Asia Pacific & MENASA International Tax Newsletter

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.

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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.

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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.

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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.

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

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

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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.

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

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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.

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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.

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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.

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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.

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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

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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.

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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

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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,

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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.

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

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Tax Amnesty Law was published in the Royal Gazette.

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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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