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.
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.
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.
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 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.
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).
Recently, Thailand has taken significant steps to boost their intellectual property (IP) regime toward international standards of protection and enforcement. This article provides an outline of the main types of IP that can be registered in Thailand, with a number of tips for foreign businesses.
The Monetary Authority of Singapore (MAS) has proposed new measures to improve investor protection, including extending current regulatory safeguards to cover non-conventional investment products and making it mandatory for all investment products to be rated according to their complexity and risk.
Transfer pricing continues to be an important issue for the Inland Revenue Board (IRB) in Malaysia.This article discusses recent developments in transfer pricing in Malaysia and advises taxpayers operating in Malaysia on how to prepare for scrutiny by the IRB.
Singapore and Vietnam committed to greater collaboration on intellectual property (IP) utilization and protection in a Memorandum of Understanding (MOU) signed on Wednesday, July 2. The two countries signed the agreement during the four-day 44th Asean Working Group on Intellectual Property Cooperation (AWGIPC) meeting in Ho Chih Minh City this week.
The U.S. Department of Commerce announced its decision last week to impose an anti-dumping duty on stainless steel pressure pipes imported from Thailand, Malaysia and Vietnam.