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Australia Strengthens Data Privacy Laws; Brazil Reduces Average Term for Certain Financial Transactions; China Eases Foreign Exchange Restrictions: Finance and Compliance Updates from Nair & Co.
By: Business Wire
Jan. 8, 2013 09:45 AM
Nair & Co., the leader in international business expansion services has released privacy laws, financial and compliance updates for companies doing business in Australia, Brazil and China.
Australia Strengthens Data Privacy Laws
The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 passed by the Federal Parliament is expected to be effective from March 2014. It will make sure companies adhere to stringent privacy requirements. In case of non compliances, businesses operating in Australia may face more sanctions.
Brazil Reduces Minimum Average Term for Certain Financial Transactions
Direct loan and bond issuance transactions, in the international market will be charged a financial transactions tax rate at six percent if such transactions – are contracted from December 5, 2012 and have a minimum average term of up to 360 days.
China Eases Foreign Exchange Restrictions to Encourage FDI Inflow
The new regulations taking effect from December 17, 2012, will benefit foreign investors planning to invest in China. Activities such as opening of a foreign currency bank account, buying foreign exchange, sales and settlement, and transfer of foreign exchange between onshore bank accounts, which earlier required administrative reviews and approvals, will now only need registration, saving on time and reducing administrative burden.
For more information about doing business overseas or specific International Tax, HR, Compliance or Legal issues please contact us at http://www.nair-co.com/global-offices.aspx
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com.
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