Asia Pacific & MENASA International Tax Newsletter

An update from the Australian Taxation Office reflects the ongoing expansion of global cooperation regarding the administration and collection of tax.

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Taxpayers need to consider avoiding “tie-breakers” in the event of an Australian multinational group that operates in a country subject to the Multilateral Instrument (MLI).

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New guidance from China’s immigration agency includes provisions aimed at attracting and retaining “foreign talent.” The new measures have a 1 August 2019 effective date.

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A Protocol to the income tax treaty between China and Hong Kong would implement certain measures to address perceived treaty abuse pursuant to the OECD’s base erosion and profit shifting project.

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KPMG in India has prepared reports about the following tax developments:

• “Farm-in” expenditures of oil exploration and production companies are “intangible assets” eligible for depreciation
• FAQs with regard to filing tax returns for assessment year 2019-20
• credit for supplies when consideration not paid

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KPMG in India has prepared reports about the following tax developments:

• tax treatment of “angel investments” in start-up companies
• withholding tax at higher rate
• payments to foreign entities for training of pilots and crews not royalties, taxable in India

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The Minister of Finance issued guidance regarding changes to the withholding tax and sales tax that are imposed on “luxury residential” transactions.

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The instruments of ratification for the Protocol amending the income tax treaty between Japan and the United States have been exchanged between the two governments. The date of the Protocol’s entry into force is 30 August 2019.

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KPMG prepared a report that focuses on the MESA countries tax and regulatory regimes as well as economic and financial environments.

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The Ministry of Planning and Finance issued guidance that sets forth procedures for taxpayers to follow in determining how certain taxes—the specific goods taxes, commercial tax, and income tax—are to be calculated for the short financial year ending 30 September 2019.

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