Other Briefings
Thailand’s Government to Cut Land and Buildings Tax and CIT Rates on SMEs
Thailand’s government has announced that it will be cutting the tax rates on its Land and Building tax, as well as on its Corporate Income Tax rates for small and medium-sized enterprises.
The Philippines Expands the Number of Taxpayers Included in its e-Tax Filing Program
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
ASEAN Regulatory Brief: CIT Incentives, PIT Changes, Export Management Fees, VAT on E-commerce, and More
In this ASEAN Regulatory Brief, we look at some of the important regulatory changes taking place in Thailand, Cambodia, Malaysia, Indonesia, and Indonesia during the months of January and February.
Philippine Economic Growth Looks Strong in 2015
The Philippines has become one of the fastest growing economies in Asia, with an annual GDP growth rate of 6.1 percent in 2014 – the second highest in the Asia-Pacific region after China. This healthy growth is due to strong economic fundamentals and a faster than expected GDP growth of 6.9 percent in the fourth quarter of 2014.
Indonesia Online: A Guide to E-commerce
While currently, e-commerce only accounts for less than one percent (worth ~US$2 billion per year) of Indonesian retail spending, analysts believe that the country’s fast growing middle class and proliferation of smartphones will soon raise that share to eight percent (worth US$8 billion) in just a few years. If that scenario were to happen, then Indonesia’s e-commerce market would be the largest in Southeast Asia.
January 2015 ASEAN Regional Meetings
There are a number of important ASEAN regional meetings taking place in January, these include the ASEAN Tourism Forum held in Myanmar and the 117th ASEAN Federation of Accountants (AFA) Council Meeting, which will be held in Kuala Lumpur.
Indonesia Looks to Foreign Investment to Boost Economy
Indonesia is set to introduce a one stop service for providing ministry licenses, speed up the completion of government tenders by March each year, establish a land bank to fast track infrastructure projects and release a five-year $450 billion infrastructure investment plan.
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.
ASEAN Exchanges: Myanmar Integrates Further
Myanmar’s Deputy Finance Minister, Maung Thein, has announced that the over-the-counter Myanmar Securities Exchange Centre (MSEC) will be replaced with the Yangon Stock Exchange in October 2015. So far, ten companies are expected to meet the criteria for initial listing on the exchange.
Cambodia Raises its Income Tax Threshold
At the beginning of January, Cambodia reduced the income tax burden on workers in the country. The government has raised its tax threshold from 500,000 riel (US$125) to 800,000 riel (US$200). The previous lowest income tax bracket had begun at 500,000 riel, at a rate of five percent. This change puts approximately US$3.75 a month back into the pockets of workers in Cambodia earning over US$200 per month.
