This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Asia Pacific & MENASA Regions between 1 June and 30 June 2019.
For a full summary of global tax developments, visit home.kpmg/TaxNewsFlash.
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|Tax area concerned||Relevant date||Description of measures and publication link|
|Tax legislation approved and regulatory update||Hybrid mismatch||28 June 2019||
Changes to the 2019 international dealings schedule relating to the hybrid mismatch rules (and instructions) have been released.
With the MLI now in force for Australia’s income tax treaties, taxpayers need to consider how the adoption of the MLI is affecting the network of Australia’s tax treaties.
|Tax legislation approved and regulatory update||VAT||June 2019||
The National Bureau for Revenue provided guidance concerning certain VAT topics.
|Tax legislation approved and regulatory update||
The due dates for filing certain goods and services tax returns has been extended.
|Proposed legislation||GST||June 2019||
The Indian government announced a plan for transitioning to a new GST return. A prototype of the new GST return was released in May 2019.
|Administrative and case law||Various tax areas||June 2019||KMG in India has prepared reports about the following tax developments:
|Administrative and case law||Various tax areas||2019||KMG in India has prepared reports about the following tax developments:
|Tax legislation approved and regulatory update||Corporate income tax||June 2019||
Guidance concerning a new method of calculating monthly tax instalments, specifically for new entities and certain taxpayers.
|Tax legislation approved and regulatory update||Business tax||19 June 2019||
A proposal to amend the Tokyo business tax rates, applicable for fiscal years beginning on or after 1 October 2019 was passed by the Tokyo Metropolitan Assembly.
|Tax legislation approved and regulatory update||Tax residence||June 2019||
New Zealand’s Inland Revenue and the Australian Taxation Office reached an agreement for determining the tax residency of dual-resident companies.
|Proposed legislation||Digital services tax||June 2019||
The government released a discussion document with regard to proposals for a digital services tax.
|Tax legislation approved and regulatory update||WHT||June 2019||
Recent developments in Oman concern withholding tax, incentives for specialized zones, and excise tax on certain products.
|Proposed legislation||Budget||June 2019||
The 2019 budget contains measures that are expected to be included in the Finance Bill 2019 and that relate to direct and indirect taxes and certain other fiscal laws.
|Tax legislation approved and regulatory update||VAT claims||May 2019||
The Bureau of Internal Revenue issued a Revenue Memorandum Order setting forth the procedures under the 90-day period for processing and granting claims for VAT refunds or credits.
|Tax legislation approved and regulatory update||Excise tax||June 2019||
General Authority of Zakat and Tax has determined excise tax will apply for the following products: sugary drinks, electronic cigarettes, and electronic cigarette fluids.
|Treaties||Double tax treaties||June 2019||
The UAE recently signed new income tax treaties with Gabon and Argentina.
|Tax legislation approved and regulatory update||Various tax areas||June 2019||
“Official letters” from the tax administration provide guidance with regard to issues concerning corporate income tax, VAT, foreign contractor tax, customs duties, and individual income tax.