Global

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  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 5/31/2012

Asia Pacific - General tax update for financial institutions 

May 31:  KPMG’s General tax update for financial institutions in Asia Pacific (May 2012) includes reports of recent legislative, regulatory, and judicial developments in countries in the region that may affect taxpayers in the financial sector.

The May 2012 edition includes the following discussions:


  • Australia: Legislative developments, taxation rulings and other developments
  • China: VAT reform pilot programme and deduction of bad debt provision by finance lease companies
  • Hong Kong: Budget 2012–13, APA arangement programme, deduction of share-based payments, source of commission income, and treaty coming into effect
  • India: Transfer of shares of a foreign company and Union Budget for 2012–13
  • Japan: Earnings stripping rules, increase in consumption tax rate, and amendments to preferential tax treatment for small and medium-sized business operators
  • Korea: Valuation of monetary assets / liabilities, provision of levying penalties
  • Malaysia: Finance Act 2012 and other tax developments
  • Mauritius: Enactment of the Finance Act 2011
  • Philippines: Regulations prescribing new income tax forms and other developments
  • Singapore: Budget 2012
  • Taiwan: Inclusion of insurance agent and representative company within the insurance industry

To read the KPMG report: General tax update for financial institutions in Asia Pacific (May 2012) (PDF 894 KB)




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1801 K Street NW
Washington, DC 20006.

 

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