Asia Pacific: Tax update for financial institutions (May 2016)

Asia Pacific: Tax update for financial institutions

Major value added tax (VAT) reform is being implemented in China and many jurisdictions in the Asia Pacific region are in the process of implementing the automatic exchange of information (AEOI) measures.

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Read a May 2016 report [PDF 1.26 MB] prepared by the KPMG member firm in China: General tax update for financial institutions in Asia Pacific

 

Among the items in this report are the following developments:

  • Australia: Enactment of the common reporting standard (CRS); introduction of legislation to provide tax incentives for innovation; tax implications of the EU directive on “bail-in” clauses
  • China: VAT reforms expanded to financial services, effective 1 May 2016
  • Hong Kong: Updates for corporate treasury centres, regulatory capital, CRS and AEOI, and 2016/17 budget
  • India: Tax proposals in the Union Budget 2016-17
  • Indonesia: Reduced withholding tax rates on interest income
  • Korea: Amendment to the education tax law
  • Malaysia: Stamp duty (exemptions) 
  • Mauritius: Changes to income tax regulations
  • New Zealand: AEOI consultation launched
  • Philippines: New law is effective
  • Singapore: 2016 budget statement
  • Taiwan: Income tax treaty signed with Canada
  • Thailand: Permanent reduction in corporate income tax rate
  • Vietnam: New regulations on foreign loans; preferential lending policy for development of “supporting industries”

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