Vietnam Government Proposes Extending 2% VAT Reduction till End of 2024

Vietnam Government Proposes Extending 2% VAT Reduction till End of 2024 In late May 2024, the Vietnamese government approved a draft proposal aiming to extend the VAT reduction from 10 percent to 8 percent on selected goods and services from July 1 through the end of 2024. The government subsequently submitted the draft proposal to […]

Malaysia Raises Service Tax in 2024

Malaysia Raises Service Tax in 2024 Kuala Lumpur (VNA) – The Malaysian Government plans to raise the tax rate from 6% to 8% across an array of taxable services in March. This policy adjustment is anticipated to accrue an additional 3 billion MYR (626 million USD) in revenue, a vital move towards rectifying fiscal deficits, […]

Hong Kong’s 2024-25 Budget Tax Measures

Hong Kong’s 2024-25 Budget Tax Measures The Financial Secretary proposes a one-off reduction of 100% for profits tax, salaries tax, and personal assessment for the 2023/24 tax year, with a cap of $3,000 per case. The reduction cap for profits tax is calculated per business. For salaries tax, the reduction cap is calculated per individual; […]

Philippines approves draft plan to increase tax incentives for investors

Philippines approves draft plan to increase tax incentives for investors On November 21, 2023, the Taxation Committee of the Philippine House of Representatives approved the proposed amendments to the Enterprise Recovery and Tax Incentives Act, aiming to provide more zero-tariff and value-added tax exemption benefits to enterprises in economic zones and free ports. According to […]

The Ministry of Commerce has issued the national version and the free trade zone version of the negative list for cross-border trade in services.

The Ministry of Commerce has issued the national version and the free trade zone version of the negative list for cross-border trade in services. With the approval of the Central Committee of the Communist Party of China and the State Council, on March 22, the Ministry of Commerce issued Order No. 1 of 2024, promulgating […]

Ho Chi Minh City in Vietnam enjoys corporate and personal income tax exemptions in 2024

Ho Chi Minh City in Vietnam enjoys corporate and personal income tax exemptions in 2024 The Vietnamese government promulgated Decree No. 11/2024/ND-CP on February 2, 2024, stipulating a special policy mechanism for corporate and personal income tax exemptions in Ho Chi Minh City.According to National Assembly Resolution No. 98 on the trial implementation of special […]

The Convention on the Abolition of the Requirement of Legalisation for Foreign Public Documents” will come into effect in China on November 7, 2023.

The Convention on the Abolition of the Requirement of Legalization for Foreign Public Documents” will come into effect in China on November 7, 2023. On March 8, 2023, China acceded to the “Convention on the Abolition of the Requirement of Legalisation for Foreign Public Documents” (hereinafter referred to as the “Convention”). The Convention is the most […]

The fourth draft of the amended Chinese Company Law further enhances the system of corporate capital contribution.

The fourth draft of the amended Chinese Company Law further enhances the system of corporate capital contribution. The draft amendment to the Company Law was submitted for the fourth review at the seventh session of the 14th National People’s Congress Standing Committee on the 25th. The fourth draft further refines the system of corporate capital […]

The Goods and Services Tax (GST) in Singapore will be adjusted to 9% starting from January 1, 2024.

The Goods and Services Tax (GST) in Singapore will be adjusted to 9% starting from January 1, 2024. The GST rate in Singapore will increase from 8% to 9% effective January 1, 2024. Prior to the effective date, modifications to the Goods and Services Tax rate for goods and services are not allowed. Customs will […]

The Vietnamese National Assembly has resolved to extend the deadline for value-added tax reduction until the end of June 2024 to boost the economy.

The Vietnamese National Assembly has resolved to extend the deadline for value-added tax reduction until the end of June 2024 to boost the economy. The Vietnamese National Assembly, during its 6th session on November 29, 2023, passed a resolution further extending the reduced value-added tax (VAT) period for certain goods and services until the end […]