Asia Pacific & MENASA International Tax Newsletter

Recommendations from a commission would, if implemented, change the fringe benefits tax rules.

• Read more.
  

Changes to Australia’s offshore banking unit regime are expected to be announced by Treasury, and there are some indications that the regime may even be repealed.

• Read more

A government commission has recommended repealing the “zone tax offset” program.

• Read more.
  

The new VAT measures reflect changes with regard to the application of the VAT regime as well as other provisions concerning VAT payments and VAT compliance rules.

• Read more
  

Guidance issued in August 2019 by China’s General Administration of Customs concerns the ASEAN-China free trade agreement and the rules for country of origin of imported and exported goods.

• Read more.
  

KPMG in India has prepared a summary of the following tax developments:

• long-term capital loss on sale of listed shares allowed to be carried forward and set-off against other long-term capital gains.
• provisions do not apply to bonus shares.

• Read more.
  

The Minister of Finance issued guidance to provide greater clarity regarding the taxation of distributions from controlled foreign corporations.

• Read more.
  

The Government of Japan released “synthesised text” with respect to the income tax treaty between Japan and India as modified by the MLI that implements tax treaty-related measures under the BEPS project.

• Read more.
  

Lebanon’s parliament passed the 2019 budget law that includes changes to the existing tax legislation. Changes include:

• new payroll tax brackets 
• new income tax brackets (for individuals and partnerships) 
• increased tax rate on “moveable capital
•  “exceptional revaluation” of fixed assets
• tax evasion defined
• new import duties on imported goods subject to VAT. 

• Read more.
  

The Internal Revenue Department issued guidance concerning the calculation of taxable income by individual taxpayers for the “short” financial year ending 30 September 2019.

• Read more.
  

The Ministers of Finance and Revenue announced that proposals to allow tax deductions for feasibility expenditures would be allowed to proceed.

• Read more
  

The UAE announced a proposal to extend the imposition of excise tax to certain sweetened beverages and to electrically heated cigarettes, electronic smoking devices and tools, and liquids used in electronic smoking devices as well as related tools.

• Read more.
  

Guidance has been issued by Vietnam’s state bank concerning foreign direct investment.

• Read more.