Economists' Pick - Regulatory Alert - Asia | HKTDC

Regulatory Alert - Asia

1.

INDONESIA: Singapore Banks Set to Share Detail of all Indonesian Holdings

18 July 2017

The Indonesian government is set to gain access to financial data relating to any assets held by its citizens in Singapore’s banks and other financial institutions....

2.

VIETNAM Social Media Retail Transactions Now Subject to 5% Tax

17 July 2017

Any retail business that earns more than VND 100 million (US$4,350) per year from sales via social media platforms will now have to pay a tax of 5% on the proceeds....

3.

INDIA: Re-designated Medical Devices Now Subject to Drug Price Regulation Regime

11 July 2017

Certain medical devices may now be re-classified as drugs at the discretion of the Ministry of Health. All such re-designated devices will then fall within the remit of the Ministry’s price regulation...

4.

THAILAND: Overseas Employees Given Until 1 January 2018 to Secure Work Permits

10 July 2017

Overseas employees now have until 1 January 2018 to register with the Thai authorities and secure the relevant work permits. Previously, the requirement had been imposed, as of 23 June, with immediate...

5.

CAMBODIA: Compulsory Licensing Introduced for Digital Payment Services

29 June 2017

All digital payments services providers (PSPs) in Cambodia are now required to secure an operating licence from the National Bank of Cambodia (NBC). The requirement applies equally to banks and all ot...

6.

INDIA: Debts Owed by Smaller Companies Now Recoverable in 90 Days

26 June 2017

The insolvency debt recovery period has now been fast-tracked in the case of start-ups and small companies. While it currently takes 180 days to complete the process for all insolvent companies, credi...

7.

MALAYSIA: Tax Evading Expats Face Entry / Exit Ban as of 1 July

21 June 2017

Any overseas worker who fails to pay their due tax liabilities will be barred from entering Malaysia or, if still resident, from leaving. As of 1 July, this ruling will apply equally to those discover...

8.

BANGLADESH: Companies Now Liable for Employees’ Unpaid Income Tax

14 June 2017

Private companies looking to claim corporate tax deductions against employee wages are now obliged to ensure that workers file their own tax returns....

9.

INDONESIA: 1 Billion Rupiah Bank Balances Face Tax Scrutiny

9 June 2017

All bank accounts with a balance of Rupiah 1 billion (US$75,000) or more as of the year-end will be liable to scrutiny by tax officials....

10.

INDIA: Tax Rates for Textiles, Footwear and Gold Announced

8 June 2017

The relevant tiers for the textiles and footwear sectors under the terms of the incoming Goods and Services Tax (GST), effective 1 July, have now been announced....

11.

SRI LANKA: Online System Set to Streamline Company Registration Process

5 June 2017

The country’s new online registration system will slash the time taken to incorporate a private company from three days to just one when it comes online in March 2018....

12.

CAMBODIA: Online Registration Launched to Counter Corrupt Trademark Payments

2 June 2017

Companies and individuals are now able to register trademarks online. The move has been made in a bid to reduce corruption, with applicants no longer obliged to directly engage with government officia...

13.

VIETNAM: Overseas Retailers Face 2012-2016 Tax Audit Over Relocated Profits

2 June 2017

Local tax authorities are to conduct audits of foreign retailers in order to detect any instances of profits being shifted overseas in order to artificially reduce tax liabilities through transfer pri...

14.

MALAYSIA: Online Retailers Given 30 Days to Register Trading Status

1 June 2017

Businesses that trade online are now obliged to register with the Companies Commission of Malaysia (CCM), the country’s corporate regulator....

15.

INDIA: Goods and Services Tax Bands Formally Announced

23 May 2017

More than 1,200 individual goods and services have now been allocated across the four tax tiers specified under the terms of the incoming Goods and Services Tax (GST), the centrepiece of the governmen...

16.

INDONESIA: Bank Accounts Now Open to International Tax Scrutiny

22 May 2017

Indonesian tax authorities are to be allowed to access accounts held by both citizens and overseas residents in the country’s banks and other financial institutions....

17.

BRUNEI: Enhanced Rights Granted to Minority Shareholders

18 May 2017

Shareholders of any Brunei-registered business are to have the right to attend company meetings and speak with regard to any matter arising. The change, an amendment to Brunei’s Companies Act, has bee...

18.

MALAYSIA: Sarawak Imposes 6,000% Tax Hike to Protect Hill Timber

16 May 2017

The government of Sarawak state is to increase the tax on hill timber by more than sixty times, taking it from a maximum of RM0.80 (US$0.18) to RM50 (US$11.5) per cubic metre. The new rate will apply ...

19.

INDIA: Central Bank Given New Powers in Crackdown on Loan Defaulters

10 May 2017

The country’s central bank, the Reserve Bank of India (RBI, has now been granted the right to instruct other banks and financial institutions to begin insolvency resolution proceedings against parties...

20.

SRI LANKA: Private Company Registration Fee Cut by 73%

8 May 2017

The fee for the registration of a Private Limited Company has been reduced from LKR 15000 (US$97) to LKR 4000 (US$26)....

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