Newsflash ASEAN

In this quarter we have seen development in some tax legislation. While the Malaysian Ministry of Finance announced that the High Value Goods Tax, which was initially planned to be presented during the recent Parliament session, is being put on hold, there is a new Income Tax Exemption Order to exempt tax on gains from disposal of certain foreign capital assets as well as new Advance Pricing Arrangement Guidelines. 

In the Philippines, the Ease of Paying Taxes Act has entered into force and the House of Repre-sentatives approved the tax reform, aiming to refine the policy and administration of tax incentives and to reduce Corporate Income Taxes. The Inland Revenue Authority of Singapore issued new guidelines and revised considerations on the determination of corporate tax residency; further a new section has been introduced into the Income Tax Act, under which certain gains from the sale or disposal of foreign assets are taxable when received onshore. Singapore also announced the implementation of the Income Inclusion Rule and Domestic Minimum Top-up Tax for businesses’ financial years starting on or after 1 January 2025. 

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