Legal & Regulatory

ASEAN Regulatory Brief: Airport Services, GST, Fuel Subsidies, and Tax Incentives

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In this ASEAN Regulatory Brief, we look at some of the important regulatory changes taking place in Thailand, Malaysia, the Philippines, and Indonesia during the months of May and June.

Malaysia Delays FATCA Compliance

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Malaysia’s Inland Revenue Board (IRB) has deferred the filing deadline for the country’s financial institutions to comply with the 2014 reporting year under the United States Foreign Account Tax Compliance Act (FATCA). The new deadline has been set for June 30, 2015.

Indonesia Gives Tax Breaks to Exporting Manufacturers

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Indonesia has brought in tax breaks for enterprises exporting a minimum of 30 percent of their production, in line with tax breaks for multinationals re-investing profits in-country rather than sending profits and dividends to overseas shareholders.

ASEAN Regulatory Brief: Work Permits, Tax Filing, Rates and Incentives

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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 Issues Income Tax Exemptions

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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.

Philippines Seeks to Allay Fears about Upcoming Tax Incentives Management and Transparency Act

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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 Recognizes First Patent Application

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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.

Understanding Inheritance and Estate Tax in ASEAN

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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.

Understanding how Singapore’s Budget 2015 will Affect Your Business

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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 Expands the Number of Taxpayers Included in its e-Tax Filing Program

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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.

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