This article takes a closer look at Taiwan’s controlled foreign corporation rules which was implemented since 1 January 2023 and seeks to prevent tax avoidance by taxing income earned by foreign entities controlled by Taiwanese residents.

The Inland Revenue of Authority disallowed the claims in 2020 on the basis that there was no conclusive evidence of a supply of the goods, and that these were not genuine business transactions. It is the first time a case on the rejection of input tax has been brought before the court.

Revenue Law — Goods and Services Tax (GST)

GST charged on the affected transactions ranged from below $1 to about $1,500.

Vietnam's General Department of Taxation (GDT) is seeking to amend regulations capping the allowable deduction for loan interest expenses at 30% of earnings. This move comes in response to businesses facing difficulties from high interest rates in 2022-2023.

The introduction of a tiered clawback rate for developers' additional buyer's stamp duty (ABSD) in Singapore is being viewed as a positive move for Malaysian property companies with ongoing developments in the city-state, namely Sunway Bhd and IOI Properties Group Bhd (IOIProp).

The Bali provincial government has emphasized the security measures in place for the application designed for foreign tourists, assuring that it has undergone extensive testing, including evaluations by the Cyber Agency.

Starting from February 14, all foreign tourists, including Singaporeans, visiting Indonesia's Bali will be required to pay a tourism tax of 150,000 rupiah (S$12.80). 

Having good tax governance is crucial for businesses in Malaysia to manage their tax affairs effectively.

The General Department of Taxation has reported that Vietnam's total state budget revenue for the first eight months of this year reached VNĐ962 trillion ($40 billion), accounting for 70.1% of the projected revenue.

Chairman of the Board of Commissioners of the Financial Services Authority (OJK), Mahendra Siregar, announced that the green taxonomy rules are being revised in response to various regional and international developments.

The General Department of Taxation (GDT) of Vietnam has launched investigations into e-commerce platforms following discrepancies found in their tax declarations.

Indonesia’s Finance Minister Sri Mulyani Indrawati has forecasted that tax revenue in Indonesia will surpass the target set in the state budget for 2023.

Thailand’s Revenue Department is encouraging businesses to utilise the digital tax system to speed up VAT refunds.

According to Kenanga Research, the reduction of the stamp duty rate for securities trading on Bursa Malaysia, from 0.15% to 0.1% of contract value starting in July, is expected to have a positive impact on trading activity.

Vietnam’s National Assembly's Finance and Budget Committee has agreed with the government's proposal to reduce the value-added tax (VAT) to continue supporting production and business sectors and the people.