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  • ASEAN Investment & Tax News [October 2023]

ASEAN Investment & Tax News [October 2023]

03 November 2023

The ASEAN economy is projected to maintain its growth at 4.6% in 2023 and 4.9% in 2024. The encouraging growth momentum from the rise of trades and investments made in the region came despite a global widespread of financial tightening and elevated inflation.

During the 43rd ASEAN Summit on 5 September 2023 that was chaired by Joko Widodo, he stated that regional members are committed to strengthen its capacity as the epicentre of growth by navigating and responding to global challenges while unleashing the regions growth potential amidst the megatrends. This reaffirms the regions efforts to strengthen resilience against future shocks, leverage new growth drivers and embrace a forward looking future proofed ASEAN agenda.

On the backdrop of the ASEAN Summit, our tax experts continue to analyse and bring you the latest in-depth updates on the region’s tax measures.

In this publication, we visit Malaysia’s re-introduction of the Special Voluntary Disclosure Programme that is aimed to incentivise taxpayers to voluntarily disclose any underpaid or unpaid taxes to increase tax collections. Over in Indonesia, our colleagues provide insights into the income tax treatment for benefits-in-kind, whereby the new regulation provides clarity on the definition and scope of taxable items.

In Cambodia, we discuss the New Law on Taxation 2023, that explains the various additional taxes, such as specific tax categories, public lighting tax and accommodation tax, for the purpose of simplifying access and comprehension of taxpayers’ responsibilities aligning with existing tax regulations.

In Myanmar, we discuss significant developments in tax regulations including the Central Bank of Myanmar’s new Standard Operating Procedures for offshore remittances issued by the Ministry of Planning and Finance, as well as Public Ruling 1/2023 and Interpretation Statement 1/2023.

Meanwhile in Thailand, our colleagues discuss updates on the Board of Investment and the measures to address the global minimum tax under Pillar 2 and reduced withholding tax rates for e-withholding tax system users.

Finally, in Vietnam, we explore tax policy proposals, including VAT reforms, increased environmental protection taxes on gasoline and oil starting in 2023, and an extended deadline for excise tax payments on domestically produced automobiles.

We trust this publication will offer insights for your business and investment strategies in and around the ASEAN region. BDO in our various offices across the region are ready to assist you should you require any further information.