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Starting a Business in Australia - ECOVIS International

Starting a Business in Australia

Case Study Background Danish Co is a Significant Global Entity (SGE) with extensive experience in the mature European energy trading market and was seeking to expand into the younger Australian market and the opportunities this presented. Ecovis Sydney was contacted...
E-Invoices in Vietnam: E-Invoices Generated from Cash Registers - ECOVIS International

E-Invoices in Vietnam: E-Invoices Generated from Cash Registers

Enterprises, business households, or business individuals who provide goods or services directly to consumers are allowed to use e-invoices issued from Point of Sale (POS) cash registers (Clause 2, Article 8 of Circular 78/2021/TT-BTC). This covers business models such as...
Vietnam cybersecurity law: Data localisation requirement for digital service providers - ECOVIS International

Vietnam cybersecurity law: Data localisation requirement for digital service providers

The Vietnamese government has clarified certain articles of the Cybersecurity Law 2018. This includes, for example, which data is subject to the localisation obligation, or in which cases a branch office is to be established. Decree no. 53/2022/ND-CP (the “Decree”)...
M&A Asia: A practical view on issues for multi-country acquisitions - ECOVIS International

M&A Asia: A practical view on issues for multi-country acquisitions

Companies can generate growth by acquiring other companies. The Ecovis experts explain which legal and tax aspects must be considered in M&A and how to use data rooms correctly. (more…)
Personal data protection act Thailand: Exemption for SMEs - ECOVIS International

Personal data protection act Thailand: Exemption for SMEs

The Thai Personal Data Protection Act B.E. 2562 (PDPA) came into effect on 1 June 2022. Small businesses are exempt from implementing the data protection act. This is regulated in one of four organic acts, or “notifications”, issued by the...
Tax on Vietnam Cross Border E-Commerce Activities - ECOVIS International

Tax on Vietnam Cross Border E-Commerce Activities

In recent years, due to the progess in technology, Vietnam has become a leading market for foreign investors in the field of e-commerce. The country is now passing and amending regulations regarding tax obligations for e-commerce activities, particularly concerning cross-border...
Foreign Documents: Consular Legalization Vietnam - ECOVIS International

Foreign Documents: Consular Legalization Vietnam

In recent years, Vietnam has developed and optimized policies to support and therefore attract more foreign investors. One important procedure that foreign investors need to perform when planning to invest in Vietnam is the consular legalization of foreign documents. 1....
Vietnam Minimum Wage: Updated Salary Policy - ECOVIS International

Vietnam Minimum Wage: Updated Salary Policy

Statutory Minimum Wage per Month There has been an increase of the statutory minimum wage per month in Vietnam [1]. On 12 June 2022, the Government issued a new order (Decree 38/2022/ND-CP) prescribing statutory minimum wages paid to employees working...
Tax Incentives in Vietnam for Software Services and Software Products - ECOVIS International

Tax Incentives in Vietnam for Software Services and Software Products

The world is witnessing the booming transformation into the digitalization era, in which software production has become increasingly more important. In Vietnam, this industry has experienced considerable growth, almost doubling in the number of software businesses over the last five...
Business Valuations - ECOVIS International

Business Valuations

A business valuation is the process of determining the economic value of an enterprise, giving business or potential owners an objective estimate of the value of a business. Business valuations are not an exact science and valuation experts must exercise...
New Requirements for Japanese Consumption Tax Invoicing: The Tax-Qualified Invoice System - ECOVIS International

New Requirements for Japanese Consumption Tax Invoicing: The Tax-Qualified Invoice System

A Japanese Consumption Tax (JCT), equivalent to VAT, was introduced in April 1989. Since then, the standard tax rate has gradually increased to 10%. In addition, an 8% reduced tax rate was implemented from 2019 for certain goods and services....
Tesla’s Next Super Factory: What Does This Mean for China? - ECOVIS International

Tesla’s Next Super Factory: What Does This Mean for China?

Where will Tesla's second super factory be located? This question has, once again, attracted attention worldwide. In January, Elon Musk declared that this year he would announce the location of Tesla's fifth super factory. Tesla currently has two local super...
Invest in Cambodia: The Importance of Financial Due Diligence - ECOVIS International

Invest in Cambodia: The Importance of Financial Due Diligence

Tourism, together with clothing manufacturing, construction and agriculture, is one of the four key sectors supporting Cambodia’s economic expansion. (more…)
Removal of Foreign Income Tax Exemptions in Malaysia - ECOVIS International

Removal of Foreign Income Tax Exemptions in Malaysia

As Malaysians anticipated special aid and recovery measures from the government in the midst of the COVID-19 crisis, they were caught by surprise when the Minister of Finance announced the removal of foreign source income exemption for residents when he...
COVID-19 and the Big Quit: Keys to Employee Retention - ECOVIS International

COVID-19 and the Big Quit: Keys to Employee Retention

In early 2020 the world as we knew it changed and it is doubtful that many of us foresaw the extent of those changes and how long they would last. When the pandemic first hit the world, there were predictions...
E-Tax Vietnam: Launch of E-Portal And Tax Mobile App - ECOVIS International

E-Tax Vietnam: Launch of E-Portal And Tax Mobile App

Vietnam’s two new digitized tax administration platforms will help both foreign and local taxpayers meet their tax obligations. On March 21, 2022 the Vietnam General Department of Taxation held an online conference to announce the launch of the e-Portal for...
Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms - ECOVIS International

Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms

ECOVIS Clark Jacobs has again been named in the Australian Financial Review’s Top 100 Accounting Firms, ranking #58 for 2021. Published each year in November, the AFR’s list ranks accounting firms by total revenue for the financial year, but also...
Equal Pay for Equal Work in Japan - ECOVIS International

Equal Pay for Equal Work in Japan

Equal pay for equal work regulations came into effect in Japan in April 2020, and in April 2021 for small and medium-sized companies. The aim is to remove unreasonable disparities in working conditions between non-regular (part-time or fixed-term employees) and...
Investing in Renewable Energy in Vietnam - ECOVIS International

Investing in Renewable Energy in Vietnam

Although not without challenges, Vietnam’s natural resources paired with its sustainability goals means the country is heading towards global leadership in renewable energy, and provides possible opportunities for investors. According to a report by Electricity of Vietnam (EVN), in the...
Vietnam Tax Exemptions: COVID-19 Support For Business and Individuals - ECOVIS International

Vietnam Tax Exemptions: COVID-19 Support For Business and Individuals

On 19th October 2021 the National Assembly Standing Committee issued a resolution (Resolution No. 406/NQ-UBTVQH15) introducing tax exemptions and reductions to support enterprises and individuals affected by the COVID-19 pandemic. These exemptions and reductions are listed below: 30% Reduction of Payable...
E-Commerce Vietnam: Stricter Regulations Proposed on the Sector - ECOVIS International

E-Commerce Vietnam: Stricter Regulations Proposed on the Sector

The E-Commerce sector is developing at an accelerated rate due to the effects of the industrial revolution 4.0. Because of this, amending the legal framework of this sector under the current Decree 52/2013/ND-CP dated 16 May 2013 of the Government...
Requirements for Foreign Language Teachers in Vietnam - ECOVIS International

Requirements for Foreign Language Teachers in Vietnam

As a global language, English is an important inclusion in the curriculum of educational institutions throughout Vietnam. There are numerous opportunities to teach English in Vietnam and while being a native English speaker is advantageous, it’s not sufficient. Legal requirements...
Foreign Investment in Vietnam - ECOVIS International

Foreign Investment in Vietnam

In the developed world, with strategic location, supportive policies and regulations, and a young and well-qualified labour force, Vietnam has become a more attractive market for foreign investors. To make foreign investment in Vietnam more accessible, the National Assembly of...
Professional Ethics of Auditors: The Case of Serba Dinamik - ECOVIS International

Professional Ethics of Auditors: The Case of Serba Dinamik

The recent dispute between a listed corporation, Serba Dinamik Holdings Berhad (“Serba Dinamik”) and KPMG has made waves in Malaysia as the impending legal suit is allegedly linked to negligence, breach of contractual and statutory duties of the audit firm....
Cambodia: A Significant Increase in Audits - ECOVIS International

Cambodia: A Significant Increase in Audits

Audit Obligations in Cambodia In accordance with article 16 of the Law on Corporate Accounts, Their Audits, and Accounting Profession, all enterprises, natural persons and legal entities with Khmer or foreign nationality domiciled in the Kingdom of Cambodia, that meet...
Cross Border eCommerce in China - ECOVIS International

Cross Border eCommerce in China

In recent years, due to the huge potential of China's consumer goods market, more and more global retailers have turned their attention to China. Ten years ago, not only were there fewer choices of goods, the payment and after-sales service...
GST In Malaysia: Will It Return? - ECOVIS International

GST In Malaysia: Will It Return?

After spending a number of years studying Goods and Services Tax (GST), Malaysia was the last country in the Association of Southeast Asian Nations (ASEAN) excluding Brunei to implement GST in 2015. However, Malaysia became the first to abolish GST...
Payroll in Singapore: Common Non-compliance HR Matters - ECOVIS International

Payroll in Singapore: Common Non-compliance HR Matters

Are you aware of the following? Under the Skills Development Levy (SDL) Act, employers are required to pay SDL, at different contribution rates, for every employee they hire. This applies to all permanent, casual, part-time, temporary or foreign employees rendering...
Doing Business in Australia: Establishing a Local Company isn’t the Only Solution… - ECOVIS International

Doing Business in Australia: Establishing a Local Company isn’t the Only Solution…

We are often contacted by our Ecovis international network offices asking if we can set up a company for their local clients who are planning to do business with Australia. While we are more than happy to do this, the...
2021 Singapore Budget Highlights - ECOVIS International

2021 Singapore Budget Highlights

On 16 February 2021, the Singapore Budget Statement was delivered in Parliament.  A key focus of the Budget was the theme of Emerging Stronger, Together.  The goal is to build new capabilities in people and businesses in this next phase...
New Rules on Cross-border Renminbi (RMB) - ECOVIS International

New Rules on Cross-border Renminbi (RMB)

At the turn of the new year, the Circular on Further Optimizing the Cross-border RMB Policy to Support the Stabilization of Foreign Trade and Foreign Investment (YinFa [2020] No. 330) (hereinafter referred to as ‘Circular No. 330’) was published, which...
Key Changes to Reporting Regime in Australia - ECOVIS International

Key Changes to Reporting Regime in Australia

This article will inform you on: Key changes to the Australian financial reporting framework The new Payment Times reporting regime The Australian financial reporting framework is changing The existing reporting framework requires an entity that is not publicly accountable (as...
Steep Penalties for Not Preparing Transfer Pricing Documentation in Malaysia - ECOVIS International

Steep Penalties for Not Preparing Transfer Pricing Documentation in Malaysia

The Inland Revenue Board of Malaysia (IRBM) has taken a significant move to improve transfer pricing compliance by introducing new penalty provisions, whereby taxpayers involved in related party transactions must prepare either full or partial transfer pricing documentation, depending on...
India Adopts Faceless Tax Assessments and Appeals: A Pragmatic Approach - ECOVIS International

India Adopts Faceless Tax Assessments and Appeals: A Pragmatic Approach

Background One impact of the global Coronavirus pandemic is that, in some parts of the world, the use of digital communications has accelerated. India has adopted “faceless” interactions through digital means with tax payers, and the Revenue department has been...
Investing in the Philippines - ECOVIS International

Investing in the Philippines

The effort of the Philippines to improve its infrastructure is now in completion phase under the Build, Build, Build (BBB) Program launched in 2017. This program aims to construct major railways, industrial parks and airports. Other projects include construction of...
Thinking of Moving to the Cloud? What you Need to Know. - ECOVIS International

Thinking of Moving to the Cloud? What you Need to Know.

The Cloud Revolution comes to Sydney If you have been following our LinkedIn page, you might have seen an announcement we were tagged in from a company called Greatsoft, which announced the successful migration of our practice systems from desktop...
Government Assistance for Small and Medium Enterprises in the COVID-19 Recovery Period - ECOVIS International

Government Assistance for Small and Medium Enterprises in the COVID-19 Recovery Period

Ecovis in Shanghai The Chinese Government has implemented various measures to help small and medium-sized enterprises (SMEs) during the Coronavirus pandemic, including tax, social security, financial, scientific and technological support. The main preferential policies available to SMEs are outlined below....
India Announces Package for Micro, Small & Medium Enterprises During COVID-19 - ECOVIS International

India Announces Package for Micro, Small & Medium Enterprises During COVID-19

The Indian Government has announced a package of US$2680 billion—20 lakh crore rupees, which equates to approximately 10% of Gross Domestic Product (GDP)—for the country's struggling economy due to the Coronavirus epidemic. The relief was announced for various sectors, one...
Malaysia becomes the second country to implement Digital Service TAX in Southeast Asia - ECOVIS International

Malaysia becomes the second country to implement Digital Service TAX in Southeast Asia

In 2015, Malaysia joined the ranks of 160 countries around the globe who had implemented a Goods and Services Tax (GST) / Value Added Tax (VAT). Seventeen months later, Malaysia was the first country to revert to Sales and Services...
COVID-19: Support for small and medium enterprises in Singapore - ECOVIS International

COVID-19: Support for small and medium enterprises in Singapore

As a result of the ongoing COVID-19 situation, the Singapore Government has announced various support schemes in the 2020 Budget to assist Small and Medium Enterprises (SMEs) through this crisis. This comprises the ‘Unity Budget’ announced on 18 February 2020,...
Can India Influence Post-Covid-19 World Order? – Current Opportunities In India - ECOVIS International

Can India Influence Post-Covid-19 World Order? – Current Opportunities In India

Ecovis in Mumbai “Tat Tvam Asi”  (meaning Thou art that, That thou art, That art thou, You are that, or That you are) is the powerful message in Hinduism of peaceful co-existence, a message which challenged the entire world in the...
Hong Kong Economic Update: Will the National Security Law help or hinder foreign investment? - ECOVIS International

Hong Kong Economic Update: Will the National Security Law help or hinder foreign investment?

Ecovis in Hong Kong After one year of pro-democracy protest activities in Hong Kong, the Central Government of the People’s Republic of China seems to have run out of patience with Hong Kong protesters. The Chinese Government surprisingly introduced the...
Australian Economic Update: Economic Downturn and Government Response - ECOVIS International

Australian Economic Update: Economic Downturn and Government Response

Ecovis in Sydney It seems a lifetime ago since Ecovis delegates from around the globe gathered together in Sydney for the annual International Partners’ Meeting, held in November 2019. Over Christmas and into the new year, large parts of Australia...
Thailand: Land of opportunities investment & incentive 2020 - ECOVIS International

Thailand: Land of opportunities investment & incentive 2020

Reproduced with permission for Ecovis A. A. C., Thailand, by Chayoot Sripian, Economist, Federation of Thai Industries. Stepping into the year 2020 began as the most challenging throughout the world, due to the spread of the COVID-19 virus and the...
Foreign Investment: Property Acquisition, Rules & Regulations - ECOVIS International

Foreign Investment: Property Acquisition, Rules & Regulations

Speculation in and around the future of the Australian property market remains rife within this country. The increasingly expensive (relative to average earnings) property market is also an electoral issue, with some pressure now being exerted on politicians to restrict...
The Chinese Corporate Social Credit System and its Impact on your Chinese Business - ECOVIS International

The Chinese Corporate Social Credit System and its Impact on your Chinese Business

With the consequences of the Coronavirus being the more urgent problem for businesses in China to tackle right now, the newly implemented Corporate Social Credit System has lost some attention. But new regulations, implementation rules and rating standards are being...
Korea: Tax Update - ECOVIS International

Korea: Tax Update

Korea Ranked 5th in the World Bank's Business Environment Assessment. In 2019, Korea ranked fifth among 190 countries in the World Bank's business environment assessment. This is the third best business environment among countries in the Organisation for Economic Co-operation...
China and the coronavirus – But what comes next for the businesses? - ECOVIS International

China and the coronavirus – But what comes next for the businesses?

If you are in any ways doing business with or related to China – either it is through an agent, with your own legal entity or being employed in Mainland China – you will find significant measures taken by the...