News Asia
China Introduces Tax for Cross-border e-Commerce
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November 19th, 2019
China’s State Taxation Administration has announced the introduction of preferential taxation on the total income earned from cross-border e-commerce retail exports by qualified e-commerce enterprises.
The tax will be 4 percent on the total income earned from the exports of retail goods and concerns the cross-border e-commerce retail export enterprises in pilot zones selected by the Chinese government.
China's Fiscal Revenue Up 3.3% In January-September Period
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October 17th, 2019
China's fiscal revenue increased 3.3 percent year-on-year to around 15.07 trillion yuan (about $2.13 trillion) in the first nine months of 2019, official data showed on Oct 17. As the effect of tax and fee cuts continues to kick in, tax revenue has been on a falling streak since May, said Liu Jinyun, a senior official with the Ministry of Finance (MOF), at a press conference on Oct 17.
Malaysia Sweetens Tax Incentives To Encourage Companies Set Up Hubs
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October 11th, 2019
Malaysia is expanding the scope of its Principal Hub (PH) program to allow more businesses to take advantage of tax incentives to base their country's local or global operations.
The key functions of principal hub companies include management of risks, decision-making, strategic business activities, trading, finance, management, and human resources, according to MIDA.
India Slashes Corporate Tax Rates To Promote Investment
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September 24th, 2019
India has drastically reduced its corporate tax rates for domestic companies as part of a fiscal relief package designed to promote investment from both inside and outside the country.
Corporate tax rate reduction .
Hong Kong Government Updates Guideline To Specify Transfer Pricing Documentation Requirements
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September 11th, 2019
Hong Kong has published a guidance page on Transfer Pricing Documentation – Master File and Local File, which provides an overview of the requirements, the relevant thresholds/exemptions, the required content, the timing for preparation, etc.
Overview of Transfer Pricing Documentation .
Indonesia Publishes Regulation on Tax Incentive for Upstream Oil and Gas Sector
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September 3rd, 2019
The Indonesian government recently issued the Regulation of the Ministry of Finance (PMK) No. 122/PMK.03/2019 (the regulation) which provides exemptions for oil and gas operators (relating to upstream oil and gas business activities) from value added tax (VAT) or VAT and sales tax on luxury goods, land and building tax, and from the tax treatment of charging of joint facility operating costs and head office indirect cost allocation expenditure.
The Philippines Corporate Tax Reform Contains Favorable Measures
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August 23rd, 2019
According to a release from the Philippines Department of Finance, the House Ways and Means Committee has approved the Corporate Income Tax and Incentive Rationalization Act (CITIRA) Bill, which includes favorable measures on corporate income tax rate and fiscal incentive regime. The corporate tax reforms are as enacted as part of the second package of the government's comprehensive tax reform program.
China Plans Shanghai Free Trade Zone To Feature 15% Income Tax Rate
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August 8th, 2019
The Chinese State Council set out a new reform plan for the Shanghai Pilot Free Trade Zone (FTZ), which may also indicate the direction of future nationwide reform efforts. Prior to this, the Shanghai FTZ reform efforts were set out in a general plan in 2017 including puts forward some innovative measures, inter alia, in relation to: (i) cross-border services and trade management; (ii) free trade port areas; (iii) financial services supporting the “Belt and Road” initiative; and (iv) offshore tax structuring.
India’s Budget 2019-20: Expanding Lower Corporate Rate, Increasing Tax Rate For Higher Earners
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July 9th, 2019
India's Union Budget for 2019-20 was presented to Parliament, proposing changes to the tax laws starting 1 April 2019. This Finance Bill follows the interim budget announcement in February 2019 which was made ahead of the recent national elections.
Taiwan Releases Guidance On The Application Of The Beneficial Owner To Be Aligned With OECD Approach
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July 2nd, 2019
Taiwan’s Ministry of Finance (MOF) released guidance to clarify the application of the term “beneficial owner” (BO) for tax treaty purposes. The Guidance aims to provide greater clarity for taxpayers as it specifies the situations where BO status will be granted or denied and aligns Taiwan’s position with the OECD Model Tax Convention Commentary, MOF practices and approaches taken by other countries.
Indonesia Proposed Amendments to Special Economic Zones Regime and Tax Cuts for Certain Sectors
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June 26th, 2019
Jakarta - Finance Minister of Indonesia, Sri Mulyani Indrawati, provides information to the media crew about the Government's plan to cut taxes in certain industrial sectors to attract investment.
Lowering Corporate Income Tax .
India - Government Tax Update
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June 6th, 2019
Herewith we provide you with the latest tax updates of the Indian Government:
Amendment in form no. 15H in notification no. 41/2019
India Publishes Notification On CbC Exchange Agreement With The U.S.
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April 30th, 2019
India published Notification No. 37/2019 from the Department of Revenue in an extraordinary version of the Official Gazette.
India and US Filling
Indian Court Strucks Down Tax The Incentive Plan for Tax Appeal Orders
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April 25th, 2019
In Chamber of Tax Consultants v. Central Board of Direct Taxes, W.P. No. 3343-18/P.I.L. No. 144-18, released April 23, the High Court of Bombay declared invalid an incentive scheme that awarded additional performance credits to commissioners of income tax (appeals) for “quality appellate orders.”
Background .
China Establishes Multilateral Tax Cooperation Mechanism Under The Belt And Road Initiative Tax Administration
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April 23rd, 2019
China has launched the Belt and Road Initiative (BRI) Tax Administration Cooperation Mechanism, intended to facilitate cross-border trade and investment along BRI routes by helping resolve tax disputes, increasing transparency, streamlining compliance, digitizing filing and building a growth-friendly tax environment which fully respects the sovereignty, territorial integrity, and tax laws of each participating jurisdiction.
BRITACOM .
Chinese Ministry Of Finance Introduces Tax Breaks For Innovative Companies Depository Receipts
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April 19th, 2019
China's Ministry of Finance announced the launch of a pilot program providing new tax incentives to support China innovative-driven strategy, which includes incentives for investments in Chinese Depository Receipts (CDRs) issued by innovative Chinese enterprises. CDRs are similar to American Depositary Receipts (ADRs), which are negotiable securities that represent shares of a foreign company.
Malaysian Parliament Approves Bill To Impose Service Tax On Digital Services
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April 10th, 2019
The Malaysian government approved the Service Tax (Amendment) Bill 2019, which provides for the taxation of digital services. The service tax applies to foreign service provider making supplies to Malaysian consumers (B2C) which starts from 1 January 2020.
Japan’s Parliament Passes 2019 Tax Reform Bill
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April 5th, 2019
Japan's National Diet (parliament) reportedly approved the legislation for the government's tax reform proposals for 2019. The amendments with regard to corporate taxation encompass transfer pricing, earning stripping rule, and Controlled Foreign Corporation (CFC) rules.
Indonesia Cracks Down On Digital Transactions By Issuing Rules Governing Taxation of E-Commerce
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January 18th, 2019
The Indonesias government has issued regulations requiring small to medium-size online businesses to pay tax at a rate of 0.5 npercent of sales, while larger e-commerce companies need to pay a higher corporate income tax rate of 25 percent.
South Korea Boosts Its Economic Growth By Adopting BEPS Measures And Incentivizing Certain Sector
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January 14th, 2019
South Korea in its press release will reportedly implement the tax reform to boost the economic growth by implementing the Base Erosion and Profit Shifting (BEPS) measures and incentivizing certain business sector.
The Favorable Incentives .

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