2024年7月16日

Asia Tax Bulletin - Summer 2024

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The last edition of the Tax Bulletin was full of news about the annual tax changes proposed in the government budgets as announced by Singapore, Hong Kong, India and Malaysia. This time there is a noticeable development in shaping up for the Pillar 2 movement: the global minimum tax of 15% initiated by the OECD and endorsed by over 100 jurisdictions around the world, including most Asian countries. For most countries, Pillar 2 is scheduled to take effect on the 1 January 2025, which is in a few months time. This will have a tremendous effect on tax planning and tax compliance for those businesses which are within the scope of Pillar 2, as they will want to avoid that their tax burden per country to exceed the required 15%. Another question that has to be factored in is how local country tax incentives affect the ultimate tax costs in Asia. Many countries in Asia have tax incentive programmes aimed to reduce the applicable income tax rate or to exempt profits from tax for any given number of years. As this would typically be nullified as a result of Pillar 2, local governments in Asia are revisiting their programmes in order to retain their competitiveness. Singapore has already announced that it is considering offering qualifying domestic tax credits instead of a reduced income tax rate. Other tax news in this edition includes Taiwan’s new Controlled Foreign Company (CFC) law, Malaysia’s recent relaxation of conditions for foreign income tax exemption of foreign dividends, Singapore’s new transfer pricing guidelines and much more.

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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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