Q4 2023 | ISSUE #4:
Tricor Quarterly
Tax Insights

As we come to the end of the calendar year, it is important to keep in mind relevant reporting obligations and regulatory updates to mitigate the risk of non-compliance. 

The latest edition of our Tricor Quarterly Tax Insights highlights some significant tax and regulatory developments in Q4 2023 that may require your immediate attention, including:

• In Australia, Significant Global Entities (SGEs) will be hit with stiffer penalties for non-compliance, and employers will be required to pay Superannuation Guarantee at the same time as employee salary.
• Barbados is making sweeping changes to its corporate tax landscape to meet the OECD’s Base Erosion and Profit Shifting (BEPS) requirements, and will implement the OECD’s Crypto-Asset Reporting Framework (CARF) by 2027.
• Hong Kong SAR issued DIPN 63 to elaborate on tax treatments in relation to qualifying amalgamations of companies and transfer or succession of specified assets without sales.
• In Indonesia, taxpayers must use the new 16-digit-NPWP format for tax administration and other services.
• In Mainland China, several tax and fee policies have been announced to promote the construction of affordable housing and to further strengthen the management of tax fees for the ‘Three Generations’.
• In Malaysia, a microsite has been set up to facilitate the implementation of the e-Invoicing system, and the implementation of Global Minimum Tax (GMT) has been postponed.
• In Singapore, a provision to tax capital gains from the sale or disposal of movable and immovable property outside Singapore (foreign assets) if received in Singapore has been drafted.
• Thailand's Revenue Department has fundamentally changed the personal income tax rule on the taxation of offshore income.
• Vietnam's Ministry of Finance is researching and developing a project on the Law on Real Estate Tax, and has also suggested lowering the value-added tax rate by 2% on goods and services.

Download a copy of our Tax Insights as our senior tax executives delve into the practical implications of the latest legislations and updates. We can help your business be proactive and stay abreast of today’s diverse and fast-evolving regulatory environment.

Get in touch with us to learn how Tricor’s global knowledge and local expertise across the region can help your business navigate these latest tax developments.