Capital gain tax regime and foreign-sourced income regime in SEA

Join us for an in-depth discussion on the comparison and impact of the new tax regimes across Southeast Asian countries.

In Southeast Asia (SEA), we have seen many seismic shifts in tax rules that were announced in 2023 and effective from 2024.

Singapore recently introduced the Section 10L of the Income Tax Act, which pertains to the taxation of gains from the sale or disposal of foreign assets occurring on or after 1 January 2024, that are received in Singapore by businesses without adequate economic substance in Singapore.

When Malaysia’s Budget 2023 was re-tabled on 24 February 2023, it was announced that the government would study the introduction of a capital gains tax (CGT) on the disposal of unlisted shares by companies, at a “lower rate”. The Budget 2024 announcement on 13 October 2023 provided additional details on this proposal, including the proposed implementation date, tax rates, impacted taxpayers and possible exemptions. Since the Budget announcement, there were many other announcements, updates and clarification made on the CGT.

The Thai Revenue Department (TRD) had reversed its long-standing position on overseas-sourced income pursuant to its Departmental Notification Por 161, issued on 15 September 2023. Any foreign sourced income of any year and brought into Thailand in the year after earned will no longer be exempted from Thai personal income tax as of 1 January 2024.

Following these changes, companies operating in SEA may need to relook at their tax approach to ensure that it remains tax compliant and sustainable. Join us and our regional panelists in this webinar, for an in-depth discussion and comparison of the above mentioned new tax regimes against other SEA countries like Indonesia, the Philippines and Vietnam.

Speakers

• Desmond Teo, EY Asia-Pacific and Asean EY Private Tax Leader
• Cedric Tan, Partner, Business Tax Services, Ernst & Young Solutions LLP
• Bernard Yap, Malaysia EY Private Tax Leader; Partner, Ernst & Young Tax Consultants Sdn Bhd
• Van Anh Nguyen, Partner, Tax & Advisory Services, EY Consulting Vietnam JSC
• Praew Mahadumrongkul, Associate Director, Business Tax Services, EY Corporate Services Limited
• Jules E Riego, Partner, Business Tax Services, SGV & Co.
• Regina R. Sugianto, Director, International Tax and Transaction Services, PSS Consult

This webinar is now over. For enquiries, please contact the organizer