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  • The National Assembly of Korea approved the 2017 Tax Reform Bill on December 5 2017, write Gil Won Kang, Sang Hoon Kim and Seung-Mok Baek of KPMG.
  • Recent changes in the business environment and the financial situation of the Japanese government have affected the Japanese taxation environment and transfer pricing regulations, explain Jun Tanaka, Nobuhiro Tsunoda and Yosuke Suzaki of KPMG in Japan.
  • Over the past year, the Australian transfer pricing (TP) landscape has continued to evolve. There is new legislation and the Australian Taxation Office (ATO) is continuing to prioritise TP as a key area, write Tim Keeling, Jay Mankad and Jennifer Goldkopf of KPMG.
  • Almost two decades after the introduction of transfer pricing regulations in 2001, the Indian TP space has evolved and matured immensely, write Manoj Pardasani, Hasnain Shroff and Hardev Singh of BSR & Co. Today, India’s TP regulations are in line with international TP principles and the Indian government is continuing to align the TP regulations with global best practices.
  • Vietnam’s regulatory changes have required an increasing number of taxpayers having to be aware of the transfer pricing rules, explain Hoang Thuy Duong, Tran Thi Thuy Ha and Sandra Liston of KPMG. However, inconsistencies in the interpretation has led to substantial efforts by the tax authority to clarify the rules.
  • Transfer pricing rules were introduced in Sri Lanka in 2006 and became enforceable from 2008, writes Shamila Jayasekara of KPMG. The revenue authorities did not administratively enforce the rules, giving time for taxpayers to conform to requirements.
  • Singapore has been increasing its focus on transfer pricing, explain Geoffrey K Soh, Felicia Chia and Jingyi Lee of KPMG, with yearly revisions of the TP guidelines as well as the adoption of country-by-country reporting requirements. Recently, there has been a greater-than-ever push to ensure that taxpayers’ profitability is consistent with the economic activities conducted and value generated.
  • Tony Gorgas, Jay Mankad, Jennifer Goldkopf, Cheng Chi, Yosuke Suzaki, Jee-Won Shin, Shamila Jayasekara, and Anita Lin of KPMG review the changes in US tax legislation and discuss their specific impact on jurisdictions around the Asia-Pacific region.
  • The Pakatan Harapan coalition formed a new government in May 2018 after defeating the Barisan Nasional coalition that had ruled the country for more than six decades, write Bob Kee and Mei Seen Chang of KPMG. This major shift in the political landscape of Malaysia is affecting the economic and business environment.
  • To align with international tax trends, Taiwan’s Ministry of Finance (MoF) announced amendments on November 13 2017 to existing transfer pricing assessment regulations, write Sherry Chang, Karl Chan and Anita Lin of KPMG.