This newsletter is published every quarter or more frequently if the recent development needs immediate attention from the industry, and updates members on regulatory and tax changes in jurisdictions across the Asia Pacific region.

  • In June's issue, we have included:     

    Australia

    • Extending the instant asset write-off for eligible businesses
    • Relief for tenants and landlords

    British Virgin Islands

    • New regulatory regime for closed-ended funds in the British Virgin Islands.

    Cayman Islands

    • Registration Deadline Imminent for Private Funds

    Hong Kong

    • SFC proposes changes to the Code on Real Estate Investment Trusts
    • Hong Kong Quality Assurance Agency launches green finance certification scheme – ESG fund

    Japan

    • Ministry of Finance announces implementation of new foreign direct investment regulations from 8 May 2020

    Korea

    • FSC and FSS finalise measures to improve regulatory framework for private equity funds

    OECD

    • OECD issues analysis examining tax treaties and the impact of the COVID-19 crisis

    Singapore

    • Personal Data Protection (Amendment) Regulations 2020 come into effect
    • Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment No. 3) Regulations 2020 gazetted

    Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

    June 2020 - Regulatory and tax newsletterPDF
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  • In April's issue, we have included:     

    Australia

    • ASIC releases new regulatory framework for foreign financial services providers.

    British Virgin Islands

    • New regulatory regime for closed-ended funds in the British Virgin Islands.

    Cayman Islands

    • Cayman Islands Private Funds Law, 2020.
    • Cayman Islands and the EU's Annex I list of non-cooperative tax jurisdictions.
    • AEOI 2020 Amendments. 

    European Union

    • New EU ESG Disclosure requirements for Asset Managers.

    Hong Kong

    • Limited Partnership Fund Bill.
    • Hong Kong Budget 2020-2021: Carried Interest (Carry) Tax Concession.

    Japan

    • Green Bond Guidelines 2020 and Green Loan and Sustainability Linked Loan Guidelines 2020.

    Korea

    • Korea Government prepares to launch Asia Region Funds Passport in May.

    Singapore

    • MAS revises guidelines on licensing, registration and conduct of business for fund management companies.

    COVID-19 Library

    • ANREV members websites for country specific COVID-19 related regulatory guidance.

    Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

    April 2020 - Regulatory and tax newsletterPDF
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  • In February's issue, we have included:                   

    British Virgin Islands (BVI)

    • Private Investment Funds law
    • Economic Substance requirements for legal entities

    Cayman Islands

    • CIG publishes a draft Private Funds Bill, 2020

    Hong Kong

    • SFC proposes changes to the open-ended fund companies’ regime
    • New guidance on Hong Kong licenced corporations’ use of cloud services and other external electronic data storage 

    Japan

    • TCFD Consortium announces the release of the ‘Green Investment Guidance’

    Singapore

    • Variable Capital Companies Act 2018 comes into operation
    • New US$ 2 billion investment programme to support growth of Green Finance in Singapore
    • MAS issues updated guidelines on licensing, registration and conduct of business for fund management companies and related FAQs

    Taiwan

    • Executive Yuan proposes to repeal Stamp Duty Act

    United States

    • Treasury Department issues final rules implementing CFIUS regulations under FIRRMA

    Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

    February 2020 - Regulatory and Tax newsletterPDF
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  • In October's issue, we have included:

    Australia

    • Board of Taxation issues consultation paper on corporate tax residency rules
    • ASIC extends relief for foreign financial services providers
    • ATO releases draft guidance on risk assessment and arm’s length debt test
    • APRA responds to submissions on proposed changes to reporting consolidation for securitisation special purpose vehicles

    Hong Kong

    • Circular to licensed corporations on managing the liquidity risk of funds
    • FSTB consults on limited partnership regime for funds
    • Hong Kong Court of Final Appeal rules that receipts from disposition of land are not chargeable to profits tax

    India

    • Corporate tax rates slashed and fiscal relief announced
    • India Budget 2019 - Partial roll back of higher surcharge

    Ireland

    • AML policy enhancements required for investment funds

    Korea

    • Korea announces 2019 tax reform proposals

    Luxemburg

    • Luxembourg publishes draft law on DAC 6

    Singapore

    • Consultation Paper on Proposed Amendments to the Requirements for REITs
    • Singapore to launch Variable Capital Company framework by end of 2019

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    October 2019 - Regulatory and tax newsletterPDF
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  • In June's issue, we have included:

    Australia

    • Victorian stamp duty
    • Income tax measures aimed at foreign investment

    British Virgin Island

    • Draft Economic Substance Code published
    • Regulatory obligations and filing deadlines 2019

    Cayman Islands

    • Cayman Islands amends Securities Investment Business Law (Additional SIBL reporting requirements to be submitted by 15 August 2019)
    • The Data Protection Law, 2017 comes into force on 30 September 2019

    Hong Kong

    • SFC issues further guidance on regulatory requirements for sale of complex products
    • HKMA introduces key measures on sustainable banking and green finance

    Japan

    • Task Force on Climate-related Financial Disclosures (TCFD) consortium launched

    Singapore

    • MAS updates FAQs on licensing and registration of fund management companies
    • MAS launches second consultation on proposed framework for variable capital companies
    • Singapore fund tax incentives – circular of Budget 2019 issued

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    June 2019 - Regulatory and tax newsletterPDF
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  • In May's issue, we have included:

    British Virgin Island

    • Guidance notes for country by country reporting available

    Cayman Island

    • Economic substance requirements for certain entities

    China

    • China introduced new Foreign Investment Law

    Hong Kong

    • SFC publishes guidance on enhanced disclosures for green or ESG funds

    • IRD issues circular and explanatory notes on stamp duty exemptions for securities transfers under open ended fund company structure

    Luxemburg

    • Luxembourg ratifies the BEPS Multilateral Instrument

    Malaysia

    • Finance Bill 2018: Review of real property gains tax (“RPGT”) rates

    Singapore

    • Developers (Anti Money Laundering and Terrorism Financing) Act 2018 passed

    • Public consultation on proposed legislative amendments for the corporate income tax treatment of Variable Capital Companies (“VCCs”)

    • Singapore Budget 2019: extend and refine tax incentive schemes for funds managed by Singapore-based fund manager companies

    • Singapore Budget 2019: recovery of GST for qualifying funds

    • Singapore Budget 2019: lapse of the Property Tax (Tourist Projects) Order

    South Korea

    • National pension service adopts the Stewardship Code

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    May 2019 - Regulatory and tax newsletterPDF
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  • In January's issue, we have included:

    Australia

    • Managed Investment Trusts: applying a 30 per cent withholding rate on residential and agricultural property
    • Extending the definition of a Significant Global Entity (SGE)
    • ASIC extends relief for foreign financial services providers
    • Australian government consults on Corporate Collective Investment Vehicle Bill

    Cayman Island

    • CIMA issues amendments to the AML Guidance Notes

    Hong Kong

    • SFC concludes consultation on amendments to anti-money laundering and counter-financing of terrorism guidelines
    • Proposed changes to the funds tax exemption in Hong Kong

    India

    • Amendments in the long term capital gains tax

    Japan

    • Consumption tax amendments and transitional rules effective from October 2019
    • 2019 tax reform proposals for the financial services industry and real estate market

    Luxemburg

    • ALFI Real Estate Investment Fund (REIF) Survey available for download.

    Malaysia

    • Taxation of unit holders of Real Estate Investment Trust/Property Trust Funds
    • Qualifying expenditure and computation of industrial building allowance

    Singapore

    • Singapore parliament passes the Variable Capital Companies Bill
    • MAS publishes FAQs on definition of accredited investor and opt-in process
    • MAS guidelines on liquidity risk management practices for fund management companies

    South Korea

    • Debt Service Ratio (DSR) to be introduced as Household Debt Management Standard
    • Proposed changes to the overseas investment vehicle (OIV) regime in Korea
    • Financial measures to stabilize housing prices

    Thailand

    • New property tax in Thailand

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    Jan 2019 - Regulatory and tax newsletterPDF
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  • In September's issue, we have included:

    Australia

    • ASIC consults on proposed changes to the capital requirements for market participants
    • ASIC updates guidance for funds management industry
    • External report on fees and costs disclosure welcomed by ASIC
    • Queensland Budget: Increased property taxes from 1 July 2018

    Cayman Island

    • Investment Entity AML Officers: Only Two Months Remain to Make Appointments

    Hong Kong

    • Hong Kong proposes a new vacancy tax on properties
    • Resolution to implement Government Green Bond Programme to be introduced

    Japan

    • Integrated Resorts Act legalising casinos in Japan enacted
    • Stewardship Code: 229 institutional investors have signed up to the Principles for Responsible Institutional Investors as of July 3, 2018
    • Recent moves in Japan towards tougher corporate compliance

    New Zealand

    • Overseas Investment Amendment Bill Approved

    Singapore

    • MAS updates Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies
    • MAS publishes regulations relating to classification of Capital Markets Products

    South Korea

    • Ministry of Economy and Finance publishes Tax Revision Bill 2018

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    Sep 2018 - Regulatory and tax newsletterPDF
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  • In July's issue, we have included:

    Australia

    • ASIC consults on modified AFSL regime for foreign financial services providers
    • Government consults on corporate collective investment vehicle bill
    • Government releases exposure draft to improve integrity of stapled structures

    Cayman Islands

    • Important changes to the Cayman Islands Anti-Money Laundering regime

    China

    • Governor Yi Gang announced measures and timetable for further financial sector opening-up in Bo’ao Forum for Asia
    • SAFE increases QDLP and QDIE quotas to USD 5 billion for each programme
    • State Council announces reduction to VAT rates and other significant VAT changes

    Hong Kong

    • Open-ended fund company structure to be introduced on 30 July 2018
    • SFC concludes consultation on new OFC Rules and OFC Code
    • Proposed changes to the tax bill on privately offered Hong Kong open-ended fund companies
    • Ordinance to extend profits tax exemption to privately offered open-ended fund companies in Hong Kong gazetted
    • Amendment Ordinance implementing minimum standards of Base Erosion and Profit Shifting package and codifying transfer pricing principles gazetted
    • Hong Kong SFC provides update on Manager-in-Charge (MIC) regime
    • Two-tiered profits tax rates regime to be implemented from April 1 this year

    Indonesia

    • Real estate investment funds gain regulatory clarity in Indonesia

    Japan

    • FSA consults on corporate disclosure

    Malaysia

    • Abolishment of GST & introduction of SST post General Election

    Mauritius

    • Review of Taxation of Global Business Companies
    • Amendment on Financial Services Act

    Singapore

    • Singapore government raises additional buyer’s stamp duty rates and tightens loan-to-value limits for residential properties
    • MAS Issued Consultation Paper on Guidelines on Provision of Financial Advisory Service
    • MAS to strengthen individual accountability of senior managers in financial institutions
    • Stamp Duties (Agreements for Sale of Equity Interests) (Remission) Rules 2018 come into effect

    South Korea

    • Regulatory reform on entry barriers to financial services industry

    Europe

    • Enforcement of EU General Data Protection Regulation (GDPR)
    • Proposed changes to AIFMD on Pre-marketing

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

    Jul 2018 - Regulatory and tax newsletterPDF
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  • In April's issue, we have included:

    Australia

    • Stapled structures under pressure
    • Foreign investment regulation in Australia
    • Security of Critical Infrastructure Bill

    China

    • China clarifies beneficial ownership requirements
    • State Council announces reduction to VAT rates and other significant VAT changes
    • China regulators jointly release new rules to narrow the use of regulatory arbitrage in the asset management industry

    Hong Kong

    • Bill to amend provisions of Companies Ordinance to improve its clarity and operation gazetted
    • Hong Kong Significant Controllers Register
    • Revised anti-money laundering guidelines gazetted
    • Hong Kong introduces BEPS bill marking a significant step up in its transfer pricing enforcement regime

    Japan

    • New fund structure available for real estate investment in Japan

    Singapore

    • Singapore Budget: New stamp duty rates on real estate
    • Singapore Budget: Announcement on S-VACCs

    South Korea

    • The Korean National Assembly in December 2017 passed a tax bill.

    UK

    • UK to tax gains made by non-residents on the disposal of UK immovable property from April 2019

    U.S.

    • Tax Cuts and Jobs Act

    Asia Pacific

    • Key tax issues at year end for real estate investors 2017/2018

    ASEAN

    • Revised ASEAN Collective Investment Schemes (CIS) Framework

     

    Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

     

    Apr 2018 - Regulatory and tax newsletterPDF
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