Newsflash ASEAN

Welcome to the Q3/2024 edition of our ASEAN Newsflash.

In this issue we look into a range of new legislative developments, particularly in the field of tax. Malaysia has issued several Guidelines on tax treatment of hybrid instruments, and introduced an outcome-based tax incentive for eligible companies; furthermore we discuss important aspects of the Inland Revenue Board's implementation timeline concerning global minimum taxation. 

Our Indonesian colleagues will update you on the latest regulation on Country-by-Country Reporting incorporated by the Ministry of Finance in view of the OECD Base Erosion and Profit Shifting initiative. Investors in Vietnam may be interested in the new Government Decree extending the deadlines for Value-Added Tax (which will continue to be generally reduced to 8 % from 1 July 2024 to 31 December 2024) and Corporate Income Tax payments for 2024, as well as the current Circular providing guidance on indirect overseas investment related to overseas stock reward programs. Under a new Circular of the State Bank of Vietnam, bank loans below 100 million VND no longer require a mandatory capital usage plan in order to facilitate lending activities.