Tax and Beyond

An Update on VAT Invoicing

An Update on VAT Invoicing

On 31 March 2022, the DGT issued Regulation No. PER-03/PJ/2022 (“PER-03”) regarding the VAT Invoice arrangements which became effective on 1 April 2022. PER-03 mainly serves as a compilation of several previous regulations related to VAT Invoicing with several...

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Tax treatment of Fintech activities

Tax treatment of Fintech activities

On 30 March 2022, the MoF also issued Regulation No. 69/PMK.03/2022 (“PMK-69”) stipulating the Income Tax treatment of interest income in peer-to-peer (P2P) lending, as well as the VAT treatment of Financial Technology (“Fintech”) activities. Fintech is an activity...

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Tax Treatment of Crypto Asset Trading

Tax Treatment of Crypto Asset Trading

On 30 March 2022, the MoF issued Regulation No.68/PMK-03/2022 (“PMK-68”) that outlines the VAT and Income Tax treatment of Crypto Asset trading transactions. Crypto Asset (CA) is defined as an intangible commodity in the form of digital asset, using cryptography,...

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VAT Changes under the HPP Law RE: “Final” VAT Regime

VAT Changes under the HPP Law RE: “Final” VAT Regime

The HPP Law also enhanced the mechanism relevant to the “Final” VAT rate. In this regard, the MoF has now issued several implementing regulations on this “Final” VAT regime in accordance with Article 9A of the HPP Law. All of these implementing regulations were...

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VAT Changes Under the HPP Law RE: Foreign e-Commerce

VAT Changes Under the HPP Law RE: Foreign e-Commerce

The VAT mechanism for foreign e-commerce supplies was introduced in Law No.2 of the Year 2020 and its implementing regulations MoF Regulation No.48/PMK.03/2020 (“PMK-48”) and DGT Regulation No. PER-12/PJ/2020 (“PER-12”). The MoF has now issued Regulation No....

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