Innovate, Elevate, Accelerate
Taxes in Vietnam are rather on the low side globally: a low corporate income tax, a progressive income tax and a low VAT make the country generally interesting for business. Some other taxes, special rates and methods of calculations also need to be taken into account in order to properly assess fiscal expenses.
Thailand is a country with rather low taxes: a low corporate income tax, a progressive income tax and a low VAT that make the country attractive for business. Some other taxes and specific regulations are also applied to particular key sectors such as transport, banking and finance or real estate.
Cambodia is a business-friendly country, with a progressive but low income tax, a low corporate income tax and low equivalent to VAT which make it attractive for work and business. Other taxes are also in the lower range, further enabling professionals and companies to consider Cambodia for their operations.
Taxes in Singapore are part of what makes it one of the best places to do business. With a simple and clear system of low corporate tax, personal income and goods and services tax (VAT), Singapore is attractive for most businesses. Several schemes further alleviate taxes for companies, fostering the pro-business environment even further.
Taxes in Indonesia are comparable to other ASEAN countries and attractive to the rest of the world. With low corporate income tax and VAT, a low but progressive personal income, Indonesian taxes are business-friendly. Some tax incentives also exist to push the growth of certain key industries for the nation.
Compared to many countries, Malaysia is rather tax-friendly, with a progressive but low income tax, a low corporate income tax and low equivalent to VAT which make it attractive for work and business. Several incentives are also in place to help further companies in certain key industries.
ASEAN attracts a lot of attention from businesses and investors thanks to its high level of economic growth and a widening middle class. With the unfolding of the ASEAN Economic Community they will reap more and more benefits as the deepening regional integration eases business practices and creates new opportunities
The tax regime of Brunei is generally considered to be very accommodating compared to many other countries: corporate taxes rates are rather low, and no valued added or personal income tax are levied. Some special regimes are however applied in particular cases and industries, such as the oil and gas sector.
Myanmar is the new frontier for business in Southeast Asia. A large and populated country just opening its doors to foreign companies and investors, Myanmar is rich with opportunities in many sectors. However, Myanmar also presents several technical and legal challenges to be managed and overcome by new comers.
Implemented on 31 December 2015, the ASEAN Economic Community proposes to consolidate the economic integration of the region. This review summarizes the state of the ASEAN integration, how it will benefit the private sector to do business in the region and the progress of each country towards this ambitious goal.