International Tax Asia Pacific August 2022
This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Asia Pacific Regions between 1 August and 31 August 2022.
For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
To contact the International Tax Team email internationaltax@kpmg.com.
To register for the International Tax webcasts, click here.
Australia
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Australia |
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Proposed legislation |
Income Tax |
23 August 2022 |
A public consultation paper on "token mapping" will be released soon. Read more. |
Proposed legislation |
Income Tax |
19 August 2022 |
Overview of cryptoassets along with current taxation treatment within Australia. Read. more. |
Proposed legislation |
Tax compliance |
12 August 2022 |
Proposed targeted tax transparency initiatives aimed at multinationals, to deter aggressive tax planning strategies. Read more. |
Proposed legislation |
Various tax topics |
11 August 2022 |
Treasury's consultation paper on proposed thin capitalization changes and an intangibles and royalties integrity measure. Read more. |
Proposed legislation |
Tax compliance |
05 August 2022 |
Treasury's consultation paper on various proposals relating to the taxation of multinational enterprises and tax transparency. Read more. |
Proposed legislation |
Various tax topics |
04 August 2022 |
Proposed legislation requiring operators of electronic distribution platforms to report information to the ATO has been introduced in the House of Representatives. Read more. |
Cambodia
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Cambodia |
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Tax legislation approved and regulatory update |
Tax incentives |
12 August 2022 |
Additional incentives to support the tourism sector have been announced for eligible taxpayers. Read more. |
Hong Kong
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Hong Kong |
|||
Proposed legislation |
Income Tax |
26 August 2022 |
Implementation of Pillar Two deferred from 2023 to 2024 at the earliest. Read more. |
Administrative and case law |
Income Tax |
11 August 2022 |
A corporation, instead of its directors, is required to file a profits tax return. Read more. |
Tax legislation approved and regulatory update |
Treaties |
10 August 2022 |
Hong Kong’s Double Tax Agreements will soon be modified by the OECD’s BEPS Multilateral Instrument. Read more. |
Administrative and case law |
Income Tax |
08 August 2022 |
Hong Kong’s Court of Appeal issued an important decision on equity-based compensation. Read more. |
KPMG Publication |
Income Tax |
03 August 2022 |
Treatment of allowances of construction costs of a commercial building on sale of building. Read more. |
Korea, Republic of (South)
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Korea, Republic of (South) |
|||
Proposed legislation |
Transfer pricing |
10 August 2022 |
Tax reform proposals include new requirement to maintain transfer pricing-related documents domestically and global minimum tax rule. Read more. |
Malaysia
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Malaysia |
|||
Proposed legislation |
Various tax topics |
12 August 2022 |
A public consultation paper on the implementation of Globe Rules has been issued to obtain feedback on the government's policy proposals that will be considered for the budget for 2023. Read more. |
Proposed legislation |
Indirect Tax |
02 August 2022 |
Proposed measures for sales tax on low-value goods include new requirements for online sellers. Read more. |
Philippines
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Philippines |
|||
KPMG Publication |
Income Tax |
23 August 2022 |
New letter of authority must be issued if tax investigation reassigned. Read more. |
Tax legislation approved and regulatory update |
Income Tax |
09 August 2022 |
Guidance for taxpayers seeking mutual agreement procedures (MAP) assistance to resolve disputes arising from application of an income tax treaty. Read more. |
Tax legislation approved and regulatory update |
Income Tax |
04 August 2022 |
Suspension of issuance of "mission orders" lifted for certain tax compliance actions of revenue officers. Read more. |
United Arab Emirates
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
United Arab Emirates |
|||
Tax legislation approved and regulatory update |
Tax compliance |
04 August 2022 |
The UAE Ministry of Finance issued a set of "frequently asked questions" related to its automatic exchange of information portal under the FATCA and common reporting standard regimes. Read more. |
Vietnam
Tax area concerned |
Relevant date |
Description of measures and publication link |
|
Vietnam |
|||
Tax legislation approved and regulatory update |
Tax compliance |
23 August 2022 |
The State Bank of Vietnam published a set of "frequently asked questions" for FATCA that address questions related to various FATCA compliance issues for 2021-2022. Read more. |
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