Asia Briefing Business Operational Update

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30 DECEMBER 2020	View in Browser


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SPECIAL 2020 ACCOUNTS, TAX, ANNUAL AUDIT & COMPLIANCE ISSUE

Complimentary 2021 Subscription To Asia Briefing

8 million readers learning about 4.6 billion consumers across 48 countries. Complimentary 2021 subscription. Shouldn't you be reading Asia Briefing?

ASIAN INVESTMENT NEWS

A New China For 2021 - Foreign Investor Friendly Access, Overseas Direct Investment in Hi Tech M&A and More Belt & Road Opportunities

China has been making some significant changes to its economic direction and overall investment policy during the course of 2020, with profound implications for foreign investors in China and for overseas funds and investors looking for Chinese money.

EU-China Comprehensive Investment Agreement

China and the EU have just held the 35th round of negotiations on the "Comprehensive Agreement on Investments", a bilateral treaty that replaces the 26 existing bilateral investment treaties between 27 individual EU Member States and China, providing a uniform legal framework for EU-China investment.

China Releases 2020 Negative List For Market Access

This newly released list provides details of what industry sectors in China foreign investors can access.

An Introduction To Doing Business In ASEAN 2021

An Introduction to Doing Business in ASEAN 2021 is the latest new guide from Dezan Shira & Associates and is available for complimentary download. ASEAN is home to more than 600 million people (larger than the EU and North America) and has the third-largest labor force behind India and China. An Introduction to Doing Business in ASEAN 2021 covers Corporate establishment; Tax and accounting; Human resources and payroll; and Audit and compliance.

India’s Outlook 2021: Foreign Investment Opportunities in FMCG, Pharma, E-Commerce, IT, and Electronics

As the Indian economy rebounds from the worst of the pandemic, we look at investment opportunities in key sectors in 2021.

ASIA ANNUAL AUDIT & COMPLIANCE

China Clarifies Deadlines for Filing Tax Returns in 2021

China has clarified the specific deadlines for filing tax returns in 2021 through the Circular "Clarifying the Deadlines for Filing Tax Returns in 2021" issued by the State Taxation Administration.

Audit & Compliance In Cambodia

Resident taxpayers are subject to tax on their worldwide income while non-resident taxpayers are taxed on their Cambodia-sourced income only.

Audit & Compliance In Indonesia

Foreign investors should understand the Company Law, which sets outs the requirements for audit compliance and preparing financial statements. Other important and relevant laws are the Investment Law and Capital Markets Law. If a company’s fiscal year differs from the calendar year, then their deadline for reporting and paying corporate income tax is four months after the end of their fiscal year.

Audit & Compliance In Malaysia

All companies incorporated in Malaysia must have their accounts audited by a Ministry of Finance approved auditor as mandated by the Companies Act of 2016. Most companies in the country choose to have their fiscal period end either on the last day of the year or on the last day of a quarter. Malaysia operates a self-assessment tax system, and tax returns must be filed within seven months of the company’s year-end.

Audit & Compliance In Myanmar

Myanmar operates two assessment systems: the self-assessment system (SAS) and the official assessment system (OAS). The Myanmar Companies Law of 2017 and Myanmar Accountancy Council Law are the main legislation that governs audit and compliance requirements for businesses in the country. Companies incorporated in Myanmar must maintain proper books of accounts as well as appoint an auditor by the company’s directors.

Audit and Compliance in The Philippines: A Guide for Foreign Investors

The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31. Companies whose gross annual earnings exceed PHP3 million (US$61,760) are required to have their accounts audited. All companies must submit their financial statements accompanied by an auditor’s report issued by an independent CPA.

Audit & Compliance In Singapore

Singapore makes it obligatory for registered businesses to hold annual general meetings, file annual financial statements, and to be officially audited. Businesses or business groups that are classified as ‘small’ are exempted from official audits. Foreign investors should use the services of registered local advisors to ensure they stay compliant with the relevant regulations.

Audit and Compliance in Thailand: A Guide for Foreign Investors

All companies in Thailand must now prepare financial statements for their assigned 2020 accounting period to the Ministry of Commerce.

Audit & Compliance In Vietnam

Foreign-owned enterprises (FOEs) and representative offices (ROs) are obligated to have their annual statements audited. Investors should be aware that FOEs and ROs have a different audit and compliance requirements. The government aims to replace the Vietnamese Accounting Standards and adopt the International Financial Reporting Standards by 2025.

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