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Newsflash ASEAN

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Latest news on law, tax and business in ASEAN.
 

 

 

 

 

 

 

 

 

 Editorial

Welcome to the Q4/2021 edition of our ASEAN Newsflash.

 

In this quarter we have seen interesting news from the Asia-Pacific region regarding the further development of global trade. The required minimum ratification for the Regional Comprehensive Economic Partnership has been completed in early November, and the pact is therefore scheduled to enter into force on 1 January 2022. Furthermore, the pandemic situation in most ASEAN countries appears to improve significantly, having positive effect on regional and global supply chains, while many EU countries again struggle with strongly increasing infection rates and respective containment measures. As a frontrunner, Thailand in early November approved travelers from 63 countries to enter the Kingdom with quarantine exemption, although certain safety requirements continue to exist.

 

In recent weeks we also saw several amendments in ASEAN members' tax regimes, such as the newly passed Indonesian law on harmonization of tax regulations, Malaysia's Finance Bill 2021 with various key tax proposals, the Philippines' new Act imposing value-added tax on digital transactions as well as Myanmar's Union Tax Law 2021 with corporate income tax rate reductions and increased personal income tax layer threshold amounts. These and other topics can be found in this Newsflash edition. For those of you interested in regional implications of the new German Supply Chain Law, we have further prepared country chapters with local red flag case considerations that may help to raise awareness of the risks companies face with supply chains in ASEAN, China and India. You can find our respective Insights article series under the following link: German Supply Chain Law in Asia-Pacific.

 

We wish you a healthy and, despite all ongoing pandemic concerns, also a Happy Festive Season ahead.
 

Sincerely yours,

Markus Schlueter

ASEAN Desk

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Markus Schlüter

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