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© 2013 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Asia Pacific Tax Weekly KPMG Asia Pacific Tax Centre
Asia Pacific Tax Developments
Australia: Proposed reforms to the superannuation system Australia’s Government has announced reforms to improve the fairness, sustainability and efficiency of the superannuation (retirement plan) system. More details Australia: Simplification of Visitor Visas KPMG in Australia reports that the current visitor visa stream is to be “simplified”. This is in line with the Australian Government’s commitment to reduce the total number of visa subclasses by 50 percent by 2015. More details Australia: Tax transparency proposals focus on large corporations The Australian Assistant Treasurer, on 3 April 2013, released a discussion paper - Improving the Transparency of Australia's Business Tax System - that details three proposals intended to improve the public understanding of the corporate tax system and discourage aggressive tax minimisation practices by large corporations. More details
India: Expenditure on scientific research outside an approved in-house facility is eligible for deduction The Gujarat High Court’s decision, in case of CIT v Cadila Healthcare Ltd., held that the expenditure on clinical trials outside the approved in-house research and development facility is eligible for deduction under section 35(2AB) of the Income-tax Act, 1961.
India: Exemption for long term capital gain on long term capital asset allowed if new investment is made before the due date of filing tax return
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The Punjab and Haryana High Court’s decision, in the case of CIT v. Jagtar Singh Chawla, held that the exemption from tax on long term capital gains on the sale of a long term capital asset (other than a residential house) is available where a new investment is made within the timeline of filing a tax return for the period, under section 139 of the Income-tax Act, 1961.. More details
Indonesia: Revised timetable for changes to the submission of VAT invoices The DGT has issued DGT Regulation No. PER-08/2013 and Circular No. SE-15/2013, amending the timeframe for implementation of the new VAT invoice requirements. More details
Content to 11 April 2013
© 2013 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Calendar of Events Date Event Location
23-26 April KPMG Asia Pacific Tax Summit Four Seasons Hotel, Shanghai Event information and registrations
14 May Australian Federal Budget
KPMG in Australia
Australia
16 May New Zealand Budget
KPMG in New Zealand
New Zealand
3-5 June US Tax Summit
Request more information Grande Lakes, Orlando
30 September 2013 EMEA Tax Summit Berlin
8 October 2013 IES Global Mobility Forum Barcelona
27-28 November KPMG Global Power & Utilities Conference 2013 Berlin
Beyond Asia Pacific Canada: Indirect tax changes affecting securities dealers Recent changes to indirect tax laws and administrative policies will affect Canadian securities dealers. KPMG’s member firm in Canada has prepared a report outlining the changes in further detail.
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OECD: MAP statistics for 2006 – 2011 The Organisation for Economic Co-operation and Development (OECD) posted a report and tables showing the status of mutual agreement procedure (MAP) cases under OECD member countries’ tax treaties. More details United Kingdom: Finance Bill introduced to Parliament The United Kingdom Finance Bill has had its first reading in the House of Commons on 25 March. The KPMG member firm in the UK has prepared a report outlining the key developments in the Bill, including updates to: the general anti-abuse rules; targeted anti-avoidance rules; capital allowances; and the controlled foreign company rules. More details United Kingdom: FATCA-like plan with France, Germany, Italy, Spain The United Kingdom has announced an agreement with France, Germany, Italy, and Spain to develop and pilot a multilateral tax information exchange process.
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United States: Transfer pricing adjustments from customs perspective Multinational companies commonly make retroactive adjustments to related-party transactions to bring transfer prices within an arm’s length range for U.S. income tax purposes. KPMG LLP in the United States has prepared a report outlining the customs duty concerns that follow these transfer pricing adjustments.
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TaxNewsFlash by Region For the latest tax developments from other regions see the following links: Africa Americas Europe United States
© 2013 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
KPMG Asia Pacific Tax Centre Contacts Asia Pacific Regional Leader, Tax
Warrick Cleine Partner & CEO, KPMG in Vietnam T: +84 8 3821 9266 E: [email protected]
KPMG Asia Pacific Tax Centre Contacts
Brahma Sharma Asia Pacific Tax Centre Leader & Tax COO T: +65 6597 5083 E: [email protected]
Andrew Leonard Asia Pacific Regional Tax Senior Manager T: +65 6597 5075 E: [email protected]
Regional Headquarter Specialists Japan Singapore
Yoko Hatta Partner, Tax, KPMG in Japan T: +81 3 6229 8350 E: [email protected]
Rick Asquini Regional Client Partner T: +65 6213 3300 E: [email protected]
China Inbound Investments China Outbound Investments
John Gu Partner, Tax, KPMG in China T: +86 10 8508 7095 E: [email protected]
Vaughn Barber
Partner, Tax, KPMG in China T: +86 10 8508 7071 E: [email protected]
Service Line Specialists Transfer Pricing Services Financial Services Transfer Pricing
Kari Pahlman Asia Pacific Regional Leader, Transfer Pricing Services T: +852 2143 8777 E: [email protected]
John Kondos Asia Pacific Regional Leader, Transfer Pricing Services in the Financial Services Sector T: +852 2685 7457 E: [email protected]
Tax Efficient Supply Chain Management (TESCM) Trade & Customs
Dana Ritchey Asia Pacific Regional Leader, TESCM T: +65 6213 2889 E: [email protected]
Lilly Li Asia Pacific Regional Leader, Trade & Customs Services T: +86 20 3813 8999 E: [email protected]
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
© 2013 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International, a Swiss entity.
Indirect Tax Services International Executive Services
Lachlan Wolfers Asia Pacific Regional Leader, Indirect Tax Services T: +85 22 685 7791 E: [email protected]
Dennis McEvoy Asia Pacific Regional Leader, International Executive Services T: +65 6213 2645 E: [email protected]
International Corporate Tax Mergers & Acquisitions Tax
Steven Economides Asia Pacific Regional Leader, International Corporate Tax T: +61 2 9335 8876 E: [email protected]
Vaughn Barber Asia Pacific Regional Leader, Mergers & Acquisitions Tax T: +65 6597 5075 E: [email protected]
Research & Development (R&D) Tax Incentives Global Compliance Management Services
Alan Garcia Asia Pacific Regional Leader, R&D Tax Incentives T: +61 3 9288 6094 E: [email protected]
Garry Voigt Asia Pacific Regional Leader, Global Compliance Management Services T: +61 3 9288 6797 E: [email protected]
Market Sector Specialists Financial Services Financial Services Transfer Pricing
Chris Abbiss Asia Pacific Regional Tax Leader, Financial Services Sector T: +852 2826 7226 E: [email protected]
John Kondos Asia Pacific Regional Leader, Transfer Pricing Services in the Financial Services Sector T: +852 2685 7457 E: [email protected]
Energy & Natural Resources
Rod Henderson Asia Pacific Regional Tax Leader, Energy & Natural Resources Sector T: +61 2 9335 8787 E: [email protected]
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