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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...
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...
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...
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...