Global companies thriving in Asia Pacific and Central and South Asia

At ECOVIS International, we understand the unique challenges and opportunities that companies face when expanding into a diverse and dynamic market like the APAC region. ECOVIS International currently covers 19 of Asia’, from Pakistan to Japan to New Zealand. Our global network of experts is dedicated to providing tailored accounting, tax, audit, and legal solutions that empower foreign-invested companies to navigate the complexities of expanding into Asia effectively.

Welcome to our international accounting, tax, audit, and legal network, where we specialize in facilitating the success of multinational companies, small and large, embarking on their journey to expand in Asia. In today’s globalized economy, Asia represents a wealth of opportunities but a very challenging business environment. Our multi-disciplinary teams of experts and our Business Development team, with multi-lingual capabilities and cross-border project management expertise, are the partners of many world-leading and small businesses embarking on doing business in the many corners of Asia.

Join us as we explore the world of “Global Companies Expanding to Asia.” Let’s embark on a journey of international growth, cultural understanding, and business success, bridging continents and seizing opportunities in the vibrant Asian markets.

News about “Doing business in Asia”

Resident Director Services Australia: Expert Guidance for International Businesses

8. November 2024 | David Conley brings over 25 years of experience in tax and business consulting to his role as a director of Sydney accounting and business advisory firm, ECOVIS Clark Jacobs. His career journey, which includes stints at global firms such as Ernst & Young, Deloitte and PwC, has equipped him with a unique perspective on the importance of tailored, client-focused solutions.

E-Commerce Platforms in Vietnam: Proposed New Tax Responsibilities for Platform Owners

31. October 2024 | In recent years, the rapid growth of e-commerce in Vietnam has prompted significant changes in the regulatory landscape. The Vietnamese government is now proposing new tax responsibilities for e-commerce platform owners to ensure better compliance and transparency. The Ecovis experts from ECOVIS AFA VIETNAM explore the current tax administration requirements and the proposed amendments to the Tax Administration Act aimed at streamlining tax declaration and payment processes for businesses operating on e-commerce platforms.

Malaysia Special Economic Zones: Exclusive Tax Incentives to Establish Your Family Office in Malaysia’s Forest City Special Financial Zone

25. October 2024 | On 20 September 2024, YB Senator Datuk Seri Amir Hamzah Azizan, Finance Minister II, delivered a keynote address at the Forest City Special Financial Zone (FCSFZ) Tax Incentive Announcement Ceremony. The address highlighted the Government's commitment to fostering investment and positioning Forest City as a competitive financial hub through attractive tax incentives. This initiative is aimed at attracting global Single Family Offices (SFOs) to establish their presence in the region, promoting economic growth and generating high-value employment opportunities.

Chinese Companies Going Global: Tax & Accounting Risks

23. October 2024 | In the wave of globalization, “going global” has become an important strategy for many Chinese enterprises. In some cases, companies often formulate meticulous investment strategies, but many have less knowledge about the tax and accounting of the target country(ies). Neglecting accounting and tax risks will inevitably result in unnecessary fines and penalties, leading to limited development.

Transfer pricing in Vietnam: Proposed changes of the draft amendments to Decree 132

14. October 2024 | Decree No. 132/2020/ND-CP (Decree 132) on tax administration for companies with related party transactions, which has been in force since 2020, has led to some restrictions and difficulties for companies. The Vietnamese government therefore presented amendments to Decree 132 in July 2024, which are to be adopted in the 4th quarter and will apply from the 2024 tax period. The Ecovis consultants explain the background and what is changing.

Ecovis is back in Japan

11. September 2024 | We warmly welcome our new colleagues from Japan to the Ecovis family! ECOVIS AKIA Tax Consultants was established in July 2008 by two partners to support foreign affiliated companies to enter the Japanese market.

Vietnam’s social insurance law: New law to come into effect on 1 July 2025

4. September 2024 | Vietnam’s 15th National Assembly recently passed Law No. 41/2024/QH15 on social insurance. The new law introduces amendments that address current inadequacies between legislation and real-life practice, while improving the rights and benefits for social insurance participants. It will come into effect on1 July 2025. The Ecovis experts know the changes.

ATO Data Matching: What Taxpayers Should Know

3. September 2024 | The Australian Taxation Office (ATO) is drawing media attention this tax season with its scrutiny of various areas, including the usual remote work expenses, as well as cryptocurrencies and rental properties. However, beyond the media spotlight the ATO has also quietly developed new data connections that could indicate future audit targets. Scott Hogan-Smith from ECOVIS Clark Jacobs explores these data links and the information being gathered about taxpayers.

India Announces Simplified Tax Regime & Reforms

2. September 2024 | India's recent budget proposals have introduced reforms to make its tax regime easier to understand and more business-friendly. In this article, the experts at ECOVIS RKCA explore how these new rules will impact a wide range of stakeholders, including start-ups, multinationals and individual investors.

Top Talent Pass Scheme Hong Kong: Highlights of the TTPS • 高端人才通行證計劃

29. August 2024 | The Top Talent Pass Scheme (TTPS) is one of the new measures announced by the Hong Kong Special Administrative Region (HKSAR) government to attract talent to Hong Kong. This scheme is expected to be popular as it does not require employer sponsorship at the time of application. The scheme is widely available to eligible nationals from many countries and offers a new path to Hong Kong to live and work. The experts from ECOVIS Axial CPA Limited outline the features and benefits.

Vietnam: Tax, Land Rental Payment Deadlines and 2% VAT Reduction Extended till End of 2024

23. August 2024 | The Vietnamese government is easing financial pressures by extending tax and land rental deadlines and prolonging the 2% VAT reduction on certain goods and services through the end of 2024. The experts at ECOVIS AFA VIETNAM provide a detailed overview of these recent measures, which impact various tax and land rent obligations.

CFC Taiwan: Implications of New Regulations for Offshore Trusts and Broader APAC Insights

22. August 2024 | Taiwan’s new CFC regulations, effective January 1, 2023, tighten tax rules for offshore trusts held by Taiwanese residents. A recent July 2024 ruling requires offshore trustees to register with Taiwan’s tax authorities and adhere to new reporting standards. The experts from TAK ASSOCIES and ECOVIS Taiwan CPA Firm explore these developments and their broader impact across the Asia-Pacific region.

Celebrating 20 Years at ECOVIS Ruide Shanghai

21. August 2024 | We are excited to share the news that ECOVIS Ruide Shanghai, founded in 2004, celebrates its 20th anniversary this year! We marked this significant milestone with a special celebration in June. Over the past 20 years, our journey has been shaped by the support of our clients and the entire ECOVIS International network, through both triumphs and challenges.

Malaysia E-Invoicing: Embracing the Digital Future

20. August 2024 | Malaysia is launching e-invoicing to modernize its tax system and streamline business transactions. Starting August 2024, the Inland Revenue Board will phase in this digital system, replacing traditional invoicing methods. The experts at ECOVIS MALAYSIA TAX SDN BHD explain what businesses need to know about this transition, including implementation timelines, benefits, and compliance requirements.

WKO Advantage Austria: Ecovis China are trusted experts for Chinese legal, tax and financial insights – a case study

15. July 2024 | WKO Advantage Austria has built a long-term and successful business relationship with ECOVIS Richard Hoffmann Law Firm & ECOVIS Ruide Shanghai, led by partners Richard Hoffmann and Pingwen Hu.

ECOVIS OC Law Facilitates Successful Market Entry for Leading Native Advertising Pioneer in Vietnam

5. July 2024 | Our client, a subsidiary of a leading multinational company based in Singapore, is a global pioneer in native advertising. As they expand their innovative revenue growth solutions across the advertising ecosystem, they rely on ECOVIS OC Law for expert legal support in Vietnam.

Smooth Sailing into Vietnam: Ecovis Facilitates Seamless Expansion for German Logistics Leader

4. July 2024 | Our client in Germany, a major player in the logistics sector, was looking to expand its operations into Vietnam. To ensure a seamless and compliant establishment in this new market, they turned to Ecovis for expert assistance.

Non-cash payments Vietnam: New regulations

3. July 2024 | The Vietnamese government recently issued Decree No. 52/2024/ND-CP (Decree 52) regulating non-cash payments. This regulates the opening and use of payment accounts and sets out clearly the cases for blocking or closing such accounts. Decree 52 takes effect from 1 July 2024. The Ecovis experts explain the effects.

Establish Representative Office in Vietnam: Updates to Regulations Regarding Foreign Trade Promotion Organizations in Vietnam: Decree 14/2024/ND-CP

26. June 2024 | The Vietnamese Government has issued Decree No. 14/2024/ND-CP (Decree 14). This improves measures to promote foreign trade, including changes in the approval procedures for representative offices of foreign trade promotion organisations. The decree came into force on 25 March 2024.

Vietnam Manufacturing Companies: How to set up a Company in Vietnam

25. June 2024 | Vietnam’s burgeoning manufacturing sector plays a pivotal role in its export-driven economy, attracting international companies with favourable conditions for foreign ownership. The experts at Ecovis Vietnam advise what you need to know before establishing a manufacturing company in Vietnam.

Service Tax Malaysia: Two Major Changes in 2024

24. June 2024 | Malaysia's fiscal landscape is undergoing significant changes with the announcement of the 2024 Budget, including a notable increase in the service tax rate. This shift, alongside the reintroduction of the Sales and Service Tax since 2018, reflects the nation's proactive stance toward economic challenges. The experts at ECOVIS Malaysia outline the changes.

Incorporation of Software Company in Vietnam: Legal Guidelines and Key Points

21. June 2024 | What are the considerations when setting up a technology business in Vietnam? The experts at ECOVIS Vietnam outline the steps for those considering an investment in this booming startup arena.

Data Transfer Security to China: German GDPR Tactics for Safe Passage

20. June 2024 | German companies looking to expand into China or carry out cross-border data transfers must observe numerous data protection regulations and develop strategies for compliance. Failure to do so may result in significant penalties. The experts from ECOVIS Rechtsanwaltskanzlei Richard Hoffmann provide an overview of the regulations and strategies for secure data traffic.

Minimum wage Vietnam: 6% increase from 1 July 2024

3. June 2024 | The Vietnamese Ministry of Labour, War Invalids and Social Affairs (MOLISA) is drafting a decree regulating the minimum wage for contracted employees. MOLISA is proposing an increase of 6% compared to the current level, applicable from 1 July 2024. The Ecovis experts explain the details. Currently, the minimum wage for contracted employees is set out […]

How to pay in China: China’s cashless revolution – a guide to new payment options

13. May 2024 | Foreign employees and visitors in China can now pay with international cards, such as Mastercard or Visa, by scanning QR codes online or directly on site. The Ecovis experts explain the new cashless payment options.

Company Law in China: Navigating the Key Changes

13. March 2024 | China recently updated its company legislation, with changes set to take effect from July 2024. Shanghai K-insight Law Firm outline the key amendments, which aim to enhance operational efficiency and safeguard the interests of companies, shareholders and creditors.

Taiwan Carbon Emissions: Catching up with Zero Carbon Emission Target

11. March 2024 | The ambitious goal of achieving zero carbon emissions by 2050, set forth by COP21, has spurred significant global efforts to combat climate change. The team at TAK ASSOCIES explain how Taiwan, a key player in electronics manufacturing, has swiftly adopted measures to curb carbon emissions.

New company law in China: What businesses need to know

6. March 2024 | Chinese corporate law is changing on a large scale. The changes include new rules for equity investments, legal representatives or corporations. The law will come into force on 1 July 2024. The Ecovis experts explain the most important changes in the law.

Telemedicine in Vietnam: Regulations and their Impact on Healthcare Service Providers

1. March 2024 | I. Definition Telemedicine is the provision of healthcare services facilitated “remotely”, without the need for in-person interaction. This activity is carried out by healthcare professionals using information and communication technology to gather information for the diagnosis, treatment and prevention of diseases and injuries, with the aim of improving individual and community health. Telemedicine is not […]

Forging the Future of Work: How Exxeta Pioneers Global Remote Work Solutions, supported by ECOVIS Heidelberg

28. February 2024 | Under the guidance of Richard Hoffmann, Lawyer and  Senior Partner, Ecovis Heidelberg has fostered a deep and enduring business relationship with Marcus Bingenheimer-Zimmermann, Director of People & Culture at Exxeta, previously the Head of Human Resources at the esteemed football club, Eintracht Frankfurt. , a leading consultancy specializing in business and IT consulting, is at […]

Transfer Money Vietnam: Implementation of Biometric Authentication

27. February 2024 | Effective from 1 July 2024, in accordance with Decision No. 2345 of the State Bank of Vietnam, all direct money transfers or deposits into e-wallets with a value equal to or exceeding 10 million VND will require biometric authentication. This article aims to provide insights into this process and its impact on the operations of […]

Global Minimum Tax Vietnam: Effective from 2024

31. January 2024 | Vietnam is introducing an additional corporate tax. The global minimum tax rate of 15 percent will apply to multinational companies whose revenues exceed EUR 750 million (approx. USD 800 million) in two out of four consecutive years. The new regulation applies from January 1, 2024. The Ecovis experts explain the details. On 29 November 2023, […]

Becoming a B Corp: Should Your Business Make the Move?

7. December 2023 | An emerging business model, B Corp – or Benefit Corporation – signifies a progressive approach to running a business: aiming to reconcile profit with a genuine commitment to environmental and community welfare. B Corps undergo a certification process administered by B Lab, a non-profit organisation which evaluates businesses worldwide, to ensure compliance with B Corp […]

China cross-border data transfer: Navigating legal complexities

7. December 2023 | Stricter regulations for cross-border data transfers, such as risk impact assessments, now apply in China. The Ecovis experts explain what companies that transfer data need to consider.

Non-disclosure Agreement Vietnam: New precedent on the legal validity of non-disclosure and non-compete agreements

27. November 2023 | In a groundbreaking move, the Supreme People’s Court of Vietnam recently issued Decision 364/QD-CA dated 1 October 2023, announcing seven case laws, with case law no. 69/2023/AL (precedent 69) taking centre stage. This decision solidifies authority of arbitration in addressing disputes related to non-disclosure and non-compete agreements. Precedent 69 involves a case where an employee […]

Legal Representative in China: How to Stay Compliant in 2023

24. November 2023 | Limited liability companies registered in China must appoint a legal representative. They represent the company in exercising its rights and obligations. At the same time, legal representatives are exposed to potential compliance risks if the company's activities (or their own actions) violate the law, administrative regulations, or the company's articles of association.

Budget 2024 Malaysia: The Startup of Tax Reform by the Government

22. November 2023 | In a historic move for the country, the Malaysian Prime Minister, who is also Minister of Finance, unveiled the eagerly awaited 2024 budget on 13 October 2023, which sets a new spending record of MYR 393.8 billion.

Electronic Book Preservation Act Japan

10. November 2023 | In consideration of the difficulty of actually implementing the Electronic Book Preservation Act, there was a two-year transition period prior to enforcement. The revision will affect all companies in Japan once it comes into force. From 1 January 2024, electronically stored information (ESI) must be preserved under the revised Act. The Ecovis experts explain how it is implemented in practice.

Transfer Pricing Malaysia: New Income Tax Rules in 2023

22. August 2023 | The Inland Revenue Board of Malaysia (IRBM) has issued the latest Income Tax (Transfer Pricing) Rules 2023, which are effective from the 2023 assessment year and replace the Income Tax (Transfer Pricing Rules) 2012. The experts from ECOVIS MALAYSIA TAX SDN BHD explain what companies must pay attention to. What the New Transfer Pricing Rules […]

Cross-border Data Transfer Made Easy: The CAC Standard Contract

21. August 2023 | The transfer of personal data has been much simpler since 1st June 2023. This has been made possible by the newly introduced Collective Action Clause (CAC) Standard Contract, together with the corresponding Standard Contractual Clauses (referred to as “China SCCs”). The experts from Ecovis Richard Hoffmann law firm explain what needs to be considered with […]

Cross-Border Game Providers in Vietnam: Impact of Recent Actions by the MIC

18. August 2023 | The Ministry of Information and Communications (MIC) and its Authority of Broadcasting and Electronic Information division (ABEI) recently implemented various measures that have significantly impacted cross-border game providers in Vietnam. Most notably, the specific actions taken by the MIC and ABEI requesting that Apple and Google remove/delete unlicensed games in Vietnam. The Consequences for Foreign […]

Cybersecurity Vietnam: Latest Draft of Cybersecurity Administrative Sanctions Decree

16. August 2023 | The Vietnamese Ministry of Public Security (MPS) has released the third draft of a Cybersecurity Administrative Action Decree (CASD). The draft CASD is scheduled to come into force on 1 December 2023. The experts from ECOVIS Vietnam OC Law in Ho Chi Minh City explain what this means in concrete terms for companies. The CASD […]

Selling my Business in China: Navigating Cross-Border Taxation and Unpacking US Tax Implications

31. May 2023 | United States (US) corporations, in particular, have been actively investing in Chinese entities, leading to intricate tax implications when these companies decide to divest these assets. The US Tax Cuts and Jobs Act (TCJA) of 2017 profoundly changed these tax dynamics. One such change was the introduction of a tax deduction for dividends received from […]

Tax Identification Number Vietnam: The New Payable Identification Number

30. May 2023 | From 10 May 2023, taxpayers must use a fee-based identification number for all tax payments. This must be applied for with the tax authority and those who fail to comply must expect sanctions. The experts from ECOVIS AFA VIETNAM explain the details. On 24 April 2023, the General Department of Taxation (GDT) issued Official Letter […]

Tax policy in Vietnam: Extension of Payment Deadlines for Tax Payables and Land Leases in 2023

29. May 2023 | The Vietnamese government has taken tax policy measures to relieve the economy after the Coronavirus pandemic. This includes a package of deadline extensions for tax payments and land leases. The decree came into force on 14 April 2023 and is valid until 31 December 2023. As part of various measures to promote the economy, the […]

UAE Corporate Tax 2023: Implementation of the Federal Corporate Tax

27. May 2023 | The Corporate Tax Law will come into force in the United Arab Emirates on 1 June 2023. With this, the government is introducing new principles for the taxation of companies. The regulations comprise a tax rate of 9%. The Ecovis experts explain in detail what companies and investors can expect in the future. Introduction: Background […]

Digital Advertising Vietnam: Regulations on Cross-border and Digital Advertising Services

25. May 2023 | Decree No. 70/2021/ND-CP (the decree), which came into effect in Vietnam on 15 September 2021, regulates the provision of cross-border and digital advertising services. The aim is to prevent illegal content and misleading or unethical advertising practices by offshore advertising service providers. However, companies are still not complying with the current rules, and they now […]

Treading a Fine Line: 2024 Budget Australia

23. May 2023 | On Tuesday May 9th, the Australian Government handed down the 2023/2024 budget. What does the recently announced federal budget mean for Australians? ECOVIS Clark Jacobs in Australia examines the key measures.

Personal Data Protection Vietnam: New Decree to Come into Full Force in July

22. May 2023 | Decree No. 13/2023/ND-CP on personal data protection (PDPD) was issued on 17 April 2023. It comes into full force on 1 July 2023. From then on, all companies will have to comply with the regulations. However, the government has given SMEs a two-year deadline to implement some of the regulations. The Ecovis experts explain the […]

Setting up a Business in India for Foreign Companies

17. March 2023 | Given India’s rapidly growing market, the country’s investment potential has enticed a slew of foreign companies to establish their presence in India. Over the last few years, initiatives have been taken to ensure that establishing a business in India is more straightforward and foreign companies are encouraged to invest in the country.

Personal Income Tax Vietnam: Updates on Documents Proving Qualified Tax Dependents

14. March 2023 | On 1 January 2023 an updated policy came into force in Vietnam, outlining the documentation required for taxpayers to prove the legitimacy of their declared dependents. Circular No. 79/2022/TT-BTC amends Point g Clause 1 Article 9 of Circular No. 111/2013/TT-BTC, which provides guidance on the necessary proof of qualified tax dependents. Types of Dependents and […]

VAT Vietnam: The reduction according to Decree No. 15/2022/ND-CP has ended

9. March 2023 | Decree No. 15/2022/ND-CP (Decree 15), which last year reduced the VAT rate from 10% down to 8% for certain goods and services in Vietnam, expired on 31 December 2022. This means that, from 1 January 2023, the VAT has returned to a rate of 10%. Below is specific guidance from the local tax authorities for […]

Corruption? Not in my business!

8. March 2023 | In recent years there have been an increased number of cases regarding business people and celebrities finding themselves in trouble due to financial crimes or corruption. You can frequently find examples in the news, and tycoons or individuals from the entertainment industry are often affected. Since policies are tightening in China and penalties are increasing, […]

Employment Act Malaysia: Amendment in 2022

8. March 2023 | The Employment Act (Amendment) 2022 came into effect on 1 January 2023. This Amendment Act seeks to introduce a number of important changes to the previous act – Employment Act 1955 (EA 1955) – and is aimed at benefiting both employees and employers in Malaysia. This article seeks to highlight some of the key changes […]

Tax exemption for non-resident dependents

30. January 2023 | The Japanese government has changed the tax laws exempting non-resident dependents from tax. The law came into force on 1 January 2023. The Ecovis experts explain the details. Background Taxpayers in Japan are allowed to make a deduction for non-resident dependents from their income. A non-resident dependent is a relative, other than the spouse, who […]

Starting a Business in Australia

11. November 2022 | Case Study Background Danish Co is a Significant Global Entity (SGE) with extensive experience in the mature European energy trading market and was seeking to expand into the younger Australian market and the opportunities this presented. Ecovis Sydney was contacted by this Danish energy trading company, investigating the potential participation in the Australian energy trading […]

E-Invoices in Vietnam: E-Invoices Generated from Cash Registers

10. November 2022 | Enterprises, business households, or business individuals who provide goods or services directly to consumers are allowed to use e-invoices issued from Point of Sale (POS) cash registers (Clause 2, Article 8 of Circular 78/2021/TT-BTC). This covers business models such as shopping malls, supermarkets, retailing of consumer goods, foods and drinks, restaurants, hotels, retailing of modern […]

Vietnam cybersecurity law: Data localisation requirement for digital service providers

3. November 2022 | The Vietnamese government has clarified certain articles of the Cybersecurity Law 2018. This includes, for example, which data is subject to the localisation obligation, or in which cases a branch office is to be established. Decree no. 53/2022/ND-CP (the “Decree”) came into force on 1 October 2022.

M&A Asia: A practical view on issues for multi-country acquisitions

17. October 2022 | Companies can generate growth by acquiring other companies. The Ecovis experts explain which legal and tax aspects must be considered in M&A and how to use data rooms correctly.

Personal data protection act Thailand: Exemption for SMEs

14. October 2022 | The Thai Personal Data Protection Act B.E. 2562 (PDPA) came into effect on 1 June 2022. Small businesses are exempt from implementing the data protection act. This is regulated in one of four organic acts, or “notifications”, issued by the Office for Digital Economy and Society (DES) to clarify specific issues under the PDPA. However, […]

Tax on Vietnam Cross Border E-Commerce Activities

29. August 2022 | In recent years, due to the progess in technology, Vietnam has become a leading market for foreign investors in the field of e-commerce. The country is now passing and amending regulations regarding tax obligations for e-commerce activities, particularly concerning cross-border e-commerce of Overseas Suppliers who don’t have permanent establishments in Vietnam. 1. Tax obligations of […]

Foreign Documents: Consular Legalization Vietnam

25. August 2022 | In recent years, Vietnam has developed and optimized policies to support and therefore attract more foreign investors. One important procedure that foreign investors need to perform when planning to invest in Vietnam is the consular legalization of foreign documents. 1. Except Documents [1] Certain types of foreign documents are exempt from consular legalization in Vietnam: […]

Vietnam Minimum Wage: Updated Salary Policy

19. August 2022 | Statutory Minimum Wage per Month There has been an increase of the statutory minimum wage per month in Vietnam [1]. On 12 June 2022, the Government issued a new order (Decree 38/2022/ND-CP) prescribing statutory minimum wages paid to employees working under labour contracts. Accordingly, the statutory minimum wage per month has increased by an average […]

Tax Incentives in Vietnam for Software Services and Software Products

19. August 2022 | The world is witnessing the booming transformation into the digitalization era, in which software production has become increasingly more important. In Vietnam, this industry has experienced considerable growth, almost doubling in the number of software businesses over the last five years (i.e., from approximately 7,400 enterprises in 2016 to more than 13,500 in 2020). Currently, […]

Business Valuations

17. August 2022 | A business valuation is the process of determining the economic value of an enterprise, giving business or potential owners an objective estimate of the value of a business. Business valuations are not an exact science and valuation experts must exercise significant professional expertise and judgement when making their assessments. Business valuations have an important role […]

New Requirements for Japanese Consumption Tax Invoicing: The Tax-Qualified Invoice System

9. May 2022 | A Japanese Consumption Tax (JCT), equivalent to VAT, was introduced in April 1989. Since then, the standard tax rate has gradually increased to 10%. In addition, an 8% reduced tax rate was implemented from 2019 for certain goods and services. Effective from October 1, 2023, the Japanese consumption tax system will be significantly reformed with […]

Tesla’s Next Super Factory: What Does This Mean for China?

5. May 2022 | Where will Tesla’s second super factory be located? This question has, once again, attracted attention worldwide. In January, Elon Musk declared that this year he would announce the location of Tesla’s fifth super factory. Tesla currently has two local super factories, in Nevada and New York, as well as two overseas super factories in Shanghai, […]

Invest in Cambodia: The Importance of Financial Due Diligence

28. April 2022 | Tourism, together with clothing manufacturing, construction and agriculture, is one of the four key sectors supporting Cambodia’s economic expansion.

Removal of Foreign Income Tax Exemptions in Malaysia

27. April 2022 | As Malaysians anticipated special aid and recovery measures from the government in the midst of the COVID-19 crisis, they were caught by surprise when the Minister of Finance announced the removal of foreign source income exemption for residents when he tabled the Budget 2022.

COVID-19 and the Big Quit: Keys to Employee Retention

26. April 2022 | In early 2020 the world as we knew it changed and it is doubtful that many of us foresaw the extent of those changes and how long they would last. When the pandemic first hit the world, there were predictions of economic meltdown as we all raced to come to terms with the challenges COVID-19 […]

E-Tax Vietnam: Launch of E-Portal And Tax Mobile App

25. April 2022 | Vietnam’s two new digitized tax administration platforms will help both foreign and local taxpayers meet their tax obligations. On March 21, 2022 the Vietnam General Department of Taxation held an online conference to announce the launch of the e-Portal for foreign suppliers, as well as the implementation of a new tax application called E-Tax Mobile.

Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms

25. November 2021 | ECOVIS Clark Jacobs has again been named in the Australian Financial Review’s Top 100 Accounting Firms, ranking #58 for 2021. Published each year in November, the AFR’s list ranks accounting firms by total revenue for the financial year, but also examines revenue growth, new partners and number of graduates. They also review the industry trends […]

Equal Pay for Equal Work in Japan

23. November 2021 | Equal pay for equal work regulations came into effect in Japan in April 2020, and in April 2021 for small and medium-sized companies. The aim is to remove unreasonable disparities in working conditions between non-regular (part-time or fixed-term employees) and regular employees. Consequently, many companies now face the challenge of ascertaining what the legally defined […]

Investing in Renewable Energy in Vietnam

18. November 2021 | Although not without challenges, Vietnam’s natural resources paired with its sustainability goals means the country is heading towards global leadership in renewable energy, and provides possible opportunities for investors. According to a report by Electricity of Vietnam (EVN), in the first six months of 2021 the total amount of electricity produced (by both sustainable and […]

Vietnam Tax Exemptions: COVID-19 Support For Business and Individuals

17. November 2021 | On 19th October 2021 the National Assembly Standing Committee issued a resolution (Resolution No. 406/NQ-UBTVQH15) introducing tax exemptions and reductions to support enterprises and individuals affected by the COVID-19 pandemic. These exemptions and reductions are listed below: 30% Reduction of Payable Vietnam Income Tax in 2021 (Corporate) This reduction only applies to taxpayers who have: revenue […]

E-Commerce Vietnam: Stricter Regulations Proposed on the Sector

1. September 2021 | The E-Commerce sector is developing at an accelerated rate due to the effects of the industrial revolution 4.0. Because of this, amending the legal framework of this sector under the current Decree 52/2013/ND-CP dated 16 May 2013 of the Government (“Decree 52”) is essential.

Requirements for Foreign Language Teachers in Vietnam

17. August 2021 | As a global language, English is an important inclusion in the curriculum of educational institutions throughout Vietnam. There are numerous opportunities to teach English in Vietnam and while being a native English speaker is advantageous, it’s not sufficient. Legal requirements are in place to ensure standards are met, and prospective teachers must meet certain criteria […]

Foreign Investment in Vietnam

17. August 2021 | In the developed world, with strategic location, supportive policies and regulations, and a young and well-qualified labour force, Vietnam has become a more attractive market for foreign investors. To make foreign investment in Vietnam more accessible, the National Assembly of Vietnam approved the Law on Investment No. 61/2020/QH14 on June 17, 2020, which came into […]

Professional Ethics of Auditors: The Case of Serba Dinamik

12. August 2021 | In accordance with article 16 of the Law on Corporate Accounts, Their Audits, and Accounting Profession, all enterprises, natural persons and legal entities with Khmer or foreign nationality domiciled in the Kingdom of Cambodia, that meet two of the following three criteria, have an obligation to submit their annual statements for audit by independent auditors registered in the statutory auditor list of the

Cambodia: A Significant Increase in Audits

11. August 2021 | In accordance with article 16 of the Law on Corporate Accounts, Their Audits, and Accounting Profession, all enterprises, natural persons and legal entities with Khmer or foreign nationality domiciled in the Kingdom of Cambodia, that meet two of the following three criteria, have an obligation to submit their annual statements for audit by independent auditors registered in the statutory auditor list of the

Cross Border eCommerce in China

7. May 2021 | In recent years, due to the huge potential of China’s consumer goods market, more and more global retailers have turned their attention to China. Ten years ago, not only were there fewer choices of goods, the payment and after-sales service were both extremely inconvenient and ineffective. With the rise of the e-commerce industry, not only […]

GST In Malaysia: Will It Return?

6. May 2021 | After spending a number of years studying Goods and Services Tax (GST), Malaysia was the last country in the Association of Southeast Asian Nations (ASEAN) excluding Brunei to implement GST in 2015. However, Malaysia became the first to abolish GST in 2018 after the fall of the Barisan Nasional government in the Malaysian 14th General […]

Payroll in Singapore: Common Non-compliance HR Matters

5. May 2021 | Are you aware of the following? Under the Skills Development Levy (SDL) Act, employers are required to pay SDL, at different contribution rates, for every employee they hire. This applies to all permanent, casual, part-time, temporary or foreign employees rendering their services wholly or partly in Singapore. Bonuses are considered additional wages (AW) and the […]

Doing Business in Australia: Establishing a Local Company isn’t the Only Solution…

4. May 2021 | We are often contacted by our Ecovis international network offices asking if we can set up a company for their local clients who are planning to do business with Australia. While we are more than happy to do this, the client may be able to do business with Australia without the need for a company.

2021 Singapore Budget Highlights

12. March 2021 | On 16 February 2021, the Singapore Budget Statement was delivered in Parliament.  A key focus of the Budget was the theme of Emerging Stronger, Together.  The goal is to build new capabilities in people and businesses in this next phase of transformation.

New Rules on Cross-border Renminbi (RMB)

11. March 2021 | At the turn of the new year, the Circular on Further Optimizing the Cross-border RMB Policy to Support the Stabilization of Foreign Trade and Foreign Investment (YinFa [2020] No. 330) (hereinafter referred to as ‘Circular No. 330’) was published, which can further promote the role of cross-border RMB in the substantial economy.

Key Changes to Reporting Regime in Australia

10. March 2021 | This article will inform you on: Key changes to the Australian financial reporting framework The new Payment Times reporting regime The Australian financial reporting framework is changing The existing reporting framework requires an entity that is not publicly accountable (as defined in AASB 1053) to consider whether it is a reporting entity i.e., an entity […]

Steep Penalties for Not Preparing Transfer Pricing Documentation in Malaysia

8. March 2021 | The Inland Revenue Board of Malaysia (IRBM) has taken a significant move to improve transfer pricing compliance by introducing new penalty provisions, whereby taxpayers involved in related party transactions must prepare either full or partial transfer pricing documentation, depending on whether the taxpayer has reached the threshold. Failing to prepare the transfer pricing documentation will […]

India Adopts Faceless Tax Assessments and Appeals: A Pragmatic Approach

4. February 2021 | One impact of the global Coronavirus pandemic is that, in some parts of the world, the use of digital communications has accelerated. India has adopted “faceless” interactions through digital means with tax payers, and the Revenue department has been agile in keeping up with changes, introducing faceless tax assessments and appeal schemes for all categories of taxpayers (barring a few exceptions) across the country.

Investing in the Philippines

19. January 2021 | The effort of the Philippines to improve its infrastructure is now in completion phase under the Build, Build, Build (BBB) Program launched in 2017. This program aims to construct major railways, industrial parks and airports. Other projects include construction of energy facilities, water resource projects and irrigation systems, flood control facilities and other redevelopment programs. […]

Thinking of Moving to the Cloud? What you Need to Know.

6. January 2021 | The Cloud Revolution comes to Sydney If you have been following our LinkedIn page, you might have seen an announcement we were tagged in from a company called Greatsoft, which announced the successful migration of our practice systems from desktop solutions to the Cloud. This announcement was the culmination of 15 months of planning and […]

Government Assistance for Small and Medium Enterprises in the COVID-19 Recovery Period

10. September 2020 | Ecovis in Shanghai The Chinese Government has implemented various measures to help small and medium-sized enterprises (SMEs) during the Coronavirus pandemic, including tax, social security, financial, scientific and technological support. The main preferential policies available to SMEs are outlined below. Tax: 1. Value-added tax Enterprises which provide certain services, including the transport key materials for […]

India Announces Package for Micro, Small & Medium Enterprises During COVID-19

1. September 2020 | The Indian Government has announced a package of US$2680 billion—20 lakh crore rupees, which equates to approximately 10% of Gross Domestic Product (GDP)—for the country’s struggling economy due to the Coronavirus epidemic. The relief was announced for various sectors, one of these being the important sector of Micro, Small and Medium Enterprises (MSME). The Finance […]

Malaysia becomes the second country to implement Digital Service TAX in Southeast Asia

1. September 2020 | In 2015, Malaysia joined the ranks of 160 countries around the globe who had implemented a Goods and Services Tax (GST) / Value Added Tax (VAT). Seventeen months later, Malaysia was the first country to revert to Sales and Services Tax (SST), the system that was in place prior to launching GST. The reverse officially […]

COVID-19: Support for small and medium enterprises in Singapore

1. September 2020 | As a result of the ongoing COVID-19 situation, the Singapore Government has announced various support schemes in the 2020 Budget to assist Small and Medium Enterprises (SMEs) through this crisis. This comprises the ‘Unity Budget’ announced on 18 February 2020, followed by two supplementary budgets, the “Resilience Budget” announced 26 March 2020 and the “Solidarity […]

Can India Influence Post-Covid-19 World Order? – Current Opportunities In India

1. September 2020 | Ecovis in Mumbai “Tat Tvam Asi”  (meaning Thou art that, That thou art, That art thou, You are that, or That you are) is the powerful message in Hinduism of peaceful co-existence, a message which challenged the entire world in the first quarter of 2020. Intuition and an understanding of the Indian psyche is key to […]

Hong Kong Economic Update: Will the National Security Law help or hinder foreign investment?

1. September 2020 | Ecovis in Hong Kong After one year of pro-democracy protest activities in Hong Kong, the Central Government of the People’s Republic of China seems to have run out of patience with Hong Kong protesters. The Chinese Government surprisingly introduced the proposal of Hong Kong National Security Law a week before it was voted on by […]

Australian Economic Update: Economic Downturn and Government Response

1. September 2020 | Ecovis in Sydney It seems a lifetime ago since Ecovis delegates from around the globe gathered together in Sydney for the annual International Partners’ Meeting, held in November 2019. Over Christmas and into the new year, large parts of Australia were ravaged by bushfires, before the country was hit with the COVID-19 pandemic and an […]

Thailand: Land of opportunities investment & incentive 2020

21. May 2020 | Reproduced with permission for Ecovis A. A. C., Thailand, by Chayoot Sripian, Economist, Federation of Thai Industries. Stepping into the year 2020 began as the most challenging throughout the world, due to the spread of the COVID-19 virus and the trade war between China and US, which has, in turn, slowed down the economy in […]

Foreign Investment: Property Acquisition, Rules & Regulations

20. May 2020 | Speculation in and around the future of the Australian property market remains rife within this country. The increasingly expensive (relative to average earnings) property market is also an electoral issue, with some pressure now being exerted on politicians to restrict via legislation the ability for foreign residents to own property in this country. Foreign ownership […]

Korea: Tax Update

14. May 2020 | Korea Ranked 5th in the World Bank’s Business Environment Assessment. In 2019, Korea ranked fifth among 190 countries in the World Bank’s business environment assessment. This is the third best business environment among countries in the Organisation for Economic Co-operation and Development (OECD).. According to the 2020 Doing Business report, Korea is ranked highly in […]

The Chinese Corporate Social Credit System and its Impact on your Chinese Business

14. May 2020 | With the consequences of the Coronavirus being the more urgent problem for businesses in China to tackle right now, the newly implemented Corporate Social Credit System has lost some attention. But new regulations, implementation rules and rating standards are being rolled out every month. What are we talking about? The Social Credit System was launched […]

China and the coronavirus – But what comes next for the businesses?

21. February 2020 | If you are in any ways doing business with or related to China – either it is through an agent, with your own legal entity or being employed in Mainland China – you will find significant measures taken by the government to fight the spread of the coronavirus and to bring business and the economy […]