Asia Pacific

How to manage tax risk in China

Companies, as well as private individuals, must manage their taxes in order to be able to identify and contain potential risks. The penalties for mistakes are harsh and fearsome. The Ecovis experts explain how tax risks can be managed in China.

Corporate law in China: Liability risks under the new law

As of 1 July 2024, China’s revised corporate law imposes stricter liability rules for directors and board members, significantly heightening personal accountability for violations of duties and laws. This change amplifies transparency and due diligence obligations while subjecting directors to stricter oversight.

Resident Director Services Australia: Expert Guidance for International Businesses

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Transfer Money Vietnam: Implementation of Biometric Authentication

Global Minimum Tax Vietnam: Effective from 2024

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

China cross-border data transfer: Navigating legal complexities

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

Legal Representative in China: How to Stay Compliant in 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

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

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

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

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

Cybersecurity Vietnam: Latest Draft of Cybersecurity Administrative Sanctions Decree

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

Tax Identification Number Vietnam: The New Payable Identification Number

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

UAE Corporate Tax 2023: Implementation of the Federal Corporate Tax

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

Treading a Fine Line: 2024 Budget Australia

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

Setting up a Business in India for Foreign Companies

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

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

Corruption? Not in my business!

Employment Act Malaysia: Amendment in 2022

Tax exemption for non-resident dependents

Starting a Business in Australia

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

Vietnam cybersecurity law: Data localisation requirement for digital service providers

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

Personal data protection act Thailand: Exemption for SMEs

Tax on Vietnam Cross Border E-Commerce Activities

Foreign Documents: Consular Legalization Vietnam

Vietnam Minimum Wage: Updated Salary Policy

Tax Incentives in Vietnam for Software Services and Software Products

Business Valuations

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

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

Invest in Cambodia: The Importance of Financial Due Diligence

Removal of Foreign Income Tax Exemptions in Malaysia

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

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

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

Equal Pay for Equal Work in Japan

Investing in Renewable Energy in Vietnam

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

E-Commerce Vietnam: Stricter Regulations Proposed on the Sector

Requirements for Foreign Language Teachers in Vietnam

Foreign Investment in Vietnam

Professional Ethics of Auditors: The Case of Serba Dinamik

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

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

GST In Malaysia: Will It Return?

Payroll in Singapore: Common Non-compliance HR Matters

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

2021 Singapore Budget Highlights

New Rules on Cross-border Renminbi (RMB)

Key Changes to Reporting Regime in Australia

Steep Penalties for Not Preparing Transfer Pricing Documentation in Malaysia

India Adopts Faceless Tax Assessments and Appeals: A Pragmatic Approach

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

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

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

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

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

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

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

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