This ASEAN Regulatory Brief guides you through new Indonesian work permit regulations, tax filing procedures in the Philippines, and new tax rates and incentives in Myanmar and Malaysia.
The Philippines’ Bureau of Internal Revenue (BIR) has recently issued regulations that are intended to implement an increased individual income tax exemption cap for 13th month pay and other benefits to PHP82,000 (US$1,827), up from its previous level of PHP30,000. These new regulations will apply to workers in both the public and private sectors and are retroactively applicable from January 1, 2015. It is estimated that over half a million employees will benefit from the tax changes.
The Philippines’ Senate has introduced the Tax Incentives Management and Transparency Act, which attempts to create greater transparency around tax incentives. However, the new legislation has proven controversial – businesses have been fearful that they may lose their current tax breaks.
Cambodia has recognized its first-ever patent application, marking a landmark for legal services provision in the country. The country has had a patent law in place since 2003, enacted as part of the countries WTO obligations, however has struggled with the internal mechanisms required to enable it to actively process such applications.
Inheritance and estate taxes (sometimes referred to as “death taxes”) can have a significant financial effect upon your assets if you are not ready for their imposition. While ASEAN is working to standardize many financial regulations throughout the economic community, inheritance and estate taxes are still imposed differently depending on the country.
On Monday, February 23rd, Singapore’s Finance Minister and Deputy Prime Minister, Tharman Shanmugaratnam, announced the release of the country’s Budget 2015, which, among welfare benefits for senior citizens, will have a number of important consequences for businesses.
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
In this ASEAN Regulatory Brief, we look at some of the important regulatory changes taking place in Thailand, Cambodia, Malaysia, Indonesia, and Indonesia during the months of January and February.
The government of Singapore has announced that it will postpone the effective date of the amendment to the Companies Act 2014 (the Amendment) and the Business Names Registration Act to the second quarter of 2015, as stated by the Accounting and Corporate Regulatory Authority (ACRA) earlier this year. An exact date is yet to be announced, but according to ACRA more details will be made public about two months before the changes are due to take place. Agencies and stakeholders likewise will have more time to adapt to the new legislative changes.
The Singapore Exchange (SGX) has released a disclosure guide aimed at aiding companies’ compliance with the country’s corporate governance regulations. The document, structured in a concise question & answer-format, will not only help companies to comply with key aspects of governance, but will also make it easier for investors to assess the companies they might invest in.