There has been a lot happening in Asian taxation. Hong Kong is launching its treasury centre tax incentive, while in China, some of the major developments include abolishing business tax, services now being subject to VAT, and the issuing of various clarifications on how to apply the VAT.
Indonesia’s parliament has approved the long-awaited tax amnesty programme. India and Mauritius have signed a protocol to their tax treaty which abolishes the Indian capital gains tax protection for investments in India – this amendment has an immediate effect on the Indian capital gains tax protection under India’s tax treaty with Singapore, which will have a major impact on investment structures into India.
The Asian countries are in the process of revising their information exchange laws to embrace the country-by-country report exchanges proposed by the OECD in the context of combating international tax avoidance. These and other tax developments are highlighted in this edition of the Asia Tax Bulletin. Our aim is to make this publication as interesting and beneficial as possible, so, if you have any questions or feedback, we’d like to hear from you.