Oktober 09. 2024

Asia Tax Bulletin - Autumn 2024

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As the world is gearing up for the effective introduction into law of the Global Minimum Tax rate of 15% for large MNCs with global turnover of EUR 750 million (or its equivalent in local currency), a number of Asian jurisdictions (Japan, Singapore and Taiwan) have recently introduced new legislation or interpretative guidance to accommodate this development, which will take effect on 1 January 2025 for Singapore and Taiwan. The global minimum tax rules will significantly alter the way large MNCs will conduct their tax planning. Other developments highlighted in this edition are, amongst others, Hong Kong’s new patent box tax provisions, Malaysia’s guidance on hybrid instruments, India’s tax changes concerning long term capital gains and Indonesia’s tax incentive relating to Nusantara, the new capital. There have also been some interesting tax cases in India dealing with the recognition of valid tax residency certificates issued by foreign authorities and the limitations on the tax administration as regards its questioning of the commercial need for incurring business expenses which you will find in this edition.

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The Asia Tax Bulletin helps you stay up-to-speed on the tax implications for your company’s investments all over the region. The publication updates you quarterly on the news and analysis from 12 jurisdictions: China, Hong Kong, India, Indonesia, Japan, Korea, Philippines, Malaysia, Singapore, Taiwan, Thailand and Vietnam. If you run a business in Asia or invest there from outside, the Asia Tax Bulletin will keep you informed.

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