China extends tax payment deferral for SME sector
On 28 February 2022, the Ministry of Finance and State Administration of Taxation of China have jointly issued Announcement No. 2 of 2022 extending the tax payment deferral policy for SMEs especially in the manufacturing
See MoreTaiwan: MOF clarifies WHT rules on dividends for non-residents
On 2 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release clarifying withholding tax on dividends paid to non-residents companies. MOF clarifies the following issues through the press release: Dividends paid to non-resident
See MoreHong Kong: Tax measures proposed in 2022-23 Budget
On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget providing following corporate tax measures. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2021/22 by 100
See MoreVietnam signs MLI to implement tax treaty related BEPS measures
On 9 February 2022, Vietnam signed the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent BEPS (the MLI). The Base Erosion and Profit Shifting (“BEPS”) project developed by the Organization for Economic Development and
See MoreMalaysia: MOF releases rules on incentive for manufacturers of pharmaceutical sectors
On 17 February 2022, the Finance Ministry of Malaysia has published the Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 effective from the year of assessment 2021. The Rules apply to a pharmaceutical
See MoreThailand introduces new CbC reporting requirements
On 12 January 2022, the Thai Revenue Department has issued Notification No. 419 with following additional provisions to the CbC reporting requirements: For CbC reporting, the “reporting entity” must register for e-filing via one of two
See MoreOECD: Thailand, Vietnam, and Lesotho sign MLI
On 9 February 2022, Thailand, Lesotho, and Vietnam signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Thailand’s MLI position identifies 58 double tax
See MoreMalaysia: IRBM releases rules amending the restriction on deductibility of interest
On 31 January 2022, Inland Revenue Board of Malaysia (IRBM) published the Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022, amending the original rules published in 2019. The rules amend the definition of
See MoreNew Zealand: OECD Economic Survey for 2022 Recommends Tax Adjustments
On 31 January 2022 the OECD published the New Zealand Economic Survey 2022. The report notes that more consolidation measures are necessary to stabilise the fiscal position, and emphasises the need to increase productivity, increase the housing
See MoreSingapore publishes TP Guidelines on indicative margin for related-party loans
On 4 January 2022, the Singaporean Inland Revenue Authority updated transfer pricing guidelines to set the 2022 indicative margin at 1.8% for related-party loans. The indicative margins are applied on each related party loan not exceeding
See MoreIndia: Finance Minister introduces the Budget for 2022-23
On 1 February 2022, the Union Budget for 2022-23 was presented by the Finance Minister Ms. Nirmala Sitharaman. The budget includes the following key tax proposals: The deadline for starting manufacturing/production to claim the 15% reduced tax
See MoreKazakhstan: President signed the legislation to amend the tax Law
Recently, the President signed legislation to make changes to the tax law. Most of the changes effect from 1 January 2022. Some of the amendments are given below: The amendments introduce rules regulating the procedures for the control of the
See MoreIndia: CBDT further extends due dates of certain tax returns
On 11 January 2022, the Central Board of Direct Taxes (CBDT) has extended the filing of income tax returns and various audit reports for the 2021-22 tax years due to some difficulties reported by taxpayers and stakeholders due to the COVID-19
See MoreVietnam proposes incentive package for 2022
On 4 January 2022, the Government has proposed a package on reduction and exemption of tax and land use fees worth VND 64 trillion (US$2.81 billion) for 2022 with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and
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South Korea enacts tax revision bill for 2022
In December 2021, South Korea has enacted a tax revision bill for 2022 which was passed by Korea’s National Assembly on 2 December 2021. The tax revision bill is generally effective from fiscal years beginning on or after 1 January 2022. The
See MoreHong Kong: IRD extends filing deadline for 2020/21 profits tax returns
On 14 January 2022, the Inland Revenue Department of Hong Kong published a circular letter extending the deadline for filing 2020/21 profits tax returns for loss cases with accounting date code 'M. Recognising the impact of the recent worsening
See MoreAustralia: ATO declares review of APA program
On 12 January 2022, the Australian Taxation Office (ATO) has announced that it is undertaking a review of its advance pricing arrangement (APA) program. The APA program provides a valuable service delivering certainty on dealings with
See MoreSingapore updates Order on CbC Exchange of Multilateral Agreement
On 21 December 2021, Singapore published the Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on The Exchange of Country-by-Country Reports) Order 2018. The change includes the addition of a
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