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APAC News 2019

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APAC News 2019 APAC News 31 March 2019 Volume 11, Issue 1 AU: Single Touch Payroll PH: Corp Code & Tax Amnesty CN: Foreign Investment Law HK: Economic Substances Compliance MY: Common Technical Updates SG: Budget 2019 The topics of interest for this edition are in the Reporting Standards jigsaw puzzle above. News of APAC firms also be able to work with This month, Leanne Liu New name of the Singapore team on from Adelaide will be their Xero clients – Philippines office spending 3 weeks in Inside this issue: something which we have Our Philippines network Singapore with the several years’ experience firm has adopted a fresh accounting and taxation with”. logo and the new name of teams, while Abbie Chan Australia 2 M.F. Padernal and Co to will have 3 weeks in “Similarly, Abbie already reflect the current July/August with the has overseas experience China 2 leadership team. Adelaide audit team. from her time working in Hong Kong 4 New Zealand and “These are great first Malaysia and will provide Malaysia 5 Staff secondment candidates”, says Tom a valuable resource to Lee Green from To aid with network co- Green as they finalise the Philippines 6 LeeGreen. “Leanne works operation within the requirements to become an predominantly with our region, Steven Tan Russell Approved Transnational Singapore 8 Singapore clients Bedford PAC (Singapore) Audit Firm” says Andrew and Lee Green Strategic operating in Australia and Lim from Steven Tan this will give her an Accountants (Adelaide, Russell Bedford. Australia) have entered opportunity to gain a into an arrangement for better understanding of Both firms will be looking short term secondments the Singapore business for further secondment between the two firms. environment. She will opportunities within the 1 region in years to Sweeney (from Lee Green) Hong Kong is also on come. “From a staff point and I initially discussed at secondment to the RB of view, being able to offer the 2018 APAC conference Malaysia office for 3 this opportunity for in Vietnam” says Lian months since mid-January secondment within the Heng Ki from Steven Tan 2019. He is enjoying the network provides a point Russell Bedford. work as well as the sun of difference as an and hot dishes of Kuala employer of choice and Elsewhere, Felix Lui of RB Lumpur. was something Michael SINGLE TOUCH PAYROLL IS COMING TO ALL AUSTRALIAN AUSTRALIA EMPLOYERS It is now a matter of contributions were not there will be different months before all reported. According to the options available to you. employers will be ATO, Single Touch Payroll The ATO has put the call required to comply with information will be used out for developers to the Single Touch Payroll to prefill activity create simple, low cost (STP) provisions. statements in the future. software and apps for less Previously, only than $10 a month. This “substantial” employers If an employer is using may suit some businesses (20 or more employees) payroll software, it is but it is worth considering were required to comply highly likely that it will be your accounting and but from 1 July 2019, all STP ready, however, there record-keeping needs are some instances where more broadly, rather than “…new way for employers will be brought into the system. this is not the case. payroll in isolation. employers to report Saward Dawson can assist “Micro employers” (1-4 their gross pay…” What is Single Touch if you are not sure about employees) will be Payroll? your situation. If you do presented with different have STP ready software, options including initially It is a new way for the transition should not allowing their registered employers to report their be difficult but the initial tax agent to report gross pay, PAYG and set up is critical. quarterly on their behalf. super contribution Finally, if you have no information to the ATO Options for small internet connection or an after every pay run. employers unreliable connection, you Previously reporting was may be eligible for an done either monthly or If you do not currently exemption. quarterly and super use a payroll software, CHINA ADOPTS NEW FOREIGN INVESTMENT LAW CHINA China's national to improve the according to an legislature, the National transparency of foreign explanatory document. People's Congress, passed investment policies and The law replaces three the Foreign Investment ensure domestic and existing laws on Chinese- Law (“the law”) at the foreign enterprises are foreign equity joint closing meeting of its subject to a unified set of ventures, wholly foreign- annual session on 15 rules and compete on a owned enterprises and March 2019. The law aims level playing field, Chinese-foreign 2 contractual joint ventures, Protection of the investment information CHINA which have been effective intellectual property reporting system for 40 years. The law will rights (Continued) become effective on 1 The State shall establish January 2020. The The state shall protect the an information reporting following are the intellectual property system for foreign highlights of the law: rights of foreign investors investment. Foreign and foreign-invested investors or FIEs shall Admission administration enterprises, the law submit investment system of national stipulates. Technical information to the treatment plus a negative cooperation based on competent commercial list voluntary principles and administration commercial rules is departments through the The law stipulates that the encouraged and no enterprise registration treatment given to foreign administrative offices and system and the enterprise investors and their their staff shall use credit information investments at the stage of administrative means to publicity system. Failure investment admission force the transfer of to do so will be subject to shall not be less than that technology. correction within a time given to domestic limit and even a penalty investors and their Establishing and between 100k to 500k investments and the state perfecting foreign RMB. shall grant national investment service system treatment to foreign By the end of 2018, about investment other than the The law provides that the 960,000 foreign-invested negative list. The negative State shall establish and enterprises had been set list will simplify the improve the service up in China, with the approval process of system for foreign accumulated foreign “…investment foreign investment in off- investment, and provide direct investment admission shall not list areas and create an consultation and services exceeding 2.1 trillion U.S. be less than the open, fair, transparent on laws, regulations, dollars. Foreign direct given to domestic and predictable business policies and measures, investment into China has investors…” environment for them. and information on ranked first among investment projects for developing countries for Fair and equal treatment foreign investors and 27 consecutive years, of domestic and foreign foreign investment according to the United enterprises enterprises. This will Nations Conference on effectively promote the Trade and Development Foreign-invested transformation of (UNCTAD). The new law enterprises (“FIE”) will government functions, is expected to boost equally enjoy government establish communication investment liberalization policies supporting mechanism between and confidence of foreign enterprise development, government and FIEs, and investors. As usual, a set and be able to participate make the government of detailed in standard-setting on an more proactive in implementation rules are equal footing and in providing more services expected to be released in government procurement and support to FIEs. the near future. through fair competition, according to the law. Establishment of foreign 3 ECONOMIC SUBSTANCE COMPLIANCE – HONG KONG OFFSHORE JURISDICTIONS In addressing the carrying on relevant substance requirements. concerns of the EU Code activities unless they are Economic substances of Conduct Group for resident for tax purposes Business Taxation and in another jurisdiction. An in-scope entity (other OECD guidance around than a pure holding Relevant activities the economic substance of company) is required to include: entities in low or no tax be in compliance with the jurisdictions, these • Banking business economic substance jurisdictions (which requirements if: • Insurance business include Bermuda, • The relevant activity is Cayman Islands, British • Shipping business directed and managed Virgin Islands, Jersey, • Fund management in the home country; Guernsey and the Isle of business Man) have recently • There are an adequate introduced legislation • Financing & leasing number of suitably requiring “in-scope” business qualified employees physically present in the entities to demonstrate • Headquarters business adequate local economic home country; • Distribution & service “…applies to all substance. • There is adequate centre business home country Hong Kong is a regional expenditure incurred in entities…unless… hub for local and foreign • Holding business the home country; resident for tax….in investors to structure their • another Intellectual property • There are physical inbound or outbound business jurisdiction…” offices or premises as investments, often making The home country appropriate for the use of vehicles legislation may further home country core incorporated in these define some of the income-producing offshore jurisdictions. activities as being subject activities; This article considers the to home country licensing relevant new regulations • For intellectual property
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