International Tax Newsletter - Asia Pacific & MENASA | KPMG | BE
close
Share with your friends
International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

Asia Pacific & MENASA regions

July 2018

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Asia Pacific and MENASA regions between 1 July and 31 July 2018.

 

Australia China Hong Kong (SAR)
India Japan Malaysia
Myanmar New Zealand Singapore
Thailand Vietnam  



For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.

To contact the International Tax Team email internationaltax@kpmg.com.

To register for the International Tax webcasts, click here.

International Tax Newsletter - Asia Pacific & MENASA

Australia

Proposed legislation

Black economy - 26 July 2018

KPMG Australia discusses the latest measures proposed by the Government to expand taxable payment reporting system and remove tax deductibility of certain payments.

Read more.

Corporate income tax - July 2018

KPMG in Australia provides an overview of tax legislation currently being debated and reviewed by Parliament. The most significant is the bill on hold which relates to company tax rate cut.

Read more.

 

Administrative and case law

GST - July 2018

KPMG in Australia analyses a recent Federal Court decision regarding interest on overpaid GST. The case is: Travelex Limited v Commissioner of Taxation.

Read more.

R&D incentives / Tax audits - 20 July 2018

KPMG in Australia looks at the recent Australian Taxation Office focus on R&D expenditure in relation to construction activity.

Read more.

China

Proposed legislation

Individual income tax - 28 July 2018

The National People’s Congress released the full text of the draft amendments to the PRC individual income tax law on its official website seeking consultation from the public.

Read more.

R&D incentives - 23 July 2018

China’s Premier announced that the 75 percent “super deduction” rate for eligible R&D expenses will be available for all enterprises going forward.

Read more.

Hong Kong (SAR)

Tax legislation approved and regulatory update

Transfer pricing / Salaries Tax - 4 July 2018

The Legislative Council enacted Hong Kong’s new transfer pricing regime. Included in the legislation were a number of amendments relating to the existing double taxation relief mechanisms for Salaries Tax.

Read more.

 

Proposed legislation

Vacant property tax - 11 July 2018

The Hong Kong government has announced plans to introduce a new tax on vacant properties. The tax is targeted at newly built flats and will apply where properties remain unoccupied for six months in any year.

Read more.

India

Tax legislation approved and regulatory update

Corporate income tax / Tax residency - 3 July 2018

India’s Central Board of Direct Taxes finalized guidance concerning the “place of effective management” standard and implications for foreign companies.

Read more.

 

Administrative and case law

Various tax areas - July 2018

KPMG in India has prepared reports on the following tax developments:

  • services supplied to associate concern based outside India are taxable services
  • amended form for tax audit report
  • no GST for reimbursed expenses, salary by foreign head office remitted to India liaison office
  • LLP and Indian company can amalgamate
  • benefits and limitations of Protocol apply to tax treaty.

Read more.

Various tax areas - July 2018

KPMG in India has prepared reports on the following tax developments:

  • global payment solution provider company—PE in India
  • revised monetary limits, conditions for appeals by tax department
  • “limitation of relief” under India-Singapore income tax treaty.

Read more.

Japan

Treaties

Trade agreement - 6 July 2018

Japan’s domestic procedures for ratifying a “comprehensive progressive agreement” known as the Trans-Pacific Partnership trade agreement were completed on 6 July 2018.

Read more.

Malaysia

Tax legislation approved and regulatory update

Sales & services tax (SST) - 5 July 2018

With the transition of GST to SST, there has been some dissent to the sudden switch, as there were concerns on whether there would be enough time for businesses to prepare as there was only two-month period of preparation.

Read more.

Myanmar

Tax legislation approved and regulatory update

Company law - 1 August 2018

With the launch of the new Myanmar Companies Online (“MyCo”) registration system on 1 August 2018, all companies and branches under the old Companies Law and the Special Company Act must re-register in MyCo between 1 August 2018 and 31 January 2019.

Read more.

New Zealand

Proposed legislation

R&D incentives - September 2018

Draft legislation concerning a new R&D tax credit is expected in September 2018, now that the period for submissions has closed.

Read more.

Singapore

Tax legislation approved and regulatory update

Stamp duties - 6 July 2018

Changes to the stamp tax (duty) on residential real property in Singapore were effective 6 July 2018.

Read more.

GST - 1 January 2020

Singapore will impose GST on imported services. Imposition of GST will be implemented through:

  • reverse-charge regime for business-to-business (B2B) supplies of imported services
  • overseas vendor registration regime for business-to-consumer (B2C) supplies of imported digital services.

Read more.

Thailand

Treaties

Double tax treaties - 1 January 2019

A new income tax treaty between Thailand and the Philippines has entered into force replacing one from 1983.

Read more.

Vietnam

Tax legislation approved and regulatory update

Commercial promotions - 15 July 2018

A decree concerning commercial promotions is effective 15 July 2018.

Read more.

Connect with us