Asia Pacific & MENASA International Tax Newsletter

KPMG in Australia explores new aviation reforms that could have a significant impact on Australian exporters.

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KPMG in Australia discusses the concept of “sufficient influence” within the CFC Rules which was tested in court.

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KPMG in Australia discusses the Full Federal Court decision on the customs treatment of vitamins and weight loss supplements marketed as chewable gummies.

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The recent decision in Burton v Commissioner of Taxation has seen the Federal Court find in favour of the ATO when interpreting the foreign income tax offset provisions as they relate to capital gains.

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The full bench of the Federal Court of Australia has published its decision in Harding v Commissioner of Taxation.

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KPMG in Australia explores in more detail the worldwide gearing ratio under Australia’s thin capitalisation rules.

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Chinese enterprises and individuals investing overseas, as well as foreign businesses with operations in China, need to consider measures in certain jurisdictions intended to address concerns about taxation and economic substance requirements.

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The Central Board of Indirect Taxes and Customs issued guidance in order to implement provisions of the Central Goods and Services Tax (Amendment) Act, 2018 and Integrated Goods and Services Tax (Amendment) Act, 2018.

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The state budget for Kerala includes a proposal for a “flood cess” that would apply for a two-year period.

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The Finance Minister presented the “interim union budget 2019.”

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

• input tax credit denial, implications for price increase
• health insurance for employees’ parents, not a supply of services
• tax sparing credit under India-Thailand income tax treaty. 

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

• pre-fabricated structure not eligible for input tax credit, since immovable property
• amnesty program, resolving pre-GST liabilities in Maharashtra state
• Form C and products used in manufacturing process
• when do goods clear customs vs. when are they subject to sales tax.

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KPMG in India has prepared reports on the following tax developments

• 100% deduction allowed after substantial expansion
• encouraging investment in startups
• transfer of shares in company vs. sale of assets.

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A regulation concerning the taxation of e-commerce transactions is effective 1 April 2019. The regulation applies to all e-commerce transactions including transactions made by online retailers or through social media or made as classified advertisements or daily deals.

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KPMG in Jordan prepared a summary of corporate tax and individual tax rates effective in 2019.

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The Ministry of the Economy and Finance announced 21 amendments to the "enforcement decrees" for implementing changes to the tax law as passed by the National Assembly in December 2018.

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The Central Bank of Myanmar issued two directives concerning equity investments into local banks and foreign currency for payments.

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KPMG in New Zealand highlights Tax Working Group’s key recommendations and relevant design features.

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Ministerial Decision published recently includes provisions that supplement and clarify the application of certain provisions under Oman’s tax law.

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President Rodrigo Roa Duterte signed into law the Tax Amnesty Act, providing for the settlement of estate tax obligations, and the settlement of tax delinquencies, through an amnesty program.

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A VAT regime in Qatar is expected to be effective beginning from 1 January 2020, with VAT being broadly imposed at a rate of 5%.

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A new grant program for enterprises seeking to raise capital through the Singapore equity market will be launched.

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Singapore deposited with the OECD its instrument of ratification of the multilateral instrument (MLI) addressing base erosion and profit shifting (BEPS) by allowing jurisdictions to amend their tax treaties to include tax treaty-related BEPS recommendations.

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The KPMG Budget 2019 publication provides a synopsis and captures our perspectives on Budget 2019, covering key initiatives as well as implications for businesses and individuals in Singapore.

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KPMG in UAE shares insights on Dubai’s 2019 fiscal budget, as well as other key developments in the UAE.

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The Saudi Arabian Cabinet approved an agreement between the governments of the Kingdom of Saudi Arabia and the United Arab Emirates. The aim is to avoid double taxation in respect to income and capital, and to prevent tax evasion.

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