Newsflash ASEAN

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​​​​​​​​​​​​​​​​ Latest news on law, tax and business in ASEAN.
 

 

 

 

 

 

 

 

 

 

 Editorial

Dear reader 

Welcome to the Q2/2024 edition of our ASEAN Newsflash.

In this quarter we have seen development in some tax legislation. While the Malaysian Ministry of Finance announced that the High Value Goods Tax, which was initially planned to be presented during the recent Parliament session, is being put on hold, there is a new Income Tax Exemption Order to exempt tax on gains from disposal of certain foreign capital assets as well as new Advance Pricing Arrangement Guidelines. 

In the Philippines, the Ease of Paying Taxes Act has entered into force and the House of Repre-sentatives approved the tax reform, aiming to refine the policy and administration of tax incentives and to reduce Corporate Income Taxes. The Inland Revenue Authority of Singapore issued new guidelines and revised considerations on the determination of corporate tax residency; further a new section has been introduced into the Income Tax Act, under which certain gains from the sale or disposal of foreign assets are taxable when received onshore. Singapore also announced the implementation of the Income Inclusion Rule and Domestic Minimum Top-up Tax for businesses’ financial years starting on or after 1 January 2025. 

In case you would like to discuss these or other topics pertaining to international trade and in-vestment, we would be happy to meet you at our 25th Forum Global which will take place on June 20, 2024 at our headquarters in Nuremberg. As one of the largest foreign trade events in Germany, the Forum Global offers internationally active companies the opportunity to obtain comprehensive information and eye-level exchange about the diverse opportunities and challenges in markets worldwide. Please feel free to get yourself registered online here​.
        
Sincerely yours,
  
Markus Schlueter
  

ASEAN Desk

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