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ARTICLE · 27 JULY 2021

Asia Tax Bulletin - Summer 2021

Mayer Brown
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While the world is watching the progress on the OECD's global tax proposals for taxing digital businesses and introducing a global minimum income tax rate, which were embraced and committed to by most Asian countries

GlobalTax
Pieter De Ridder
Pieter De Ridder
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While the world is watching the progress on the OECD's global tax proposals for taxing digital businesses and introducing a global minimum income tax rate, which were embraced and committed to by most Asian countries, there have been a number of other tax developments over the past three months which you will read about in this bulletin. The changes are diverse and we encourage you to read the country sections in this bulletin.

A special note perhaps in respect of the following changes which are particularly newsworthy: China's tax treatment of cross-border hybrid payments and the tax exemption of deed tax in qualifying internal reorganisations, Hong Kong's zero tax rate for qualifying carried interest which has now taken effect, the new specified thresholds in India as to what constitutes a 'significant economic presence' in the country and hence constitutes a permanent establishment, Japan's new law which allows the tax authority to appoint a local administrator

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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