Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 2 - Apr/May/Jun 2024
 

Exemption of Minimum Tax for Qualified Investment Projects Entities

On 8 April 2024, the General Department of Taxation ("GDT") issued Guideline No. 13804 on Minimum Tax Exemption for Qualified Investment Projects ("QIP") Entities ("Guideline"), which provides guidance on the procedure for QIP entities to be exempt from the minimum tax. Pursuant to the Guidelines, QIP entities are still required to provide GDT with their independent external auditor reports on financial statements and to maintain account books properly. However, for newly registered QIP entities, there is an exemption from the submission of the independent external auditor report for their first year; for the following years, they will be required to submit such report for each relevant year latest by the end of June.



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

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heng.chhay@rajahtann.com

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