In part one of this three part series on financial reporting within the Association of South East Asian Nations, ASEAN Briefing outlines the state of IFRS implementation in two of the regions most capitalized economies – Singapore and Malaysia.
Indonesia has announced that it will provide tax relief to exporters on the interest earned from deposits in local banks. The move is part of a larger policy package, launched last month, which aims to jumpstart the economy through greater investment. The performance of the country’s economy has been disappointing for some time now, and the rupiah continues to be weak, falling to its lowest level since the 1997-98 Asian Financial Crisis at the beginning of 2015.
The Inland Revenue Authority of Singapore (IRAS) has released new information on its website relating to compliance with the Foreign Account Tax Compliance Act (FATCA).
The Philippines’ government is set to approve a bill that will reduce the country’s corporate and personal income tax rates. Once implemented, the lowered rates are expected to be a boon for low and middle-income earners.
According to the Securities and Exchange Commission of Myanmar (SECM), all transactions on the soon to be opened Yangon Stock Exchange (YSX) will be commercially taxed.
Thailand’s government has announced the implementation of the country’s first inheritance tax in seven decades is to start in January 2016.
The Inland Revenue Authority of Singapore (IRAS) has recently released an updated version of its e-Tax Guide on Goods and Services Tax (GST) and the Attribution of Input Tax. The new guide, which is intended for businesses that are GST-registered and make both taxable and exempt supplies, explains how a partially exempt business should attribute its input tax and also clarifies when input tax may be considered to be “directly attributable” to a supply.
The Indonesian government has announced that it is raising the import tax rate on a large number of goods, including food, clothing, and other consumer products. The move comes as the country continues to search for a method of jumpstarting its weak economy, which has been experiencing its slowest growth in six years. The government is also hoping that the new tax rates will help support and grow local industries.
The Inland Revenue Authority of Singapore has released new information relating to the regulations for correcting errors made in submitted GST F5/ F7/ F8 forms.
On July 15, the Philippines entered into an Intergovernmental Agreement (IGA) on tax information sharing with the United States in order to comply with the U.S. Foreign Account Tax Compliance Act (FATCA).