Top 10 Tax Headlines from Asia Pacific On November 10, 2008, the China State Council issued the amendedProvisional Regulations of the PRC on Business Tax ("BTRegulations"). On December 15, 2008, the Ministry of Financeand the State Administration of Taxation ("SAT") issuedthe Implementation Rules of the Provisional Regulations of the PRCon Business Tax ("BT Rules"). Many multinational corporations set up holding companies in favorable jurisdictions to hold equity investments in China . India unveiled the new draft Direct Tax Code (“the Code”) in August for public consultation. The Tax Office has issued a new Margin Scheme Legislative Determination that generally applies from 1 March 2010. The main challenges outlined by the Finance Minister, Mr. Pranab Mukherjee, while presenting his Budget speech for the short term and long term perspective of the Indian economy are: The ATO has tentatively accepted that GST is only payable on the cash consideration paid for the purchase of a retirement village. A Bill has been introduced into Federal Parliament that will make it difficult for individuals with an income of $250,000 or more to claim deductions from non-commercial business activities. On August 24, 2009, the State Administration of Taxation (the "SAT") issued the Notice on Individual Income Tax Issues Concerning Stock Incentives, Guo Shui Han [2009] No. 461. Managers of foreign financial institutions (“FFIs”) operating in China have experienced the impact of significant tax reforms. Technology import contracts are contracts that involve the import of technology (“Technology Import Contract” or “Contract”) and include standard intellectual property rights licence contracts, technical service contracts, technical consultancy agreements and cooperative contracts for development, production and/or research. | 
