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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

Asia Pacific & MENASA regions

September 2018

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Asia Pacific and MENASA regions between 1 September and 30 September 2018.

 

China Hong Kong India
Japan Korea New Zealand
Thailand Turkey  



For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.

To contact the International Tax Team email internationaltax@kpmg.com.

To register for the International Tax webcasts, click here.

International Tax Newsletter - Asia Pacific & MENASA

China

Tax legislation approved and regulatory update

Immigration - 1 September 2018

Beginning 1 September 2018, residents of Hong Kong, Macau, and Taiwan residing in mainland China for a minimum of six months and that satisfy certain requirements can apply for a “residence permit.”

Read more.

Hong Kong

Tax legislation approved and regulatory update

Immigration - 19 September 2018

Same-sex civil partnership, same-sex civil union, same-sex marriage, opposite-sex civil partnership or opposite-sex civil union outside Hong Kong with an eligible sponsor will become eligible to apply for a dependant visa/ entry permit for entry into Hong Kong.

Read more.

India

Tax legislation approved and regulatory update

GST - September 2018

The Central Board of Indirect Tax and Customs issued the following guidance concerning the goods and services tax regime in India.

Read more.

GST - 1 October 2018

India’s Central Board of Indirect Tax and Customs issued guidance items and circulars to make effective certain provisions relating to “tax deducted at source” and tax collected at source.

Read more.

 

Administrative and case law

Service tax - September 2018 The Customs, Excise and Service Tax

Appellate Tribunal issued its findings in a matter concerning the imposition of service tax on “live feeds” of professional cricket matches over various TV channels. The case is: BCCI v. Commissioner of Service Tax.

Read more.

Various tax areas - September 2018

KPMG in India has prepared reports on the following tax developments:

  • GST Forms
  • deduction on interest on fixed deposits 
  • credit for corporate social responsibility payments
    fair market value of inventory converted into capital assets.

Read more.

Various tax areas - September 2018

KPMG in India has prepared reports on the following tax developments:

  • “assured return” on advance payment for commercial space, taxable as interest under income tax treaty with UK
  • GST rates for tax collection-at-source
  • “external commercial borrowings” policy
  • amendment to Companies (Prospectus and Allotment of Securities) Rules, 2014.

Read more.

Japan

Treaties

Multilateral instrument - 26 September 2018

The Japanese government deposited its instrument of acceptance for the Multilateral Instrument (MLI) with the OECD.

Read more.

Korea

Proposed legislation

Tax revision legislation - September 2018

Proposed tax revision legislation for 2019 was unveiled in late July 2018, and then was approved by the Cabinet Council in late August 2018. The legislation would be enacted with passage by the National Assembly.

Read more.

 

Treaties

Double tax treaties - September 2018 

A new income tax treaty between the Czech Republic and South Korea is pending ratification.

Read more.

New Zealand

Proposed legislation

Taxation of capital income - 21 September 2018

New Zealand’s “tax working group” released an interim report that includes discussions of two key issues:

  • the taxation of capital income
  • how the tax system can be used to achieve/encourage environmental and ecological outcomes.

Read more.

Thailand

Tax legislation approved and regulatory update

Immigration - September 2018

The Thai Cabinet issued a new law concerning work permit requirements and other administrative obligations for foreigners working in Thailand.

Read more.

 

Proposed legislation

 

Asset management - September 2018

The Thai Cabinet approved legislation referred to as the “Bill on Trust for Private Asset Management.”

Read more.

Turkey

Tax legislation approved and regulatory update

Foreign exchange rules - 13 September 2018

A resolution published in the official gazette limits the use of foreign currency by residents. Under the resolution, certain “residents” of Turkey cannot determine a contract value or other payment obligations arising from contracts denominated in a foreign currency and cannot index contracts in a foreign currency.

Read more.

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