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Asia Pacific: General tax update for financial institutions (second quarter 2018)

Asia Pacific: Tax update for financial institutions

A summary of tax developments of interest to financial institutions in the Asia Pacific region from the second quarter of 2018 includes:


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  • Australia: Exposure draft legislation for both hybrid mismatch rules and the tax framework for “corporate collective investment vehicles”; deferred start date for proposed amendments to the “taxation of financial arrangements” regime
  • China: Implementation rules on due diligence of non-resident financial account information in tax matters for deposit-taking institutions; standards on report of non-resident financial account information in tax matters; access to banking industry for foreign investors; draft guidance on regulating asset management business of financial institutions
  • Hong Kong: Proposed multilateral approach for implementing automatic exchange of financial information (AEOI); practice note on taxation of aircraft leasing activities; base erosion and profit shifting (BEPS) bill, marking a significant step up in transfer pricing enforcement regime
  • India: Clarification related to guidelines for establishing “place of effective management” in India; Cabinet approval for entering into a tax treaty with Hong Kong
  • Indonesia: New Protocol to the Indonesia-Netherlands income tax treaty; new Indonesia-Armenia income tax treaty; regulation on financial information access passed into law
  • Korea: 2017 tax revised legislation enacted


Read a May 2018 report [PDF 1.7 MB] prepared by the KPMG member firm in Hong Kong

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