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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

International Tax Asia Pacific and MENASA – March 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 March 2019 and 31 March 2019.

Australia India Thailand
China New Zealand  
Hong Kong Srilanka  

 

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

Australia

  Tax area concerned Relevant date Description of measures and publication link
Tax legislation approved and regulatory update Tax compliance / Payroll  1 July 2019

Employers will need to review their foreign employee population and ensure a process is in place by 1 July 2019 to manage an additional Single Touch Payroll reporting obligation.

Proposed legislation  Capital gains tax  March 2019 

KPMG in Australia discusses proposed changes to capital gains tax main residence exemption following the indication from Assistant Treasurer Stuart Robert that they would not be pursued further.

Proposed legislation  Tax transparency  March 2019 

The Board of Taxation has released a consultation paper which proposes a number of practical measures to increase the consistency of the information in Voluntary Tax Transparency Code-based reports.

Administrative and case law Directors’ labiality  March 2019 

Directors of companies that underpay their workers are at risk of being personally liable for breaches of the law. The case is: Fair Work Ombudsman v Priority Matters Pty Ltd & Anor.

China

Tax legislation approved and regulatory update Corporate income tax / Tax compliance  March 2019

Multinational corporations with operations in China need to be aware about new filing rules and requirements for their corporate income tax returns for 2018.

Tax legislation approved and regulatory update VAT March 2019

Various agencies in China jointly released new policies and implementation rules under the VAT regime.

Tax legislation approved and regulatory update Individual income tax 14 March 2019

The Ministry of Finance and the State Taxation Administration provided further guidance regarding the tax treatment of non-residents and non-PRC-domiciled resident individuals on.

Tax legislation approved and regulatory update Individual income tax  / Tax incentives  14 March 2019

New individual income tax Preferential Policy for foreign high-end talent and urgently-needed talent working in the Greater Bay Area.

Tax legislation approved and regulatory update Individual income tax  / Tax incentives  1 January 2019

The Ministry of Finance and the State Taxation Administration jointly issued an Announcement on the Standards for Determining the Length of Residence of Non-PRC-domiciled Individuals, which is effective retrospectively from 1 January 2019.

Proposed legislation VAT 5 March 2019

Chinese Premier announced that the VAT rates of 16% and 10% that apply to the supply of certain goods and services would be reduced to 13% and 9%, respectively.

Hong Kong

Tax legislation approved and regulatory update Tax compliance   March 2019

Taxpayers need to consider the number of recent tax changes in Hong Kong, given the looming tax compliance season for the 2018/19 year of assessment.

India

Administrative and case law Customs  March 2019

The Gujarat High Court rejected a “pre-import condition” for a business to assert that it was eligible for duty-free imports of inputs under an exemption scheme.

Administrative and case law Various tax areas  March 2019

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

  • input tax credit not available for post-supply discounts
  • amount raised on issuance of shares at premium is taxable

 

Administrative and case law Various tax areas  March 2019

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

  • clarification of GST treatment, sales promotions
  • amnesty to settle pre-GST disputes, Maharashtra state.

 

Administrative and case law Various tax areas  March 2019

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

  • applicability of provident fund contributions on allowances
  • taxability of composite scheme of arrangements, demerger and amalgamation
  • supply of certain engineering technical knowledge not taxable as “fees for technical service” under the UK tax treaty
  • deduction of interest not allowed on conversion of interest into a loan

 

New Zealand

Administrative and case law  Tax avoidance March 2019

The key facts and highlights of the High Court’s decision on the Cullen Group tax avoidance case. The High Court has ruled that the Eric Watson controlled Cullen Group used a “web of entities” to avoid paying non-resident withholding tax of 15% on loans to other Watson controlled entities in the Cayman Islands,

Administrative and case law Tax avoidance March 2019

The key facts and highlights of the High Court’s decision on the Frucor Suntory tax avoidance case. This case is the first win for taxpayers on a tax avoidance matter in nearly nine years.

Srilanka

Proposed legislation  Budget 2019      March 2019

KPMG in Sri Lanka prepared a summary of the budget proposals for 2019, as presented in Parliament.

Thailand

Tax legislation approved and regulatory update Amnesty law 26 March 2019

Tax Amnesty Law was published in the Royal Gazette.

Other Tax compliance  March 2019

When considering whether to purchase a business, the implications of tax compliance and historical tax exposures on earnings would need to be weighed.

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