Innovate, Elevate, Accelerate
With a strong appetite for development, Myanmar has adopted a very accommodating fiscal regime. A low corporate income tax, a progressive but low personal income tax, no VAT but a light “commercial tax” and strong incentives, aim at attracting and helping companies to spur the development of Myanmar’s newly opened economy.
Taxes in Laos are among the lowest in the region: a low corporate income tax, a low progressive income tax and a low VAT make the country attractive for business. The Lao taxation system is quite simple and straightforward to encourage investment in the country and help develop its burgeoning economy.
Though slightly above regional peers, taxes in the Philippines are rather low globally: low corporate income tax, low progressive income tax and and low VAT. Though the taxation system is rather simple, particular rates, formalities and methods of calculations have to be implemented to properly compute and declare taxes.
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.
Southeast Asia is a powerhouse for the automotive industry in Asia and beyond with very attractive perspective for the coming years. The region presents the double interest of having large markets with important sales growth potential and important automotive manufacturing hubs to produce for Asia and the world.
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.