Asian Tax News

China’s VAT Reform and its Implications for RO Tax Structure

The finalization of value-added tax (VAT) reform on May 1, 2016 was China’s biggest tax overhaul within the last 20 years. Changes include the tax rate on business activities conducted by representative offices (ROs) in China, which has been reduced from five percent to ...

China Plans to Get Tough on Corporate Tax Evasion

New rules would make it more difficult for large companies to avoid taxes by shifting profits among different countries China is joining an international effort to tackle tax evasion, with plans to require multinationals to disclose more detailed information on ...

Why Asia’s Rich Really Use Global Tax Havens

Roughly half of all clients use offshore hubs for better investment options rather than avoiding tax or anonymity. If you are wealthy and live in Asia, chances are you have at least one offshore company with shares owned by a ...

China overhauls tax rules on imported goods sold online, making cosmetics cheaper for buyers

Foreign cosmetics brands among goods likely to be better value for shoppers after changes, says analysts  China is changing tax rules for imported goods that are sold online in a move that will see beauty products such as eye creams ...

China Promises Corporate Tax Cuts to Support Economic Shift to Services

Li Keqiang says reductions will amount to $76.8 billion this year Premier Li Keqiang said Beijing will reduce the tax burden on Chinese companies to spur dynamism and help the economy’s shift toward consumption and services from manufacturing. In a nearly hourlong speech Thursday at ...

Why talk of a China ‘Tobin tax’ will upset IMF

Reports that China is to introduce a new Tobin tax on foreign currency transactions is raising questions among investors over the country's willingness to move to a more open economy. The yuan is set to be included in the International ...

Indonesia To Crack Down On PIT Evasion

Indonesia's Finance Minister has tasked several thousand tax officials with boosting personal income tax compliance rates in 2016. Bambang Brodjonegoro highlighted that there are far fewer personal income taxpayers in Indonesia than in developed nations, where personal income tax is ...

IMF Urges India To Advance GST

India should prioritize the implementation of a goods and services tax to raise revenue for priority capital and social expenditures, according to the International Monetary Fund (IMF). India's revenue-to-GDP ratio remains considerably below its emerging market peers, the Fund said ...

Government to consider demands for rollback of tax on EPF withdrawals

Under all-round attack, the government on Tuesday promised to consider demands for a rollback of the proposal to tax 60 per cent of withdrawals from provident fund and a ceiling on employers contribution but made it clear that PPF will continue to ...

Singapore’s tax treaties with Rwanda and Thailand enter into force

The Inland Revenue Authority of Singapore has announced that tax treaties signed with Rwanda and Thailand entered into force on February 15. The Singapore-Rwanda treaty, signed August 26, 2014, provides for a withholding tax rate of 7.5 percent on dividends, ...

Malaysia Concerned About Frances Palm Oil Tax Hike

The Malaysian government said it was concerned about France's proposal to raise palm oil tax, and that talks would continue with French stakeholders on the matter. In a statement today, Malaysia's Ministry of Plantation Industries and Commodities said French policy ...

Kuwait Mulls Income, Sales Taxes as Oil Hits 12-Year Low

Kuwait should consider introducing income, corporate and sales taxes to compensate for revenue lost from the plunge in oil prices to their lowest level since 2003, Finance Minister Anas Al-Saleh said. The oil-exporting state should also ponder raising the cost ...

South Korea Restores Car Purchase Tax Cut

South Korea's Ministry of Strategy and Finance has announced that the temporary cut to individual consumption tax rates on passenger cars, which expired at the end of December 2015, has been restored to the end of June 2016. The renewed ...

Abe orders reduced rates to cushion blow from 2017 tax hike

Prime Minister Shinzo Abe has ordered the ruling party’s new tax panel chief to introduce special reduced tax rates for certain products such as foods and beverages in time for the planned April 2017 consumption tax hike, officials said Wednesday. ...

China-Japan-S Korea FTA Talks Fail To Progress

The ninth round of talks towards a China-Japan-South Korea tripartite free trade agreement concluded in Tokyo on January 19, again with no progress being reported. The parties discussed market access for goods and the liberalization of services and investment, but ...

Japan’s reduced tax rate to cover school, nursing home meals

A reduced consumption tax rate is expected to be applied to school lunches and meals served at nursing homes, Finance Ministry officials said Thursday. The Japanese government plans to introduce the reduced tax rate to cushion the impact of the ...

GCC States approaching towards tax reforms: Deloitte

Tax reform in the Gulf Cooperation Council (GCC) region is a matter of time and Saudi Arabia is not immune, according to the Deloitte statement issued Wednesday. Saudi Arabia is committed to the Base Erosion and Profit Shifting (BEPS) initiative and Organisation ...

China Confirms Push To Replace Business Tax With VAT

China will complete the implementation of the nation's value-added tax regime, in place of business tax, this year, a meeting of China's State Council on January 22, presided over by Premier Li Keqiang, confirmed. The meeting featured discussion on further ...