Greetings and welcome to the first instalment of the ASEAN Investment & Tax News of 2022.
The first quarter of 2022 has been interesting thus far. Countries in the ASEAN region are mulling and planning their transition to COVID-19 endemic phase this year. The Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement which covers 15 countries and 2.3 billion people or 30% of the world’s population, came into force on 1 January 2022. This is an opportunity to revitalise businesses and economic activities post-pandemic. What is worrying, however, is the ongoing conflict in Ukraine that ASEAN is now trying to deal with, and its impact on ASEAN is too early to say.
Our tax experts continue to analyse and bring you the latest in-depth updates in ASEAN.
In this publication, we feature an article from Noel Clehane, BDO Global Head of Regulatory & Public Policy, discussing the benefits that RCEP bring to small and medium-sized enterprises (SMEs) in the agreement's 15 member countries.
We also have a guest article from UOB on how ASEAN’s extensive free trade agreements (FTAs) with other countries can help you grow your business in ASEAN.
In Malaysia, we discuss the Voluntary Disclosure & Amnesty Programme for Indirect Tax effective from 1 January 2022.
Over in Cambodia, our colleagues discuss Cambodia’s new law on investment which came into effect on 15 October 2021 with the aim of establishing a comprehensive, transparent and predictable legal framework to attract more investments.
In Indonesia, we discuss the appointment of stamp duty collectors who are required to collect, remit, and report the stamp duties to the Directorate General of Taxes.
Finally, in Thailand, our colleagues provide updates on investment in Thailand, guidelines on tax in relation to cryptocurrency and personal income tax.
Read more as we continue to delve into the latest Investment and Tax news in ASEAN.