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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

Asia Pacific & MENASA regions

June 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 June and 30 June 2018.

 

Asia Pacific Australia Cambodia
China Hong Kong (SAR) India
Japan Myanmar Pakistan
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

Other

General tax update for financial institutions - June 2018

A summary of tax developments of interest to financial institutions in the Asia Pacific region from the second quarter of 2018 includes updates from Australia, China, Hong Kong, India, Indonesia and Korea.

Read more.

Australia

Tax legislation approved and regulatory update

Budget - 18 June 2018

KPMG in Australia discusses the recently launched ACT 2018-19 budget.

Read more.

 

State budget - 12 June 2018

The Queensland Treasurer, Jackie Trad, delivered the 2018-19 Queensland State Budget.

Read more.

 

State budget - 14 June 2018

The Tasmanian Treasurer, Peter Gutwein, delivered the 2018-19 Tasmanian State Budget. Focused on “building for the future and taking Tasmania to the next level”, the Tasmanian Government has allocated a record AUD 2.6 billion in funding for new job creating infrastructure initiatives over a four year period.

Read more.

 

Tax residency - 27 June 2018

KPMG in Australia reviews the ATO's Taxation Ruling TR 2018/5 in regards to when a foreign-incorporated entity may be an Australian tax resident.

Read more.

 

Proposed legislation

Various tax areas  - 30 June 2018

The Government has released for consultation an Exposure Draft of the Treasury Laws Amendment (2018 Measures No. 5) Bill 2018: AMIT Technical Amendments, more commonly referred to as the “AMIT Fix-up Bill”.

Read more.

 

Administrative and case law

Superannuation - 6 June 2018

KPMG in Australia discusses the proposed 12 month amnesty for employers who make voluntary SGC disclosures.

Read more.

Cambodia

Treaties

Double tax treaties  - June 2018

The Ministry of Economy and Finance issued guidance on the implementation of the Double Taxation Agreements with Singapore, China, Brunei Darussalam and Thailand.

Read more.

China

Tax legislation approved and regulatory update

Tax incentives - June 2018

In recent years the Chinese government has progressively replaced administrative pre-approvals, for various tax treatments and regulatory licenses, with recordal requirements.

Read more.

 

Proposed legislation

Individual income tax - 19 June 2018

The Ministry of Finance of the PRC, outlined the proposed amendments to the PRC Individual income tax law.

Read more.

 

Administrative and case law

Customs duties  - 1 July 2018

The government of China has formally announced a customs duty (tariff) reduction under which “most favored nation” (MFN) rates would be reduced for almost 1,500 “8-digits items.

Read more.

Hong Kong (SAR)

Tax legislation approved and regulatory update

Corporate income tax - June 2018

There have been various accounting changes which have significant tax implications on how certain items are accounted for and potentially taxed.

Read more.

 

Open Ended Fund Companies regime  - 30 July 2018

The government gazetted the Securities and Futures (Open-ended Fund Companies) Rules and the Securities and Futures (Open-ended Fund Companies) (Fees) Regulations.

Read more.

 

Others

Equity based compensation - June 2018

A look at how the increase in new-economy companies in Hong Kong is changing equity-based compensation.

Read more.

India

Administrative and case law

Various tax areas - June 2018

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

  • amount received for providing training services not “fees for technical services” under treaty with the Netherlands
  • foreign investment reporting, single master form
  • share premium received from foreign holding companies not income chargeable to tax.

Read more.

 

Various tax areas - June 2018

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

  • tax treatment of payments foreign company received for global reservations, other services
  • issuance of “fresh” equity shares not a transfer of capital asset, and not taxable
  • foreign non-profit’s receipts not taxable in India.

Read more.

 

Various tax areas - June 2018

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

  • payments for content delivery solutions do not create permanent establishment
  • loan-related fees paid to non-resident under India-France income tax treaty
  • marketing business process outsourcing services not taxable as fees for technical services
  • discounted cash flow method, tax treatment of share transfers.

Read more.

 

Various tax areas - June 2018

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

  • India-United States income tax treaty benefits apply without tax residency certificate
  • Indian subsidiary not permanent establishment under India-Saudi Arabia income tax treaty.

Read more.

Japan

Treaties

Trade agreement - 13 June 2018

Japan’s Diet passed a bill for ratification of a “comprehensive progressive agreement” for the Trans-Pacific Partnership trade agreement.

Read more.

Myanmar

Tax legislation approved and regulatory update

Withholding tax - 1 July 2018

The notification 47/2018 was issued on 18 June 2018 to make some significant changes to the withholding tax system that take effect from 1 July 2018.

Read more.

Pakistan

Tax legislation approved and regulatory update

Various tax areas  - 5 June 2018

Tax law amendments proposed by Finance Bill, 2018, have been enacted as Finance Act 2018.

Read more.

Thailand

Proposed legislation

Currency conversion methods - 6 June 2018

The Thai Revenue Department released draft amendments to the Thai Revenue Code to introduce alternative currency conversion methods and a new functional currency approach.

Read more.

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