Reduction of Income Tax Rates for Publicly Listed Companies and Establishment of VAT Withholder Criteria for E-Commerce Businesses

DDTC Newsletter Vol.04 | No.01

10 July 2020

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To address the threat of financial stability due to the Covid-19 pandemic, not only is the government intensifying the provision of tax incentives, but the government is also undertaking other measures, among others, reducing Income Tax rates for publicly listed companies. Further, the government is moving forward by establishing certain criteria as the basis to appoint PMSE business players as VAT PMSE withholders. Within the last two weeks, the government has also released regulations on the Ministry of Finance’s 2020-2024 strategic plan, the stipulation of import duty tariffs in the framework of AHKFTA and IA-CEPA, expansion of the scope of ASP services, and other regulations summarized in this edition of the newsletter.

Contents

• Reduction of Resident Corporate Income Tax for Publicly Listed Companies
• Income Tax Treatment for Scholarships that Meet Specific Requirements and Surplus Received by Non-Profit Institutions
• Tax Facilities for Upstream Oil and Gas Business Activities with Gross Split Production Sharing Contracts
• Ministry of Finance’s 2020-2024 Strategic Plan
• Changes to the Posture and Details of Revised State Budget for the 2020 Budget Year
• Expanded Scope of Services of Tax Application Service Providers
• The Stipulation of VAT Centralization
• The Threshold of Transaction Value and Access to PMSE VAT Withholders
• Technical Guidelines on the Ex officio Granting of Tax Identification Numbers to Support the PEN Program
• Implementation of Tax Transaction Recording Application
• Postponement of Trial Proceedings and Suspension of Administrative Services in the Tax Court
• Adjustments to the Implementation of Unified Periodic Tax Returns for Government Agencies
• The Stipulation of Import Duties in the Framework of ASEAN HongKong Free Trade Agreement (AHKFTA)
• The Stipulation of Import Duties in the Context of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA)
• Changes in Types of Imported Goods to Address Covid-19 Entitled to Taxation Facilities

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