Other Briefings
Singapore Releases e-Tax Guide to Help Financial Institutions Comply with FATCA
Singapore’s Ministry of Finance, the Monetary Authority of Singapore, and the Inland Revenue Authority of Singapore (IRAS) have issued a draft e-Tax Guide that is intended to help financial institutions (FIs) in Singapore comply with the United States Foreign Account Tax Compliance Act (FATCA).
ASEAN Investment Horizons: Key Industries for AEC 2015 – New Issue of Asia Briefing Magazine
In this issue of Asia Briefing, we forecast the effects of ASEAN Economic Community on foreign investment into the region in the lead up to 2015. Following this, we highlight what is happening in some of ASEAN’s hottest industries for investment, including electronics, information and communications technology, textiles and medical devices.
Singapore Publishes Revised Edition of its Productivity Credit e-Tax Guide
The Inland Revenue Authority of Singapore (IRAS) has published a revised edition of its e-tax guide for the Productivity and Innovation Credit (PIC). The new guide includes the changes made in February’s 2014 Budget Statement.
The Philippines Issues Restraining Order on Investor Disclosure Rules
On September 9th, the Philippines’ Supreme Court issued a temporary restraining order on the Bureau of Internal Revenue (BIR), which prevented it from enforcing regulations requiring the submission by withholding agents of a list of their investors receiving taxable income. These regulations were laid out in Revenue Regulations (RR) No. 1-2014, which were promulgated earlier this year.
Hong Kong Signs on to New OECD Global Tax Standards
The government of Hong Kong has recently announced that it will support the new Organization for Economic Cooperation and Development’s (OECD) new global standards on the automatic exchange of information for the purposes of enhancing tax transparency and combating cross-border tax evasion.
Malaysia to Introduce a Goods and Services Tax (GST) of Six Percent
The Malaysian government has announced that on April 1, 2015 it will implement a Goods and Services Tax (GST) of six percent. The new GST will replace the current sales and service tax regime.
Indonesia Seeks to Clarify Transfer Pricing Practices with PER 22
Transfer pricing continues to be a critical issue for the Indonesian Tax Office (“ITO”). In an effort to provide much needed clarity on transfer pricing practices, particularly in relation to transfer pricing audits, the ITO issued PER 22[1] to provide guidance to auditors on what they should be focusing on in terms of transfer pricing audits. Although auditors are the primary audience for PER 22, which came into effect on July 1 2013, taxpayers can rely on this guidance in order to anticipate the focus and direction of scrutiny in relation to transfer pricing audits in Indonesia.
Myanmar Expands List of Mandatory JVs, Cuts Import Tax Benefits, Seeks Investors for SEZ
In a number of new pieces of legislation and other actions, the Myanmar government has expanded the list of business activities that require the formation of a joint venture (JV), cut import tax benefits for a variety of businesses, and has announced that it is seeking investors for a new Special Economic Zone (SEZ).
Vietnam Ranks as 2nd Most Attractive Nation in ASEAN for US Business
According to survey results recently released by the U.S. Chamber of Commerce in Singapore, Vietnam is the second most popular destination for U.S. business expansion among the member states of the Association of Southeast Asian Nations (ASEAN). Indonesia took the top position.
RCEP Ministers Remain Optimistic Despite Negotiation Hurdles
On Wednesday, the Association of Southeast Asian Nations (ASEAN) and its FTA partners – Japan, New Zealand, China, India, South Korea and Australia – held their second round of ministerial talks for the Regional Comprehensive Economic Partnership (RCEP). Ministers expressed optimism for meeting the RCEP completion target of December 2015.
