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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

Asia Pacific & MENASA regions

August 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 August and 31 August 2018.

 

Asia Pacific Australia India
Japan Korea Malaysia
Myanmar Philippines Singapore
Thailand    



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

Asia Pacific

KPMG publication

Tax guides  - August 2018

KPMG’s Asia Pacific Tax Centre has produced summaries of the tax systems of selected countries and jurisdictions across the Asia Pacific region.

Read more.

Australia

Tax legislation approved and regulatory update

Anti-hybrid measures - 1 January 2019

KPMG Australia looks at legislation to pass the Australian Parliament targeting multi-national tax avoidance.

Read more.

 

Fringe benefits tax - 2 August 2018

KPMG in Australia explores the car parking technology that's supporting fringe benefits calculations.

Read more.

 

Proposed legislation

Corporate income tax - 22 August 2018

Part Two of the Government’s Enterprise Tax Plan was defeated in the Senate. There are no current prospects for its revival, and it’s unclear whether Prime Minister-elect would reconsider the policy in the future.

Read more.

 

Thin capitalisation - 10 August 2018

KPMG in Australia discusses proposed legislation which removes the ability to revalue assets solely for thin capitalisation purposes.

Read more.

 

R&D incentives - 14 August 2018

KPMG in Australia looks at proposed changes to the R&D tax incentive.

Read more.

 

Tax compliance - 23 August 2018

KPMG in Australia looks at an expanded definition of Significant Global Entity and what it may mean for tax compliance.

Read more.

 

Various tax areas - 28 August 2018

KPMG in Australia prepared a summary of tax legislation currently before Parliament.

Read more.

India

Tax legislation approved and regulatory update

Customs - 17 August 2018

India’s Directorate of International Customs issued a circular announcing the simplified processing of applications for AEO-T1 status.

Read more.

 

Proposed legislation

GST - 10 August 2018 India's government introduced four bills in the parliament that would amend measures under the GST legislation.

Read more.

 

Administrative and case law

Various tax areas - August 2018

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

  • value of lapsed “loyalty points” subject to GST
  • deposits of less than 20 percent for stay of demand
  • “Most favoured nation” clause, income tax treaty with Israel
  • CBDT action plan for 2018-2019. 

Read more.

 

Various tax areas - August 2018

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

  • year-end provisions for expenses; no disallowance for non-withholding at source
  • deemed dividends and buy-back of shares
  • discounts offered after goods are sold for GST purposes.

Read more.

 

Various tax areas - August 2018

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

  • “Implementation Guide” on the amendments to Tax Audit Report
  • transportation of goods for transhipment
  • instruction for the conduct of assessment proceedings
  • deduction under section 80-IC of the Income-tax Act availed for the first five years
  • non-payment of service tax under a faulty software programme. 

Read more.

 

Various tax areas - August 2018

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

  • iminimum alternate tax credit
  • goods and services tax
  • advance knowledge of tax liability is factor in determining penalty
  • permanent establishment threshold period under India-Cyprus income tax treaty
  • exemption notification to be interpreted strictly.

Read more.

 

Various tax areas - August 2018

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

  • proposed changes, application for lower or no withholding certificate
  • GAAR and GST disclosures suspended until 31 March 2019
  • GST on “e-unit” conversions
  • GST on services provided by corporate office employees to other units
  • loss, depreciation carry forward rules for minimum alternate tax computation. 

Read more.

Japan

Tax legislation approved and regulatory update

Mandatory disclosure rules - August 2018

KPMG in Japan prepared an overview of the EU mandatory disclosure rules and some remarks to be considered from the perspective of Japanese enterprises.

Read more.

 

Inheritance tax / Gift Tax - August 2018

Under the 2018 tax reform, the scope of tax payment obligations of inheritance tax/gift tax for foreign nationals was amended.

Read more.

Korea

Administrative and case law

Anti-tax avoidance - September 2018

The tax authority intends to provide the tax administrations of some 60 countries with the South Korean financial account information of their residents.

Read more.

Malaysia

Proposed legislation

Sales & services tax - 1 September 2018

A sales and service tax regime in Malaysia has a proposed effective date of 1 September 2018. With enactment of the new sales and service tax regime, the existing GST system would be repealed.

Read more.

Myanmar

Tax legislation approved and regulatory update

Trade and customs - 30 July 2018

The Ministry of Commerce and Trade has issued the newsletters that provided the standard operating procedure and the list of prioritised goods allowed to be sold through wholesale and retail companies by foreign companies and companies established as joint ventures.

Read more.

Philippines

Administrative and case law

Tax assessments - 29 August 2018

The Court of Tax Appeals in the Philippines held that a “final assessment notice”—even if duly received by the taxpayer—is void because the due dates for paying the alleged deficiency taxes were blank. The case is: Lorenzo Shipping Corporation v. Commissioner of Internal Revenue.

Read more.

Singapore

Proposed legislation

Taxable benefits  - 2 August 2018

A proposed change to the tax treatment of employer-provided accommodation would require an employer to use the actual amount of rent paid as the default basis for reporting the taxable value.

Read more.

Thailand

Tax legislation approved and regulatory update

Consumer protection - 1 July 2018

New regulation governing private car and motorcycle hire-purchase contracts has been issued and become effective from 1 July 2018.

Read more.

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