Thailand, the largest automobile manufacturing hub in Southeast Asia, serves as an export base for major carmakers such as Toyota and Honda. The Thai Auto Parts Manufacturers Association reported that the country's auto parts export value totaled 19.8 billion USD from January to September 2024.
The Ministry of Finance attributed the strong performance to solid economic growth in 2024, which drove up corporate income tax and value-added tax collections.
Indonesia plans to impose an excise tax on sugary packaged beverages starting July 2025, aiming to curb excessive sugar consumption and address rising health concerns, the country’s Finance Ministry announced.
As many as 92,080 business establishments had registered to use e-invoices generated via cash registers by the end of 2024, rising 2.3-fold from the previous year, heard a recent conference reviewing finance and state budget affairs.
Measures to alleviate difficulties for enterprises and citizens in 2024 proposed by the Ministry of Finance including tax and fee reduction and exemption represented an estimated value of 191 trillion VND (7.49 billion USD), the ministry reported on December 31.
A total of 120 foreign suppliers have registered, declared, and paid taxes worth more than 340 million USD through the General Department of Taxation (GDT)’s e-portal this year.
Vietnam’s tax sector has collected a record-high revenue of 1.7 quadrillion VND (66.7 billion USD) for the state budget in 2024, the General Department of Taxation reported at a conference on December 19.
Revenue from personal income tax and registration fees associated with real estate transactions in Ho Chi Minh City has surged by 50% to reach over 6.54 trillion VND (257.6 million USD) in the first nine months, according to data from tax authorities.
Pre-tax profit of parent companies of 19 corporations and parent companies under the Commission for Management of State Capital at Enterprises (CMSC) is estimated to reach 50.36 trillion VND (2.08 billion USD) in the first nine months of the year.
An official from Indonesia's Ministry of Health has recommended higher cigarette taxes to deter consumption, as cigarette prices in Indonesia are lower and more accessible compared to other countries in the region.
The tax revenue from the digital economy sector in Indonesia reached 27.85 trillion IDR (1.75 billion USD) from 2022 to the end of August 2024, according to the Taxation Directorate General under the country’s Finance Ministry.
Digital transformation is an inevitable trend that changes the way goods and services are consumed and supplied, especially activities on digital platforms, making tax management more complicated.
Companies should apply international financial reporting standards (IFRS) to improve transparency and increase the chances to expand globally, experts have said.
The Philippines, one of the world's largest rice buyers and biggest importers of the Vietnamese grain, officially announced a reduction in rice import taxes from 35% to 15%, effective in early August this year and lasting until 2028.
Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.
Thailand’s Revenue Department is developing a data analytics system to facilitate entrepreneurs to integrate into the tax payment system and fight against falsified tax invoices, the Director-General of the Revenue Department, Kulaya Tantitemit has said.
