Other Briefings
Singapore Parliament Back in Business: Multiple Legal Reforms on the Agenda
On its first day back in business, January 19, 2015, Singapore’s Parliament has approved the Industrial Relations (Amendment) Bill and the Pawnbrokers Bill on second readings, and saw the introduction of the Community Disputes, Deep Seabed Mining, Liquor Control (Supply and Consumption), and MediShield Life Scheme Bills.
Letters of Credit Required for Indonesia Commodities Exporters
A Rule from Indonesia’s Trade Ministry requires commodity exporters to use letters of credit (L/C) in overseas shipments from April 1, 2015. The new rule will effect coal, oil and gas, palm and palm-kernel oil, and minerals including tin. According to the Ministry, these commodities together accounted for over 41 percent of Indonesia’s exports from 2009 to 2013, averaging $US71 billion per year.
OECD and ASEAN Release Investment Policy Review of Myanmar
On December 9th, the Second ASEAN-OECD Investment Policy Conference was held in Jakarta, Indonesia, to discuss the continued facilitation and promotion of ASEAN investment for regional integration. The event brought together ASEAN investment policy makers, Organization for Economic Cooperation and Development (OECD) members, and industry leaders, to showcase ASEAN’s regional investment integration achievements since the first conference in 2010. Included at the conference was the release of the OECD’s Investment Policy Review of Myanmar, which marked the country as one to watch heading into 2015.
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.
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.
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.
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.
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.
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.
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.
