Greetings and welcome to the first instalment of the ASEAN Investment & Tax News of 2023.
The ASEAN region is expected to maintain its position as one of the world’s fastest growing regions in 2023, although global economic growth is projected to slightly decline compared to 2022 due to the deteriorating global economic conditions and the implementation of tighter monetary policies.
According to the Asian Development Outlook 2023 report by Asian Development Bank, the 2023 growth rate for ASEAN is expected to grow by 4.7% in 2023, down from 5.6% last year. This continuing recovery is largely because of the subregion’s economic reopening.
In this publication, our tax experts continue to analyse and bring you the latest in-depth updates in ASEAN.
Malaysia takes its place as the feature article as we discuss the key highlights of the re-tabling of budget 2023 on 24 February 2023, focusing on driving economic growth, implementing institutional and governance reforms to restore confidence and promoting social justice to reduce inequalities.
In Cambodia, we take a look at the government’s efforts in mitigating the economic impact of COVID-19 on the tourism sector and the requirement introduced by the General Department of Taxation for Display of Tax Registration Documents at business premises.
Over in Indonesia, we discuss the Regulation No. 33 PMK.010/2021, providing insights into the impact of these guidelines on businesses operating within the Special Economic Zones.
In Myanmar, we delve into the Public Rulings issued by the Internal Revenue Department, the newly enacted 2023 Union Tax Law by the State Administration Council as well as the latest requirements implemented by the Directorate of Investments and Company Administration, highlighting additional information newly incorporated companies must now submit with their annual returns.
Meanwhile, in Singapore, our colleagues discuss the Tax Governance and Corporate Tax Risk Management and Control Framework, which aims to promote the voluntary adoption of good tax governance principles and practices by companies.
In Thailand, our colleagues discuss the updates on the Board of Investment, corporate income tax measures implemented in response to COVID-19 and the approved extension of tax measures to support e-tax systems.
Finally, in Vietnam, we look into government’s consideration of several tax policies guidelines for 2023, with a focus on potential changes to the value-added tax rate and extensions to tax payment and land rent deadlines.
We trust this publication will offer insights for your business and investment strategies in and around the region. BDO in our various offices across ASEAN areready to assist, should you require any further information.
Read more as we continue to delve into the latest Investment and Tax news in ASEAN.