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Asia Pacific – General Tax Update For Financial Institutions.

29 September, 2012

 

Legal News & Analysis – Asia Pacific

 

KPMG’s September 2012 report of tax developments in the Asia Pacific region concerning financial institutions includes descriptions of recent legislative, regulatory, and judicial developments.
 
The September 2012 edition includes the following discussions:
 
Australia: Legislative developments; taxation rulings and determinations; ATO interpretive decisions; other developments
 
China: Official launch of the RMB qualified foreign institutional investors (RQFII) pilot program; the tax authorities clarify corporate income tax deductions
 
Hong Kong: Budget 2012-2013; Islamic finance; APA program; treaty update; the Nice Cheer case on unrealised gains
 
Japan: New reporting requirement for foreign stock-based compensation
 
Korea: Guidelines for application for reduced treaty rate
 
Malaysia: Statement of monetary and non-monetary incentive payment to agents, dealers or distributors (Form CP58); recent income tax rules; recent exemption orders; public rulings
 
Mauritius: Updates on treaties; income tax rulings
 
New Zealand: Use of optional convertible notes (OCNs); draft statement on application of the tax avoidance provisions; tax priorities for 2012-13; 2012 budget; employee benefit taxation proposals; tax bill with new international tax rules
 
Philippines: Revenue circular and ruling
 
Singapore: Tax certainty on gains on the disposal of equity investments
 
Taiwan: Amendments to capital gains tax on Taiwan securities trading
 
Thailand: Tax exemptions on dividends received by a resident of Thailand

 

 To view the full report, please click here.

 

   
This article was supplied by KPMG

 

 

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