As the world struggles to recover from the pandemic, business continues regardless and the tax authorities appear to have little trouble keeping up, at least judging from developments over the past three months.
This edition of the Asia Tax Bulletin covers the highlights, inter alia including the tax proposals in the 2021 budgets in Hong Kong, India and Singapore; China's draft stamp duty law and simplified APA procedure; the long-awaited carried interest concession proposed by the Hong Kong tax authority; India's launch of the Faceless Penalty Scheme and an e-portal to report tax evasion; the Indonesian tax authorities' clarification on the offshore tax exemption treatment of expats living in Indonesia - as well as the dividend withholding tax exemption criteria for Indonesian companies; Korea's tax law changes for 2021; Malaysia's Covid relief package and its ratification of the Multilateral (BEPS) Treaty; the first corporate tax rate reduction by the Philippines in 20 years; the IRAS (Inland Revenue Authority of Singapore) circular on how to compute eligible IP (royalty) income for the reduced income tax rate; and Thailand's introduction of VAT on overseas digital services consumed in Thailand with effect from 1 September 2021.
This edition also contains some interesting case law in various Asian countries. We hope you enjoy reading it.
Stay safe and don't give in to the current challenges.
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