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VAT & IPT issues in the Asia Pacific Region Peter Hewitt CTA (Fellow) Client Director – European Tax Practice, FiscalReps Joseph Finbow Senior Client Manager – Captive Practice, FiscalReps


Agenda • Recent work undertaken by FiscalReps • Comparisons between EU and Asia Pacific

• Chinese considerations • Discussion time


Recent Work by FiscalReps – Historical settlement in Australia – Analysis of taxes in New Zealand – Review project in Hong Kong – Review project in Singapore


Comparison of EU and AP The table below compares various issues on a general level Issue

EU

Asia Pacific

VAT/GST

Exempt

Taxable

Taxpayer

Insurer (default position)

Language/Culture

Known quantity

Insured (reverse charge GST and premium taxes too) Alien culture

Availability of Information

Freely available

Little good/reliable information


Chinese Considerations – Provincial tax system – Introduction of GST / impact on insurance

– New levy in HK from 2015 – Transacting insurance business in China

保險


Discussion Time – Which countries are of key concern – FiscalReps advisor network

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