Asia Pacific

Transfer Pricing Malaysia: New Income Tax Rules in 2023

Transfer Pricing Malaysia: New Income Tax Rules in 2023 - ECOVIS International
The Inland Revenue Board of Malaysia (IRBM) has issued the latest Income Tax (Transfer Pricing) Rules 2023, which are effective from the 2023 assessment year and replace the Income Tax (Transfer Pricing Rules) 2012. The experts from ECOVIS MALAYSIA TAX...
Cross-border Data Transfer Made Easy: The CAC Standard Contract - ECOVIS International

Cross-border Data Transfer Made Easy: The CAC Standard Contract

The transfer of personal data has been much simpler since 1st June 2023. This has been made possible by the newly introduced Collective Action Clause (CAC) Standard Contract, together with the corresponding Standard Contractual Clauses (referred to as "China SCCs")....
Cross-Border Game Providers in Vietnam: Impact of Recent Actions by the MIC - ECOVIS International

Cross-Border Game Providers in Vietnam: Impact of Recent Actions by the MIC

The Ministry of Information and Communications (MIC) and its Authority of Broadcasting and Electronic Information division (ABEI) recently implemented various measures that have significantly impacted cross-border game providers in Vietnam. Most notably, the specific actions taken by the MIC and...
Cybersecurity Vietnam: Latest Draft of Cybersecurity Administrative Sanctions Decree - ECOVIS International

Cybersecurity Vietnam: Latest Draft of Cybersecurity Administrative Sanctions Decree

The Vietnamese Ministry of Public Security (MPS) has released the third draft of a Cybersecurity Administrative Action Decree (CASD). The draft CASD is scheduled to come into force on 1 December 2023. The experts from ECOVIS Vietnam OC Law in...
Selling my Business in China: Navigating Cross-Border Taxation and Unpacking US Tax Implications - ECOVIS International

Selling my Business in China: Navigating Cross-Border Taxation and Unpacking US Tax Implications

United States (US) corporations, in particular, have been actively investing in Chinese entities, leading to intricate tax implications when these companies decide to divest these assets. The US Tax Cuts and Jobs Act (TCJA) of 2017 profoundly changed these tax...
Tax Identification Number Vietnam: The New Payable Identification Number - ECOVIS International

Tax Identification Number Vietnam: The New Payable Identification Number

From 10 May 2023, taxpayers must use a fee-based identification number for all tax payments. This must be applied for with the tax authority and those who fail to comply must expect sanctions. The experts from ECOVIS AFA VIETNAM explain...
Tax policy in Vietnam: Extension of Payment Deadlines for Tax Payables and Land Leases in 2023 - ECOVIS International

Tax policy in Vietnam: Extension of Payment Deadlines for Tax Payables and Land Leases in 2023

The Vietnamese government has taken tax policy measures to relieve the economy after the Coronavirus pandemic. This includes a package of deadline extensions for tax payments and land leases. The decree came into force on 14 April 2023 and is...
UAE Corporate Tax 2023: Implementation of the Federal Corporate Tax - ECOVIS International

UAE Corporate Tax 2023: Implementation of the Federal Corporate Tax

The Corporate Tax Law will come into force in the United Arab Emirates on 1 June 2023. With this, the government is introducing new principles for the taxation of companies. The regulations comprise a tax rate of 9%. The Ecovis...
Digital Advertising Vietnam: Regulations on Cross-border and Digital Advertising Services - ECOVIS International

Digital Advertising Vietnam: Regulations on Cross-border and Digital Advertising Services

Decree No. 70/2021/ND-CP (the decree), which came into effect in Vietnam on 15 September 2021, regulates the provision of cross-border and digital advertising services. The aim is to prevent illegal content and misleading or unethical advertising practices by offshore advertising...
Treading a Fine Line: 2024 Budget Australia - ECOVIS International

Treading a Fine Line: 2024 Budget Australia

What does the recently announced federal budget mean for Australians? ECOVIS Clark Jacobs in Australia examines the key measures. On Tuesday May 9th, the Australian Government handed down the 2023/2024 budget. At the headline level the budget confirmed that for...
Personal Data Protection Vietnam: New Decree to Come into Full Force in July - ECOVIS International

Personal Data Protection Vietnam: New Decree to Come into Full Force in July

Decree No. 13/2023/ND-CP on personal data protection (PDPD) was issued on 17 April 2023. It comes into full force on 1 July 2023. From then on, all companies will have to comply with the regulations. However, the government has given...
Setting up a Business in India for Foreign Companies - ECOVIS International

Setting up a Business in India for Foreign Companies

Preamble Given India’s rapidly growing market, the country’s investment potential has enticed a slew of foreign companies to establish their presence in India. Over the last few years, initiatives have been taken to ensure that establishing a business in India...
Personal Income Tax Vietnam: Updates on Documents Proving Qualified Tax Dependents - ECOVIS International

Personal Income Tax Vietnam: Updates on Documents Proving Qualified Tax Dependents

On 1 January 2023 an updated policy came into force in Vietnam, outlining the documentation required for taxpayers to prove the legitimacy of their declared dependents. Circular No. 79/2022/TT-BTC amends Point g Clause 1 Article 9 of Circular No. 111/2013/TT-BTC,...
VAT Vietnam: The reduction according to Decree No. 15/2022/ND-CP has ended - ECOVIS International

VAT Vietnam: The reduction according to Decree No. 15/2022/ND-CP has ended

Decree No. 15/2022/ND-CP (Decree 15), which last year reduced the VAT rate from 10% down to 8% for certain goods and services in Vietnam, expired on 31 December 2022. This means that, from 1 January 2023, the VAT has returned...
Corruption? Not in my business! - ECOVIS International

Corruption? Not in my business!

In recent years there have been an increased number of cases regarding business people and celebrities finding themselves in trouble due to financial crimes or corruption. You can frequently find examples in the news, and tycoons or individuals from the...
Employment Act Malaysia: Amendment in 2022 - ECOVIS International

Employment Act Malaysia: Amendment in 2022

The Employment Act (Amendment) 2022 came into effect on 1 January 2023. This Amendment Act seeks to introduce a number of important changes to the previous act - Employment Act 1955 (EA 1955) - and is aimed at benefiting both...
Tax exemption for non-resident dependents - ECOVIS International

Tax exemption for non-resident dependents

The Japanese government has changed the tax laws exempting non-resident dependents from tax. The law came into force on 1 January 2023. The Ecovis experts explain the details. Background Taxpayers in Japan are allowed to make a deduction for non-resident...
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...