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.
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.
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.
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.
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 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.
In a number of new pieces of legislation and other actions, the Myanmar government has expanded the list of business activities that require the formation of a joint venture (JV), cut import tax benefits for a variety of businesses, and has announced that it is seeking investors for a new Special Economic Zone (SEZ).
According to survey results recently released by the U.S. Chamber of Commerce in Singapore, Vietnam is the second most popular destination for U.S. business expansion among the member states of the Association of Southeast Asian Nations (ASEAN). Indonesia took the top position.
On Wednesday, the Association of Southeast Asian Nations (ASEAN) and its FTA partners – Japan, New Zealand, China, India, South Korea and Australia – held their second round of ministerial talks for the Regional Comprehensive Economic Partnership (RCEP). Ministers expressed optimism for meeting the RCEP completion target of December 2015.
There are a number of important ASEAN regional meetings taking place in September, including the General Assembly of the ASEAN Inter-parliamentary Assembly and the Forum on Good Governance.
Members of APEC moved closer towards realizing their commitment towards free trade in environmental goods, after recent meetings this month.