Other Briefings
Changes to Singapore Transfer Pricing Guidelines
On 6th January 2015, the Inland Revenue Authority of Singapore (“IRAS”) released revised transfer pricing guidelines.
Gulf Cooperation Council and Singapore Complete FTA
On January 1, 2015, the Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and Singapore entered into force. The FTA covers trade in goods and services, customs procedures, e-commerce, economic cooperation, government procurement, rules of origin and other matters.
Indonesia-Malaysia Financial Agreement a Model for Bilateralism
Indonesia’s Financial Services Authority (OJK) banking supervision commissioner Nelson Tampubolon has said a recent agreement with Malaysia, which eases Malaysian restrictions on Indonesian banks, is a model for future bilateral agreements. He intends to use the agreement as a basis for planned negotiations with Singapore.
Philippines the First ASEAN Country to Join the EU’s General System of Preferences Plus (GSP+)
On December 18, 2014, the European Parliament officially granted the Philippines’ request for inclusion in the European Union’s (EU) General System of Preferences Plus (GSP+). The Philippines will soon be able to export, tariff-free, over 6,200 products (66 percent of all product tariff lines) to the EU, including processed fruit, coconut oil, footwear, fish, and textiles.
Singapore Signs IGA on FATCA with the United States
On December 9, 2014, Singapore became the first country in Southeast Asia to sign an Intergovernmental Agreement (IGA) on tax information sharing with the United States. The signing follows an in substance agreement reached between Singapore and the US in May 2014. Most countries around the world have been entering into IGAs with the US government since the US introduced a complex reporting and withholding regime through the passage of the Foreign Accounts Tax Compliance Act (FATCA) in March 2010.
ASEAN Open Skies Policy To Be Implemented in 2015
The ASEAN Open Skies policy will be implemented next year with the goals of increasing regional and domestic connectivity and enhancing regional trade.
Cambodian Government Preparing Standardized Tax Reports
The Cambodian Ministry of Economy and Finance is drafting standardized accounting procedures for small and medium-sized businesses. The main goal of the draft is to streamline bookkeeping, improve tax collection efforts for the government, and make it easier for lending institutions to evaluate loans.
Turkey Launches Anti-Dumping Probe into Malaysia, Vietnam Steel Re-Exports
The Vietnam Competition Authority has announced that Turkey’s Ministry of Economy is investigating steel products imported from Malaysia and Vietnam following a complaint by M/s Jindal Stainless Limited.
Thailand’s European Tariff Privileges Withdrawn
The European Union’s generalized scheme of preferences (GSP) will be withdrawn from over 6,200 Thai products on 1 January, 2015. The scheme provides developing country exporters with reduced or nil duties on exports to the EU until they are deemed competitive enough to no longer need such support.
Indonesian Rupiah Shows Signs of Recovery After Steep Declines
The Indonesia rupiah has stabilized after hitting its lowest point since the 1997-98 Asian Financial Crisis. The currency had fallen to a low of 12,930 rupiah/US dollar on Tuesday morning but later strengthened to close at 12,680. The rupiah made further gains on Wednesday by growing 0.2 percent to 12,658, according to local exchange rates published by Bloomberg. The Jakarta Composite Index (JCI), the main price barometer of the local stock exchange, also rose 0.2 percent, partially reversing a 1.9 percent fall on Tuesday.
