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International Tax Newsletter - Asia Pacific & MENASA

Asia Pacific & MENASA

International Tax Newsletter

International Tax Asia Pacific and MENASA December 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 December and 30 December 2019.

Australia

Indonesia Papua New Guinea
China Japan  Taiwan
Hong Kong  Myanmar  
India  New Zealand  


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
Australia

Administrative and case law

GILTI / CFC 

December 2019

The preliminary view of the Australian Taxation Office is that the U.S. global intangible low-taxed income (GILTI) regime does not correspond to the Australian controlled foreign company (CFC) regime. Read more

KPMG Publications 

Hybrids 

December 2019 

A report from KPMG provides information to facilitate taxpayer understanding and consideration of Australia’s hybrid mismatch rules. Read more

China

  Tax area concerned Relevant date Description of measures and publication link
China

Tax legislation approved and regulatory update

Trade 

December 2019 

The foreign exchange authorities introduced 12 new measures to facilitate China cross-border trade and investment. Read more

Proposed legislation  VAT  27 November 2019

China’s Ministry of Finance and State Taxation Administration jointly issued a draft consultation paper concerning the VAT law. Read more

Hong Kong

  Tax area concerned Relevant date Description of measures and publication link
Hong Kong  

Proposed legislation

Tax relief measures 

December 2019

The Financial Secretary announced certain tax relief measures, including provisions for making tax payments in instalments and subsidies for small- and medium-sized enterprises. Read more

Treaties  Double tax treaties  25 November 2019

Representatives of the governments of Hong Kong and Macau signed a new income tax treaty to address double taxation. Read more

India

  Tax area concerned Relevant date Description of measures and publication link
 India 

Tax legislation approved and regulatory update

GST / Tax compliance  

December 2019 

The date for filing the annual goods and services tax (GST) return and reconciliation statement for FY 2017-18 has been extended to 31 January 2020. Read more

Tax legislation approved and regulatory update Tax relief   2 December 2019

Amendments to the Income-tax Act 1961 and the Finance (No. 2) Act 2019 have now been published. Measures include:

-Tax concession for domestic companies

-Tax concession for new domestic manufacturing companies

-Reduced minimum alternative tax (MAT) rate

-Surcharge for advance tax

 Read more

Tax legislation approved and regulatory update Tax compliance   December 2019 

The Central Board of Indirect Taxes and Customs issued notices that require certain registered persons to provide electronic invoices with regard to business-to-business supplies if a certain turnover threshold (INR 100 crore) is satisfied. Read more

Treaties MLI  1 October 2019

India ratified the multilateral instrument (MLI) earlier in 2019, and the MLI entered into force for India on 1 October 2019. Read more

Indonesia

  Tax area concerned Relevant date Description of measures and publication link
Indonesia 
Tax legislation approved and regulatory update Corporate income tax / Tax incentive  December 2019

A regulation expands the availability of certain income tax benefits with respect to new investments made in Indonesia. Read more

Proposed legislation  Corporate income tax / Territorial tax system December 2019

The government reportedly is finalizing a draft of a tax omnibus bill, with the intention that the legislation would be presented to the Parliament for consideration in January 2020. Read more

Japan

  Tax area concerned Relevant date

Description of measures and publication link

Japan
Proposed legislation  Tax reform  December 2019

The ruling coalition agreed to an outline of tax reform proposals relating to corporate, international tax, consumption tax, and the taxation of individuals. Details of the measures are expected when the actual bills are introduced. Read more

Myanmar

  Tax area concerned Relevant date Description of measures and publication link
Myanmar 
Tax legislation approved and regulatory update Stamp duty  26 November 2019

A law amending the stamp tax (duty) in Myanmar has an effective date of 26 November 2019. In general, the new provisions amend the amount of penalty that may apply with regard to unpaid or underpaid stamp taxes. Read more

New Zealand

  Tax area concerned Relevant date

Description of measures and publication link

New Zealand  
Tax legislation approved and regulatory update Purchase price allocations December 2019

Inland Revenue released an official issues paper concerning purchase price allocations. Read more

Proposed legislation  Leases  December 2019 

The government is proposing a legislative change for early 2020 to allow lessees to follow the treatment under a new lease accounting standard for tax purposes. Read more

Papua New Guinea


Tax area concerned Relevant date

Description of measures and publication link

Papua New Guinea
Proposed legislation  2020 Budget  November 2019  

The 2020 budget, presented in late November 2019, introduces a range of tax proposals. The focus of certain proposals targets industry sectors, such as the banking and telecommunications sectors (instead of focusing on individual taxpayers). Read more

Taiwan


Tax area concerned Relevant date

Description of measures and publication link

Taiwan
Tax legislation approved and regulatory update Various tax areas   9 December 2019

The Ministry of Finance issued a tax ruling that concludes a reduced rate applies with regard to the business tax imposed on revenue derived by banks from transactions of negotiable certificates of deposit (NCDs), issued by Taiwan’s central bank. Read more

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