Indonesia’s new policy mandating exporters to retain 100% of their foreign exchange earnings onshore for one year, effective March 1, has ignited controversy. 

The Thai Cabinet has approved a carbon tax of 200 baht per ton of carbon emissions, Deputy Finance Minister Paopoom Rojanasakul announced on Tuesday. The tax, aimed at reducing greenhouse gas emissions, will be incorporated into the existing oil tax structure, ensuring it does not increase retail oil prices or burden the industrial sector.

Thailand is progressing toward the implementation of a wealth tax, according to Finance Permanent Secretary Lavaron Sangsnit. 

The Indonesian government is considering raising the export levy on crude palm oil (CPO) from 7.5% to 10%, with the aim of financing the B40 program. 

This update examines the recent High Court decision of Changi Airport Group (Singapore) Pte Ltd v Comptroller of Income Tax [2024] SGHC 281 which ruled that certain airport assets were structures and not plant and therefore not eligible for capital allowances under section 19A of the Income Tax Act 1967 (the Act) – affirming the decision of the Income Tax Board of Review.

Thailand will impose a 15% minimum corporate tax on large international companies starting in 2025, according to Finance Minister Pichai Chunhavajira. 

Thailand’s business community has called for a comprehensive set of government measures to stimulate the economy, address household debt, and support local industries.

Thailand has reported a 20% decline in low-quality imports, primarily from China, following the implementation of stricter regulations and inspections earlier this year.

Prime Minister Paetongtarn Shinawatra has ruled out increasing Thailand's value-added tax to 15%, following widespread criticism of the proposal. 

Thailand’s Finance Ministry is set to present a carbon tax proposal to the cabinet on December 11, aiming to reduce greenhouse gas emissions in alignment with international climate commitments.

The Thai government has announced stringent measures requiring all foreign e-commerce platforms to register as legal entities within the country and establish formal offices in Thailand.

Thailand's Finance Minister, Pichai Chunhavajira, has outlined potential tax reforms to bolster state revenue, reduce domestic disparities, and enhance the country's competitiveness.

Vietnam’s National Assembly has approved a regulation exempting individual and household businesses with annual revenues below VNĐ200 million (approximately US$7,870) from value-added tax, effective January 1, 2026.

The Indonesian Finance Ministry has defended its decision to increase the Value-Added Tax (VAT) rate from 11% to 12% effective January 1, 2025, emphasizing its potential to strengthen public purchasing power and stimulate the economy.

Indonesia's plan to increase its value-added tax (VAT) from 11% to 12% on January 1, 2024, has triggered widespread backlash from consumers, businesses, and analysts.

The proposed amendments aim to modernize financial regulations and enhance compliance, with the law set to take effect on January 1, 2025, and certain provisions of the Securities Law effective from January 1, 2026.

The Ministry of Industry and Trade has announced the termination of anti-dumping duties on cold-rolled stainless steel products imported from Taiwan, Indonesia, Malaysia, and China. 

Vietnam’s Ministry of Industry and Trade (MoIT) has directed cross-border e-commerce platforms Temu and Shein to complete their business registration procedures by the end of November 2024.

Singapore has passed a bill to update its tax incentive framework in preparation for the implementation of the 15% global minimum tax in 2025. The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill, which was passed unanimously on November 11, introduces several key changes aimed at attracting multinational corporations (MNCs) to invest in Singapore.