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Tax & Accounting

China Briefing

China Briefing

Navigating Hong Kong’s Annual Employer’s Return: Compliance and Best Practices

03/25/2024

The Annual Employer’s Return filing in Hong Kong begins on the first working day of April and should be completed within one month. Employers are advised to start preparations early and allocate sufficient resources to meet this tight deadline.

China Briefing

Tax Filing for Outbound Payments in China: A Complete Guide

03/22/2024

When an individual or organization in China makes a single outbound payment to overseas entities that exceeds the equivalent of US$50,000, the payer must complete tax filing for outbound payments with the local branch of the STA, with limited exceptions.

China Briefing

China Monthly Tax Brief: February 2024

03/13/2024

In this monthly China tax brief, we spotlight policies and measures announced or scheduled for implementation in February 2024. These initiatives aim to clarify tax compliance, support businesses, promote headquarters, expand market access, and attract talent.

China Briefing

Hong Kong Budget 2024-2025 - Government Implements New Tax Arrangements and Extends Funding Schemes

03/01/2024

The 2024-25 Hong Kong Budget introduces new tax arrangements to raise public funds and extends support policies for companies and individuals.

China Briefing

Hong Kong Removed from EU Watchlist Following Changes to Regulations on Foreign-Sourced Income

02/26/2024

Under new rules on foreign-sourced income exemption, MNEs that don't meet certain substance requirements may be taxed on some types of income derived overseas.

China Briefing

China Annual IIT Reconciliation in 2024: Everything You Need to Know

02/21/2024

Annual IIT reconciliation for the year 2023 is ongoing. Starting from March 21, taxpayers can make the final tax settlement directly without requiring a prior appointment.

India Briefing

India Briefing

NFRA Seeks to Promote Innovation in India's Auditing Industry

03/08/2024

At the maiden international conference organised by the NFRA, its chairman, Ajay Bhushan Pandey, has expressed strong intentions to inculcate a framework identical to an innovation lab to promote technological advancement in the auditing industry.

India Briefing

Mauritius Government Amends its Double Tax Treaty with India to Align with BEPS MLI

02/29/2024

In a list of Cabinet Decisions taken by the Mauritius government on February 23, 2024, it was announced that its DTAA with India would be amended in keeping with BEPS norms.

India Briefing

India's Finance Act, 2024 Makes Changes to the Input Service Distributors Mechanism in the GST Regime

02/21/2024

India Briefing explores the latest amendments introduced in the Finance Act 2024 such as the definition and procedures concerning the Input Service Distributor (ISD) concept under the Goods and Services Tax (GST) regime. 

India Briefing

India's New Tax Compliance Law Impacting MSMEs: Section 43B(h) Explained

02/14/2024

We discuss why specified companies could face higher taxable incomes under section 43B(h) of the Income-tax Act, 1961, due to delayed payments to MSME suppliers.

India Briefing

Examining Significant Changes to India's ITR Forms for AY 2024–25

02/13/2024

The early release of the updated ITR forms from the Income Tax Department of India aim to enhance user experience and ensure taxpayer awareness. The changes are based on amendments to the Income-tax Act, 1961, as detailed in the Finance Act, 2023.

India Briefing

Understanding Accelerated Depreciation of Solar Power Assets in India

02/06/2024

Accelerated depreciation is a crucial driver of investments in the adoption of solar power in India, offering commercial and industrial consumers faster depreciation on solar power plant investments than traditional plants and machinery.

Vietnam Briefing

Vietnam Briefing

Corporate Tax Planning for Businesses in Vietnam in 2024 - New Publication from Vietnam Briefing

03/22/2024

'Corporate Tax Planning for Businesses in Vietnam in 2024' explains key incentives available, reporting requirements, and preparation for Vietnam's Global Minimum Tax regulations under the BEPS 2.0 Framework.

Vietnam Briefing

Vietnam CIT and PIT Finalization for the 2023 Tax Period

03/13/2024

Compliance with CIT and PIT finalization regulations is crucial for companies and individuals in Vietnam. We discuss reporting requirements and relevant deadlines.

Vietnam Briefing

Taxes for Foreign E-commerce Firms Earning an Income in Vietnam

02/14/2024

Foreign e-commerce firms selling goods or services in Vietnam are now required to pay foreign contractor tax. Here's what foreign firms should know about this latest development.

Vietnam Briefing

Vietnam Tax Updates for the New Year 2024

01/05/2024

In the first week of the new year there were a handful of changes to taxes in Vietnam that foreign firms may need to be aware of. Here’s what they are.

Vietnam Briefing

Draft Global Minimum Tax Support Fund Unveiled

01/02/2024

Vietnam’s Ministry of Planning and Investment has released a draft decree outlining an Investment Support Fund to counter the impacts of the Global Minimum Tax. Here are the details.

Vietnam Briefing

Tax Update: Global Minimum Tax, VAT Tax Reduction Confirmed for 2024

11/30/2023

In a busy week at Vietnam’s National Assembly, a VAT tax reduction has been approved alongside a top-up tax in response to the OECD Global Minimum Tax initiative. Here’s the details.

ASEAN Briefing

ASEAN Briefing

A Guide to Estimated Chargeable Income Filing in Singapore

03/25/2024

Incorporated companies in Singapore must file an Estimated Chargeable Income (ECI) for each year of financial assessment.

ASEAN Briefing

Indonesia Issues New Tax Incentives to Spur EV Production and Sales

03/15/2024

Indonesia’s Ministry of Finance issued new tax incentives to spur electric vehicle production and sales in the country.

ASEAN Briefing

Key Tax Changes for Foreign Firms in Vietnam

02/22/2024

Changes to several taxes in Vietnam have taken effect in 2024. Some of these changes have been made to provide economic stimulus, whereas others have been made to bring Vietnam’s tax policies in line with international tax regimes.

ASEAN Briefing

Taxation of Foreign Sourced Income in Thailand Begins in 2024

02/12/2024

Instruction No. Paw 161/2566 states that Thai taxpayers who derive assessable income from abroad must pay tax on that income after bringing such income to Thailand.

ASEAN Briefing

Malaysia Imposes Tax on the Import of Low Value Goods

01/23/2024

As of January 1, 2024, Malaysia has imposed a new 10 percent sales tax on the import of low-value goods sold online in the country.

ASEAN Briefing

Tax Transformation: Indonesia Introduces New Income Tax Regulations

01/17/2024

Indonesia’s government has introduced Government Regulation 58 of 2023 (GR 58/2023) on new income tax deduction rates for individual taxpayers.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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