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APAC Tax Matters - October 2011 - Ernst & Young - China

APAC Tax Matters - October 2011

Australia		China
Full Federal Court rules that the anti-avoidance rules did not apply in relation to a global restructure Possibility of retrospective law changes as regards tax consolidation Draft law pending in respect of managed investment trusts Corporate tax proposals discussed at Tax Forum		Non-resident individual taxed in China for an offshore indirect transfer of a PRC equity interest Decision raises concern that Chinese tax authorities may adopt a far stricter interpretation of "conduit company" than OECD

Hong Kong		India
Court rules that unrealised gains arising from revaluation of listed securities held for trading purposes are not taxable		Bombay High Court (HC) rules on taxation of cross-border transactions and indirect transfer of shares Authority for Advance Rulings (AAR) rules that the reimbursement of seconded employee salaries are fees for included services Mumbai Income Tax Appellate Tribunal (ITAT) explains “business connection” and attribution of profits under India’s domestic tax laws

Japan		Korea
Group taxation regime amended to smooth execution of 2010 tax reform Amendments to contributions in kind by foreign corporations Japan-Hong Kong tax treaty entered into force on 14 August 2011		New corporate income tax bracket to be introduced CFC rule to be strengthened Full indirect foreign tax credit to be available to non-treaty countries Exemption of interest income accrued on foreign currency denominated bonds issued in Korea to be abolished Legal framework for correlative adjustment of national tax and customs duty for import transactions to be established

Malaysia		Philippines
The Income Tax (Exchange of Information) Rules 2011 gazetted New form will require selected taxpayers to provide detailed information on cross border transactions		Filing for tax treaty relief must be done before the first taxable event, otherwise relief will be denied and the relevant taxes will have to be paid at the normal rates

Singapore		Taiwan
Taxpayer challenges application of general anti-avoidance provision		Taiwan issues tax ruling on amortizable "business rights" to deny deductions for costs incurred in acquiring customer lists, business distribution channel lists, etc.

Thailand		Vietnam
Proposed reduction in rate of corporate income tax approved by the Cabinet New "intercompany cross-border transactions declaration" form Easing of 0% VAT rule for export services		Circular 28 provides guidance on Tax Administration matters Circular 18 amends and supplements Circular 130 on CIT with notable points Notification required prior to change of accounting period Deductibility of input VAT corresponding to over-capped A&P expenses FCT of foreign enterprises trading goods through bonded warehouses Update on capital gains tax under Vietnam – Korea double tax agreement ("DTA")

Inside October 2011 edition

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