VAT and GST rates within ASEAN vary widely between member states – from 12 percent in the Philippines to countries which do not currently levy these taxes at all, such as Laos and Myanmar. For those considering investment, GST, VAT, and other taxation tied to the purchase of specific goods should be watched closely.
The Philippines has announced the resumption of field audits from the Philippine Bureau of Internal revenue. Understand how the functions of the BIR have changed and what field audits will mean for your Investments.
Investors in Investment Precious Metals (IPMs) will no longer be required to base pricing on commodity spot prices to claim exemption from GST. Understand what has changed and how the new policy is likely to impact investment.
Malaysia is one of the most prolific traders within the ASEAN bloc. Helping to ensure the longevity of this position, the country has introduced a 70 percent tax incentive for those in the shipping industry. Understand the particulars of these incentives and learn how you may benefit.
Malaysia has introduced Goods and Service Taxation (GST) as of April 2016. Learn how this tax has been implemented and understand its projected impact on business throughout the country.
Thailand is seeking to position itself as a regional management center within ASEAN. Read more to learn about incentives offered by the Kingdom as well requirements needed to tap into these opportunities.
Malaysia has raised its minimum wage in a bid to incentivize a shift towards automated manufacturing. Learn the details of this new policy and understand its implications for specific sectors and the Malaysian economy at large.
The Duterte administration has successfully taken office and promises exciting changes for the Philippine economic landscape. A key highlight in its plans is a promise to lower income based taxation while supplementing government income with VAT hikes and slashes to investment incentives.
With the passing of Ruling No. 12/2015, it is time for Malaysian residents to double check their taxes. Section 104 of the Income Tax Act of 1967 had established that individuals with outstanding tax dues would be forbidden from leaving the country until the debt was settled, but this law was never enforced – until last year.
In this issue of ASEAN Briefing, we examine regional taxation in ASEAN through a comparison of corporate, indirect, and withholdings taxation. Read more for a more effective understanding of your tax options throughout the region.