International Tax Asia Pacific and MENASA December 2018 - January 2019
This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Europe and Africa Regions between 1 December 2018 and 15 January 2019.
|Hong Kong||New Zealand|
For a full summary of global tax developments, visit home.kpmg/TaxNewsFlash.
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|Proposed legislation||Corporate income tax||January 2019||
Legislation has been proposed to provide a profits tax exemption for private funds operating in Hong Kong.
14 December 2018
The ruling coalition agreed to an outline of tax reform proposals that include corporate and international tax measures. The corporate tax proposals include:
|Treaties||Economic Partnership Agreement||1 February 2019||The EU-Japan Economic Partnership Agreement will enter into force 1 February 2019, following completion of the agreement’s ratification by the EU Parliament and Japan’s National Diet. Read more|
|Proposed legislation||GST||December 2018||
New Zealand’s government introduced a bill that includes measures GST rules for low-value imports and the tax treatment of residential rental properties.
|Tax legislation approved and regulatory update||Corporate income tax||December 2018||
Additional requirement for CIT reduction or exemption on royalty income under the International Headquarters regime.
|Administrative case law||VAT||January 2019||
The General Department of Taxation issued an “official letter” to all provincial tax departments addressing the VAT rules for electronic and paper invoices.