Private and public companies in Brunei are obligated to audit their accounts as well as hold annual general meetings once a year.
Foreign-owned enterprises and representative offices are obligated to have their annual statements audited.
All companies in Thailand must prepare financial statements for their assigned accounting period to the Ministry of Commerce.
Resident taxpayers are subject to tax on their worldwide income while non-resident taxpayers are taxed on their Cambodia-sourced income only.
Singapore makes it obligatory for registered businesses to file annual financial statements and hold annual general meetings.
All companies incorporated in Malaysia must have their accounts audited by a Ministry of Finance approved auditor as mandated by the Companies Act of 2016.
The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31.
Foreign businesses should focus on Indonesia’s Company Law, which dictates the accounting standards companies should adhere to when preparing financial statements.
This Guide covers the fundamentals of investing in Indonesia, including market entry, company setup, tax and audit, and HR and payroll.
The latest issue of ASEAN Briefing Magazine, titled “Audit and Compliance in ASEAN: Prepare for 2022”, is out now and available as a complimentary download.