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    ASEAN Tax and Regulatory Update

    In this article we highlight some of the recent tax and regulatory actions taken in the ASEAN region. The importance of ASEAN continues to grow, with 2015 set to see the implementation of the ASEAN Economic Community (AEC). The AEC seeks to “transform ASEAN into a single market and production base, a highly competitive economic region, a region of equitable economic development, and a region fully integrated into the global economy.” Collectively, ASEAN represents a market of some 600 million people, with a combined GDP of about US$2.5 trillion and upwards of US$1.5 trillion in trade flowing throughout the region.

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    Singapore: IRAS Consultation on Transfer Pricing Documentation

    On September 1, 2014, the Inland Revenue Authority of Singapore (“IRAS”) released a consultation process whereby it has requested comments on proposed changes to the transfer pricing documentation requirements in Singapore.

  • by Reading Time: 2 minutes

    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.

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    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.

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    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.

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    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.

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    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.

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    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).

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    Thailand’s Intellectual Property Regime

    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.

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    Singapore Strengthens Investor Protections

    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.

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