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APAC Tax Matters - July 2012 - EY - China

APAC Tax Matters - July 2012

Tax matters by country

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Australia

  • Reforms to Part IVA ‘general anti-avoidance’ provision announced
  • Transfer pricing law changes introduced into Parliament
  • Investment Manager Regime – second exposure draft released
  • Further consultation on potential thin capitalization changes recommended
  • Mining Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) laws enacted
  • Australian shipping reforms

China

  • 2012 China tax inspection plan

Hong Kong

  • Hong Kong releases final guidelines on Advanced Pricing Arrangement (APA) program

India

  • Special Bench (SB) rules on taxability of interest paid by an Indian branch to a head office of a foreign bank
  • International tax and anti-abuse provisions within Finance Bill, 2012

Malaysia

  • Public Ruling No. 11/2011: Claiming of bilateral and unilateral tax credits
  • Tax deduction on franchise fee gazetted

New Zealand

  • New Zealand Inland Revenue aim to focus on industry benchmarking

Singapore

  • Productivity and Innovation Credit (PIC) Scheme: an update

Taiwan

  • Taiwan announces tax regulations on roaming service revenues of foreign telecommunication service providers

Thailand

  • Electronic tax invoices to be accepted in Thailand

Vietnam

  • New Decrees on amendment of Value Added Tax (VAT) and Corporate Income Tax (CIT)
  • New circular on VAT
  • New circular on Special Sales Tax (SST)
  • Noticeable Official Letters on VAT and Foreign Contractor Tax (FCT)

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