Other Briefings
Singapore-Turkey FTA Talks Progressing Despite Service Sector Concerns
Although some disagreements regarding services are yet to be hammered out, negotiations for Singapore-Turkey trade talks are “making good progress” said Singaporean PM Lee Hsien Loong.
Singapore Releases New e-Tax Guide for Business Trusts
The Inland Revenue Authority of Singapore (IRAS) has released a new e-tax guide which provides details on the income tax treatment of trusts registered under the Business Trusts Act, applicable to both trustee-managers and unit-holders.
Malaysia to Implement Lowest ASEAN Goods and Services Tax (GST)
Beginning in April 2015, Malaysia will introduce a goods and services tax (GST) of six percent – the lowest rate in the ASEAN region. The new GST will replace the country’s current sales and services taxes. 2015 will also see the release of Malaysia’s new budget.
The new tax regime is intended to increase the competitiveness of Malaysia’s exports, which will be zero rated. Additionally, a number of special schemes will be implemented in order to support the cash flow of exporters – such as, allowing companies to defer accounting for GST on temporarily imported goods for re-export.
Outlook on ASEAN Investment 2015
Indonesia, Malaysia, and the Philippines are surging ahead of their regional neighbors, with FDI increases of 17, 19 and 20.4 percent, respectively, in 2013, according to Bank of America Merill Lynch. Meanwhile, Singapore continues to receive the lion’s share of total FDI in the region, which last year grew five percent to a net value of nearly US$64 billion. The city-state’s attraction for foreign investors derives not only from its often overlooked manufacturing base, but also as a channel for routing FDI into other locations in ASEAN.
Singapore to Streamline Regulatory Fees for Businesses
In a recent announcement, Singapore’s Accounting and Corporate Regulatory Authority (ACRA) stated that it intends to change its regulatory structure in order to streamline the process for businesses. Under the new system, fees from most ad hoc transactions will be removed.
Understanding How The Philippines Taxes Online Sellers
The Philippines’ Bureau of Internal Revenue (BIR) has issued a memorandum stating that it will now begin collecting taxes from individuals and businesses that are engaged in selling products online.
BPO in the Philippines Could Jumpstart Economic Growth
The month of August saw an all-time high for employment in the Business Process Outsourcing (BPO) sector in the Philippines, hitting over one million employees. The growth in employment is being primarily driven by the expansion plans of a number of companies, such as Accenture and Convergys. Over the past decade, the Philippines BPO industry has seen tremendous growth – revenues and employment have expanded tenfold since 2004. The industry sees an average per year growth rate of 20 percent.
Philippines Signs onto Multilateral Tax Assistance Convention
In a move aimed at streamlining its tax processes, the Philippines has become the 68th nation to sign on to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Kim Jacinto Henares, the Commissioner of the country’s Bureau of Internal Revenue, signed the agreement in Paris on September 26th.
Slow Car Sales Provide Window into Future Indonesia Growth
Car sales in Indonesia, which are seen as a good metric of consumer confidence and domestic consumption, have seen a five percent increase year on year (YoY) through the month of August – a total of 830,398 vehicles have been sold. August saw a substantial increase of 24.1 percent; however, this growth was partly due to the slow sales in July caused by the Ramadan holiday (the Lebaran period).
ASEAN Briefing Wins the 2014 On The Edge Innovation Award
ASEAN Briefing and its parent organisation Dezan Shira & Associates has won the 2014 On The Edge Innovation award at the annual Leading Edge Alliance Global Conference.
