SMU Lexicon: The Supremacy of the “Taxpayer-Intentions” Approach to the Capital-Income Divide: GBG v The Comptroller of Income Tax
Taxation

Reading Time: 6 minutesIntroduction The Income Tax Board of Review (“ITBR”) decision in the 2016 case of GBG v The Comptroller of Income Tax[1] (“GBG”) has shed some light on the conditions that must be fulfilled before the costs of debt may be deducted against taxable income. More importantly, it establishes the legal principle that whether expenditure is […]

Cambodia Tax Update: VAT Update – Zero-rated Supplies
Business,Taxation

Reading Time: 3 minutesAs a general rule the Cambodia tax regulations contemplate Value Added Tax (VAT) being charged at zero percent (“zero-rated”) for services invoiced by a Cambodian taxpayer that are deemed to be performed outside of Cambodia (“exported services”). The uncertainty facing taxpayers in Cambodia centers upon what constitutes an exported service and what evidence do they […]

Myanmar Tax Update: Annual Tax Compliance Reminder for FY 2018-2019
Business,Myanmar,Regional Law,Taxation

Reading Time: 2 minutesOur Tax Team wishes to remind you of the fast-approaching deadline for submission of your annual Corporate Income Tax (“CIT”) return, annual Commercial Tax (“CT”) return, and annual Personal Income Tax (“PIT”) Salary Statement. For Myanmar taxpayers who follow the financial year ending 31 March 2019 (“FY 18-19”), all annual tax returns must be submitted […]

Myanmar Tax Update: The Ministry of Planning and Finance Removes 2% Advance Income Tax Exemption on Exports for Taxpayers Under the LTO and MTO1
Business,Myanmar,Regional Law,Taxation

Reading Time: 2 minutesThe Myanmar Ministry of Planning and Finance (“MOPF”) recently issued Notification 38/2019 dated 8 April 2019 removing the 2% advance income tax exemption on exports previously granted to taxpayers under the Large Taxpayers Office (“LTO”) and Medium Taxpayers Office No. 1 (“MTO 1”) effective from 1 May 2019. The 2% advance income tax was introduced […]

Myanmar Tax Update: Myanmar IRD to Implement Integrated Tax Administration System Starting FY 2019-2020
Business,Myanmar,Regional Law,Taxation

Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a notice with regard to the implementation of the Integrated Tax Administration System (“ITAS”). This is an electronic system that aims to modernize tax administration procedures in Myanmar starting FY 2019-2020. The aim of the ITAS is to implement an electronic-based system that will administer the tax […]

Thailand Tax Alert: Thailand Moves to Revoke ROH, IHQ and ITC Tax Incentive Programs
Business,Regional Law

Reading Time: 2 minutesIn compliance with the obligations to implement OECD/BEPS reforms, Thailand’s Cabinet has just announced the complete cancellation of all tax benefits granted under three longstanding and significant BOI incentive programs: Regional Headquarters (ROHs), International Headquarters (IHQs), and International Trade Centers (ITCs). According to the attached translation of the official announcement, all tax incentives granted under these programs […]

Cambodia Real Estate Update: Annual Tax Compliance and Transfer Pricing
Business,Cambodia,Regional Law

Reading Time: 4 minutesRegistered taxpayers in Cambodia are now in the process of completing their Annual Tax on Income (“TOI”) declarations for the 2018 tax year. This applies equally to those entities that hold real estate in Cambodia and we provide below some of the key tax issues that those entities should be aware of when submitting their […]

Cambodia Tax Alert: Interest Rate Update/Transfer Pricing
Business,Cambodia,Regional Law,Taxation

Reading Time: 3 minutesMarket rates On 13 March 2019, the General Department of Taxation (“GDT”) released Notification 4630, which provides the “market rates” for determining the caps on interest rate deductions for loans that had been entered into using Khmer Riel (“KHR”) and United States Dollars (“USD”) in the 2018 financial year. The “market rates” for 2018 are as […]

Lao PDR Tax Alert: New Amended Law on VAT
Business,Business Advice,Laos,Legal Updates,Regional Law

Reading Time: 5 minutesThe Amended Law on Value Added Tax Law (No. 48/NA, dated 20 June 2018) (“Amended Law on VAT”) was posted on the Lao Official Gazette on 4 December 2018 and is effective from 18 December 2018. We summarize in this client alert the key important points to note from the Amended Law on VAT. 1.       […]

Thailand Tax Alert: Thai Government Announces New International Business Center (“IBC”) Tax Incentive
Legal Updates,Regional Law,Thailand

Reading Time: 3 minutesOn 28 December 2018, the Thai Revenue Department (“TRD”) announced a new program of tax incentives through the issuing of Royal Decree No.674 (“RD 674”). Key points of RD 674 Section 3: Definition of IBCs Section 4, 5 and 6: PIT at 15% for foreign nationals working for IBCs and their required qualifications Section 7: […]

Cambodia Tax Alert: Double Tax Agreement Update
Cambodia,Regional Law

Reading Time: 4 minutesThe Cambodia General Department of Taxation (GDT) has formally announced that the Double Tax Agreements (DTAs) which the Kingdom of Cambodia signed with Brunei Darussalam, The People’s Republic of China and the Socialist Republic of Vietnam officially come into effect on 1 January 2019for Cambodian tax residents. These developments represent major milestones in Cambodia’s ongoing tax […]

Cambodia Tax Update: Important – Taxation of Individuals
Cambodia,Regional Law

Reading Time: 4 minutesWhilst a lot of discussion has been in made in recent times regarding the impact of the proposed seniority payments a much more significant and far-reaching area of tax reform is expected to be ushered into effect with the anticipated  promulgation into law this month of the 2019 Law on Financial Management (2019LFM). Compared to […]