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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

International Tax Asia Pacific and MENASA September 2019

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 September and 30 September 2019.

Australia Indonesia New Zealand
Bangladesh
Japan-India Singapore
China Lebanon
United Arab Emirates
India Myanmar Vietnam


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

Proposed legislation Fringe benefits tax
September 2019

Recommendations from a commission would, if implemented, change the fringe benefits tax rules.

Proposed legislation Offshore banking unit regime September 2019

Changes to Australia’s offshore banking unit regime are expected to be announced by Treasury, and there are some indications that the regime may even be repealed.

Proposed legislation
Zone tax
9 September 2019

A government commission has recommended repealing the “zone tax offset” program.

Bangladesh

Tax legislation approved and regulatory update VAT
19 September 2019

The new VAT measures reflect changes with regard to the application of the VAT regime as well as other provisions concerning VAT payments and VAT compliance rules.

China

Treaties
Free trade agreement
11 September 2019

Guidance issued in August 2019 by China’s General Administration of Customs concerns the ASEAN-China free trade agreement and the rules for country of origin of imported and exported goods.

India

Administrative and case law
Capitals
September 2019

KPMG in India has prepared a summary of the following tax developments:

  • long-term capital loss on sale of listed shares allowed to be carried forward and set-off against other long-term capital gains.
  • provisions do not apply to bonus shares.

 

Indonesia

Tax legislation approved and regulatory update
CFC
19 September 2019

The Minister of Finance issued guidance to provide greater clarity regarding the taxation of distributions from controlled foreign corporations.

Japan

Treaties
MLI       26 September 2019

The Government of Japan released “synthesised text” with respect to the income tax treaty between Japan and India as modified by the MLI that implements tax treaty-related measures under the BEPS project.

Lebanon

Tax legislation approved and regulatory update Budget
27 September 2019

Lebanon’s parliament passed the 2019 budget law that includes changes to the existing tax legislation. Changes include:

  • new payroll tax brackets 
  • new income tax brackets (for individuals and partnerships) 
  • increased tax rate on “moveable capital
  •  “exceptional revaluation” of fixed assets
  • tax evasion defined
  • new import duties on imported goods subject to VAT. 

 

Myanmar

Tax legislation approved and regulatory update
Individual income tax
September 2019

The Internal Revenue Department issued guidance concerning the calculation of taxable income by individual taxpayers for the “short” financial year ending 30 September 2019.

New Zealand

Proposed legislation
R&D
23 September 2019

The Ministers of Finance and Revenue announced that proposals to allow tax deductions for feasibility expenditures would be allowed to proceed.

Singapore

Tax legislation approved and regulatory update
Individual income tax
September 2019

The tax authority announced that administrative concessions that have allowed Singapore individuals to elect to be treated as non-residents for tax purposes will no longer be available.

United Arab Emirates

Proposed legislation
Excise tax
September 2019

The UAE announced a proposal to extend the imposition of excise tax to certain sweetened beverages and to electrically heated cigarettes, electronic smoking devices and tools, and liquids used in electronic smoking devices as well as related tools.

Vietnam

Administrative and case law Foreign direct investment
September 2019

Guidance has been issued by Vietnam’s state bank concerning foreign direct investment.

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