of death sentences . A life sentence without parole, called a “special life sentence” in Taiwan, is as popular as capital punishment among the public, according to Dui Hua. Inmates serving life sentences in Taiwan currently stay in jail an average of only 12.8 years, compared with 20 years in Japan. Though it remains to be seen whether Taiwan’s stance on the death penalty will change anytime soon, the report argues that a trend away from capital punishment across the region is appearing in China as well. “The death penalty, like any punishment, is subject to errors that undermine its legitimacy. In Taiwan and Japan, prisoners on death row have been exonerated and freed. Torture has been used to extract confessions from innocent people who have later been executed, as seen with the presidential apology in Taiwan. In such instances, it’s possible to draw parallels between China and its neighbors,” it said. “China has also set death row prisoners free, admitted that innocent people have been executed, and reassessed its death penalty practices; China has made much of its increasingly ‘careful’ use of capital punishment, and the Supreme People’s Court’s more stringent final review of death sentences has been credited in helping to reduce executions.” –Paul Mozur. Follow him on Twitter at @paulmozur
China
China Implements New Policies to Boost Foreign Investment in Science and Technology Companies
China’s Ministry of Commerce announced new policy measures on April 19, 2023, to encourage foreign investment in the technology sector. The measures include facilitating bond issuance, improving the investment environment, and simplifying procedures for foreign institutions to access the Chinese market.
On April 19, 2023, China’s Ministry of Commerce (MOFCOM) along with nine other departments announced a new set of policy measures (hereinafter, “new measures”) aimed at encouraging foreign investment in its technology sector.
Among the new measures, China intends to facilitate the issuance of RMB bonds by eligible overseas institutions and encourage both domestic and foreign-invested tech companies to raise funds through bond issuance.
In this article, we offer an overview of the new measures and their broader significance in fostering international investment and driving innovation-driven growth, underscoring China’s efforts to instill confidence among foreign investors.
The new measures contain a total of sixteen points aimed at facilitating foreign investment in China’s technology sector and improving the overall investment environment.
Divided into four main chapters, the new measures address key aspects including:
Firstly, China aims to expedite the approval process for QFII and RQFII, ensuring efficient access to the Chinese market. Moreover, the government promises to simplify procedures, facilitating operational activities and fund management for foreign institutions.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
China
Q1 2024 Brief on Transfer Pricing in Asia
Indonesia’s Ministry of Finance released Regulation No. 172 of 2023 on transfer pricing, consolidating various guidelines. The Directorate General of Taxes focuses on compliance, expanded arm’s length principle, and substance checks. Singapore’s Budget 2024 addresses economic challenges, operational costs, and sustainability, implementing global tax reforms like the Income Inclusion Rule and Domestic Top-up Tax.
Indonesia’s Ministry of Finance (MoF) has released Regulation No. 172 of 2023 (“PMK-172”), which prevails as a unified transfer pricing guideline. PMK-172 consolidates various transfer pricing matters that were previously covered under separate regulations, including the application of the arm’s length principle, transfer pricing documentation requirements, transfer pricing adjustments, Mutual Agreement Procedure (“MAP”), and Advance Pricing Agreements (“APA”).
The Indonesian Directorate General of Taxes (DGT) has continued to focus on compliance with the ex-ante principle, the expanded scope of transactions subject to the arm’s length principle, and the reinforcement of substance checks as part of the preliminary stage, indicating the DGT’s expectation of meticulous and well-supported transfer pricing analyses conducted by taxpayers.
In conclusion, PMK-172 reflects the Indonesian government’s commitment to addressing some of the most controversial transfer pricing issues and promoting clarity and certainty. While it brings new opportunities, it also presents challenges. Taxpayers are strongly advised to evaluate the implications of these new guidelines on their businesses in Indonesia to navigate this transformative regulatory landscape successfully.
In a significant move to bolster economic resilience and sustainability, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, unveiled the ambitious Singapore Budget 2024 on February 16, 2024. Amidst global economic fluctuations and a pressing climate crisis, the Budget strategically addresses the dual challenges of rising operational costs and the imperative for sustainable development, marking a pivotal step towards fortifying Singapore’s position as a competitive and green economy.
In anticipation of global tax reforms, Singapore’s proactive steps to implement the Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT) under the BEPS 2.0 framework demonstrate a forward-looking approach to ensure tax compliance and fairness. These measures reaffirm Singapore’s commitment to international tax standards while safeguarding its economic interests.
Transfer pricing highlights from the Singapore Budget 2024 include:
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
China
New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
China has been the world’s largest manufacturer for 14 years, producing one-third of global manufacturing output. In the Emerging Asia Manufacturing Index 2024, China ranks highest among eight emerging countries in the region. Challenges for these countries include global demand disparities affecting industrial output and export orders.
Known as the “World’s Factory”, China has held the title of the world’s largest manufacturer for 14 consecutive years, starting from 2010. Its factories churn out approximately one-third of the global manufacturing output, a testament to its industrial might and capacity.
China’s dominant role as the world’s sole manufacturing power is reaffirmed in Dezan Shira & Associates’ Emerging Asia Manufacturing Index 2024 report (“EAMI 2024”), in which China secures the top spot among eight emerging countries in the Asia-Pacific region. The other seven economies are India, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, and Bangladesh.
The EAMI 2024 aims to assess the potential of these eight economies, navigate the risks, and pinpoint specific factors affecting the manufacturing landscape.
In this article, we delve into the key findings of the EAMI 2024 report and navigate China’s advantages and disadvantages in the manufacturing sector, placing them within the Asia-Pacific comparative context.
Emerging Asia countries face various challenges, especially in the current phase of increased volatility, uncertainty, complexity, and ambiguity (VUCA). One notable challenge is the impact of global demand disparities on the manufacturing sector, affecting industrial output and export orders.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
- China Implements New Policies to Boost Foreign Investment in Science and Technology Companies
- Q1 2024 Brief on Transfer Pricing in Asia
- New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
- Is journalist Vicky Xu preparing to return to China?
- Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
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