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

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.

Back to top

Cambodia

 

Tax area concerned

Relevant date

Description of measures and publication link

Cambodia

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.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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.

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Connect with us

Navigate to other regions: