IN COMPARISON TO OTHER EU COUNTRIES, THE TAX RATES ARE LOW
Adina Zdru, Tax Advisor and Managing Partner Tax, and Christian Weident, Lawyer and Managing Partner Legal, Stalfort.Legal.Tax.Audit
Special features of labor law
The provisions of Romanian labor law differ greatly from those of other countries. Since employees are also not allowed to waive statutory rights due to the Labor Code (rum: Codul Muncii), many provisions that are customary elsewhere cannot easily be used in employment contracts. Employment contracts must also be drawn up on the basis of a legally regulated template. Supplements, which are often required in practice, must be carefully designed so as not to be illegal, and thus, void.
THINGS ARE FUN AGAIN
Andreas Lier, CEO, BASF Romania
How is BASF Romania positioned? Which target industries do you serve and what are the drivers of the business?
As BASF, we have a broad base in a country with a very diversified economy. We are active in almost all value chains and feel the pulse of the industry every day. We are in the agricultural sector with our crop protection products, in the home and personal care sector, and in the nutrition & health sector. We also have products for the chemical, refineries and construction industries.
Due Process for Terminating an Employee in India
Employers in India are exposed to a number of legal and reputational risks resulting from wrongful termination, or not following due process.
Employers should, therefore, plan to construct contracts and human resource (HR) materials to ensure that senior management, HR personnel, and employees are fully apprised of their rights and responsibilities.
“996” is Ruled Illegal: Understanding China’s Changing Labor System
China’s top court has ruled that the controversial “996” overtime work policy (working 9am to 9pm, 6 days a week) is illegal, taking aim at the excessive working hours commonly practiced at Chinese Internet companies.
On August 26, 2021, the Supreme People’s Court (SPC) and Ministry of Human Resources and Social Security (MOHRSS) jointly released a guideline illustrating 10 typical cases of overtime work, all of which were won by employees. The authorities unpacked the legal basis behind the verdict of each case.
ASEAN Talent and HR Compensation Benchmarking – Latest Issue of ASEAN Briefing Magazine
In this issue of the ASEAN Briefing magazine, Dezan Shira & Associates give an overview of current talent availability in ASEAN, and future factors that will impact human resource development in the region. It then explores hiring costs in the bloc before finally focusing on the industrialization plans of select ASEAN members. Topics covered include:
- Assessing Current Talent in ASEAN
- Hiring Costs in ASEAN
- Assessing ASEAN’s Industrialization Plans
- Q+A: What You Need to Know About ASEAN’s Human Resource Landscape
How to Prepare a Foreign Worker Utilization Plan: Hiring in Indonesia
On March 31, 2021, Indonesia’s Ministry of Manpower issued Regulation No. 8 of 2021 (MOM Reg 8/2021) on the Employment of Foreign Workers. MOM Reg 8/2021 is an implementing regulation to GR 34/2021 and provides in detail the requirements for businesses to fulfill in order to hire foreign workers. MOM Reg 8/2021 revokes MOM Reg 10/2018 and has been enforced since April 1, 2021.
Eurasian Economic Union Economy Recovering, Manufacturing Output Up 6.5%
The EAEU has Free Trade Agreements with Serbia, Singapore and Vietnam and is negotiating with numerous other countries in the ASEAN, MENA and MERCASUR blocs as well as with China and India. Economic recovery in the EAEU will be good news for the EAEU current free trade partners and for those negotiating with it.
China’s Ministry of Commerce Research Paper Suggests Russia’s New Energy Vehicle Market Is A Huge Cooperation Opportunity
China’s Ministry of Commerce has released a research paper that has identified the Russian market as an ideal export and cooperation area in the New-Energy Vehicle sector. This development, given time, will likely open a new front in China-Russia auto industry cooperation. New Energy Vehicles include electric, hydrogen, and other petrol or diesel alternatives. Russia has some of the world’s largest supplies of LNG.
Let's talk about building sustainable habits
Joana da Silva, Nordic Minds
Each company is unique so there is no one size fits all approach towards sustainability and what works for one company might be the most counterproductive idea for another. There are a series of steps that can be taken to define and deploy the sustainability goals of an enterprise, this method might even lead to a paradigm shift and ideally works as a long-term solution.
GBA IIT Subsidy in Shenzhen: Updated Application Rules and Deadline
This article explains the major changes to Shenzhen’s latest implementation rules for the GBA IIT subsidy application, as well as the impact they may have on applicants. It also offers advice on how to prepare to ensure a smooth application process.
Major changes to Shenzhen’s IIT subsidy application rules
Shenzhen’s 2020 Application Guide has two main updates from the 2019 IIT subsidy application implementation rules:
- Minimum taxable income requirements removed for foreign talents – the eligibility requirement for foreign talents to earn more than RMB 500,000 in taxable income is not mentioned in Shenzhen’s 2020 Application Guide.
Vietnam’s Entry Procedures for Foreign Employees amid the Pandemic
Vietnam on March 22, 2020, suspended the entry of all foreign visitors including those with visa exemption certificates in a bid to contain the COVID-19 pandemic. Subsequently, it suspended all international flights by March 25, 2020, effectively locking out visitors and business professionals except for Vietnamese nationals returning on special repatriation flights.
Uzbekistan is like a promising project
Hovsep Voskanyan, Head of the Delegation of German Economy in Central Asia (AHK Zentralasien)
How is the German economy represented in Central Asia today?
We assume that around 300 German companies are active in Kazakhstan and 200 in Uzbekistan. Many operate sales offices and representative offices, which are often looked after from the subsidiaries in Russia.
In Kazakhstan, we have 25 investment projects with a total volume of 1 billion euros; Knauf, Heidelberg Cement and Linde Gas are among the companies that are active locally. In addition, there are medium-sized companies such as Wilo and Isoplus, which also got through the pandemic well.
COSTS FOR SALES DEVELOPMENT ARE LOW
What are the prospects for finding qualified and motivated employees?
The prerequisites for recruiting suitable employees are favorable in Central Asia. In Kazakhstan, there are now a large number of managers with professional experience in international companies who have the linguistic and intercultural skills to work in European companies.
Compared to many other countries, including Russia and China, the costs of setting up and maintaining a local sales organization are low. If specialists cannot be found locally, recruiting Russian experts can also be considered.
TRUST COUNTS MORE THAN WRITTEN CONTRACTS
Stefan Martiniak, member of the supervisory board of the First MicroFinance Institution
What would you recommend to a company interested in the region?
Anyone who is interested in Central Asia, and this is where I see the typical German medium-sized company, in particular, should conduct thorough market research. Every potential investor should be able to keep his financial commitment in Kyrgyzstan for several years. Employees deployed on site should know the region or at least speak Russian, that makes things easier. Choosing a reliable local partner is important, personal contact is crucial. Trust counts more than written contracts.
GEORG GRAF JOINS THE CT EXECUTIVE SEARCH ADVISORY BOARD
CT Executive Search Press Release
The management of CT Executive Search is pleased to announce that Mr. Georg Graf, Regional Representative of Freudenberg Group in India, MD and CEO of the Freudenberg Regional Corporate Center India Pvt. Ltd., has joined the company’s Advisory Board.
Mr. Georg Graf is a well-known and respected figure both in government and business circles. With a career in finance and executive level management spanning over 35 years, and a wide network of top professionals from all over the world, including Germany and India, he will provide invaluable insight into doing business in these two countries.
“India remains one of the fastest growing economies in the world, and we continue to offer executive search services to many of the companies based there, as well as to those looking to enter the market. We are honoured to have Mr. Graf as our esteemed Advisory Board member. His expertise both in corporate management and intercultural relations is invaluable, and will definitely help take our executive search services to the next level.” – says Christian Tegethoff, Founder and Managing Director, CT Executive Search
One mistake almost all leaders make
Christian Fuchs, Nordic Minds
Even the best leaders are not immune to errors. But there is one mistake that impacts the entire company, even though it could easily be avoided: leadership is not about excellence – it is about other people, yet this is astonishingly often ignored or overlooked.
The problem already starts with either promotion or recruitment. Typically, companies promote or hire employees for leadership positions because of their outstanding performance, high level of expertise, and valuable experience – often based on individual success stories or as a reward for loyalty.
How to Properly Conclude an Electronic Labor Contract in China: Clarifications Issued in New Guideline
- China recently clarified the legitimacy of electronic labor contracts in the country and explained important considerations when concluding, transferring, and preserving an electronic labor contract.
- The newly released Guideline adds obligations for employers in the process of concluding the labor contract with employees and notes protection of employee interests.
Career Change During a Pandemic? Keep These 3 Things in Mind
Marcus Honkanen, Managing Partner, Nordic Minds
Times of crisis can provide the opportunity for a new beginning. Major transformations often bring clarity and the chance to rethink preferences and priorities. Yes, this pandemic is a huge challenge. But that is not necessarily a bad thing.
A crisis can be a long-overdue invitation to reevaluate what is — and isn't — working for you. Right now could be the perfect moment for a career change. However, the realities and stresses of the situation should not be underestimated. That’s why it’s important to keep the following three things in mind when thinking about a career change right now.
The Indo-German Magazine
The Indo-German Magazine features the latest information regarding the Indian economy. This includes the latest trends and developments in Indo-German cooperation as well as the various activities and initiatives undertaken by AHK India.
To view the magazine, click here
Foreigners’ Work Permit Application and Renewal: Recent Changes
China work permit renewal on remote basis
To help expatriates stranded overseas on their Chinese work permit renewal, many local foreign offices have released the temporary policy. For example, on Feb 1st, the Shanghai Administration of Foreign Experts Affairs has announced the Notice on the implementation of the “no-visit” examination and approval for all matters related to the work permit for foreigners in Shanghai.
According to the policy, applicants for renewal of work permits were no longer required to bring the original application documents to the local foreign affairs office in China. Instead, by making a commitment on the authenticity of the documents, applicants can renew their work permits remotely.
Operational and upcoming railway lines in Nigeria
Several African countries have ongoing and planned rail projects. Africa’s largest economy is developing the rail sector to improve the poor transport infrastructure. africon recently completed a project in the railway sector in Nigeria for one of our clients who manufactures rail components. The project aimed to give an overview of the industry in terms of ongoing and upcoming projects.
Corporate Cybersecurity in China: How to Protect Your Business
Ransomware is a common form of cyber-attack, where hackers lock their targets out of their own servers, systems, and data until the victim pays a ransom to the hackers to regain control. These attacks are likely more frequent than what is reported in the media, as companies avoid publicizing these cases to limit reputational damages.
SMEs are vulnerable to ransomware attacks since many do not have cybersecurity systems that are as sophisticated as larger companies. This article takes a look at steps SMEs can take to improve their cybersecurity practices and protect themselves against ransomware and other cyber threats.
Lithuanian Supreme Court on requirement of employee’s consent to amendments to employment contract
The Supreme Court of Lithuania issues its interpretation of Article 45 of the Labour Code (LC).
Article 45(1) LC regulates when the written consent of the employee is required for changes to the terms and conditions of employment. Consent is required when the employer changes or adds to the essential terms of an employment contract, changes the working time arrangements or intends to transfer the employee to another place of work on the employer’s initiative.
A Guide to Minimum Wages in China in 2021
Currently, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,590/US$400 per month) and Beijing has the highest hourly minimum wage (RMB 25.3/US$3.9 per hour). Six regions – Shanghai, Guangdong, Beijing, Tianjin, Jiangsu, and Zhejiang – surpassed the RMB 2,000 (US$308) mark in their monthly minimum wage standards.
Last year, due to the COVID-19 pandemic, most regions postponed their minimum wage adjustment plans. Only three provinces – Fujian, Qinghai, and Guangxi – raised minimum wages.
Local governments in China are required to update their minimum wages at least every few years but have the flexibility to adjust wages according to local conditions.
CAPITAL INVESTMENT IS MODERATE
Dr. Reinhard Kohleick, Managing Director, Quadriga Capital Russia
What are the advantages of using an independent consultant over a consulting firm?
In my opinion, hiring a local specialist from the respective industry is a good option to manage a market entry, restructure a market presence, and carry out the preparatory analyses. The capital investment is moderate, and no long-term obligations in the form of fixed costs or taxes are created.