Singapore adopts a territorial basis of taxation and so businesses are taxed only on Singapore-sourced income.
Taxes in Thailand are governed by the Revenue Code, which follows the concept of a self-assessment system.
Malaysia implements a territorial tax system with residents and non-residents taxed on their Malaysian source income.
The Philippines imposes a territorial tax system, meaning only Philippine-sourced income is subject to taxes.
Singapore will increase its goods and sales tax (GST) as planned from January 1, 2023, from seven to eight percent.
Thailand has introduced new incentives aimed at supporting high-tech industries, tax exemptions for companies relocating to the country, and rewarding existing investors.
Cambodia has introduced new income tax thresholds for 2023 under Sub-Decree 196.
Outbound travelers from Singapore’s Changi International Airport will face higher airport charges starting from November 1, 2022.
Thailand’s Board of Investment (BOI) offers a range of tax and non-tax incentives to foreign companies making investments in the country. In this article, we discuss the various tax and non-tax incentives on offer for foreign investors in Thailand.
The Philippines has extended and expanded the tax incentives for a variety of industries under the 2022 Strategic Investment Priority Plan.