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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

Asia Pacific & MENASA regions

November 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 November and 30 November 2018.

 

Asia Pacific Australia Hong Kong (SAR)
India Japan Malaysia
Papua New Guinea Saudi Arabia Taiwan
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 Publications

Various tax areas  - October 2018

A summary of tax developments of interest to financial institutions in the Asia Pacific region from the third quarter of 2018.

Read more.

Australia

Proposed legislation

Stamp tax - 6 November 2018

The New South Wales government announced plans to index the stamp tax (duty) brackets to the consumer price index for residential property transactions.

Read more.

Petroleum resources rent tax - 2 November 2018

KPMG in Australia discusses the Federal Government’s proposed reforms to the Petroleum Resources Rent Tax regime and what it may mean for those companies operating in the oil and gas business.

Read more.

 

Administrative and case law

Hybrid mismatch arrangements - 13 November 2018

KPMG in Australia discusses Practical Compliance Guideline: Part IVA of the Income Tax Assessment Act 1936 and restructures of hybrid mismatch arrangements.

Read more.

Payroll tax - 21 November 2018

Identifying the tax implications for businesses that engage independent contractors is one of several issues under the microscope for tax authorities at both federal and state levels.

Read more.

Tax Implications - 21 November 2018

KPMG’s Laszlo Peter, Julian Humphrey, Peter Xing and Siemen Hanssen explore the current and future tax implications for cryptocurrencies.

Read more.

Hong Kong (SAR)

Tax legislation approved and regulatory update

Tax Deduction  - 8 November 2018

New research and development (R&D) tax regime has been approved. Certain "minor" amendments were made to the R&D tax regime as originally proposed.

Read more.

India

Administrative and case law

Goods & Services Tax (GST) - 7 November 2018

The tax authority in India issued guidance concerning the rules for withholding (or “deducting”) the goods and services tax (GST) at source.

Read more.

 

KPMG publication

Tax Developments - November 2018

The KPMG member firm in India has prepared reports about the following tax developments:

  • ­Central VAT credit allowed on telecom towers, shelter, accessories
  • Withholding tax on shares under employee stock option
  • Value of goods supplied
  • Liquidation of shares under employee stock option taxed as capital gains
  • Salary received in India by non-resident for services outside India not taxable
  • Fees for technical services not taxable, income from source outside India. 

Read More.

Japan

KPMG publication

Taxation System - 20 October 2018

A general overview of the taxation system in Japan including the following topics:

  • Taxation of Companies
  • Taxation of Partnerships
  • Taxation of Individuals
  • International Tax
  • Indirect Tax
  • Other Taxes and Surcharges.

Read more.

Malaysia

Tax legislation approved and regulatory update

Tax Policy - 5 November 2018

KPMG’s Merriden Varrall discusses Malaysia’s approach to tax policies following the election of former Prime Minister Mahathir Mohamed in May and the abolition of the unpopular goods and services tax (GST).

Read more.

 

Proposed legislation

Budget - 2 November 2018

The 2019 Budget carries the theme “A Resurgent Malaysia, Dynamic Economy, A Prosperous Rakyat” which highlights the Government’s focus towards the Rakyat’s welfare and well-being while ensuring the country’s economic growth remains sustainable.

Read more.

Papua New Guinea

Proposed legislation

Tax Provision - 16 November 2018

The 2019 budget proposes changes to tax rules concerning loss carryforwards, tax thresholds, and certain customs and excise rates.

Read more.

Saudi Arabia

Treaties

Tax Treaties - 7 November 2018

The Kingdom of Saudi Arabia has signed the multilateral convention to implement tax treaty-related measures pursuant to the base erosion and profit shifting (BEPS) project of the Organisation for Economic Cooperation and Development (OECD).

Read more.

Taiwan

Tax legislation approved and regulatory update

Income Tax - 14 November 2018

The government of the Czech Republic is taking steps for legislation that would correspond to an income tax treaty—such legislation being necessary because the Czech Republic does not recognize Taiwan as an independent state and thus cannot enter into an income tax treaty with Taiwan.

Read more.

Thailand

Proposed legislation

Labor Protection Law - November 2018

The proposed amendments to the Labor Protection Act (“Draft Amendment”) has recently been approved, in principle, by the National Legislative Assembly (“NLA”).

Read more.

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