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Asia Tax Bulletin – Winter 2022 – Tax Authorities

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The Winter 2022 edition of the Asia Tax Bulletin covers many
different tax developments in ASEAN, Greater China, Japan, Korea
and India including important updates such as:

  • PRC’s tax reliefs to facilitate debt settlements in the
    country.

  • Hong Kong’s tax incentive for family-owned investment
    funds.

  • India’s case law ruling that beneficial ownership is not
    required under India’s tax treaty with Mauritius in order to
    still enjoy the capital gains tax exemption under the treaty and
    Indonesia’s Harmonisation Law, to name just a few.

  • Hong Kong’s and Malaysia’s new tax rules for foreign
    sourced investment income, which were prompted by the European
    Union’s threat to otherwise put both jurisdictions on its
    Blacklist of Tax Havens, would have had serious economic
    repercussions.

    • Hong Kong’s proposed law, with a few changes, took effect
      from 1 January 2023. The new tax rules represent a profound change
      in the way Hong Kong taxes foreign investment income.

    • On 29 December 2022, Malaysia added the requirement to have
      sufficient economic substance in Malaysia in order to enjoy tax
      exemption on foreign dividends received in Malaysia, which
      surprised the local business community. The conditions for tax
      exemption have retroactive effect to 1 January 2022.It will be
      interesting to watch for transactions which occurred prior to 29
      December 2022, how the IRB can enforce a condition which taxpayers
      could not have been aware of.

These and other news items are discussed in this edition. Please
read the Bulletin from the links below:

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This
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article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein.

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