In Malaysia, the first financial statements of the company are required to be prepared by the directors within 18 months from the date of its incorporation. Subsequently, they must be prepared within 6 months of the company’s financial year end. The company has the freedom to decide its own financial year end, as there is no provision in the CA 2016 in relation to the fixing of financial year end of a company.

Under the new amendment, all Seychelles companies are now required to keep reliable accounting records at their registered office in Seychelles that are sufficient to show and explain their transactions, enable the financial position of the Companies to be determined with reasonable accuracy at any time and allow for financial statements of Companies to be prepared.

The Inland Revenue Board of Malaysia has issued a Guidelines on the Stamping of Share Transfer Instruments for Shares that are not quoted on the Kuala Lumpur Stock Exchange on 23 June 2020 to replace/cancel the guidelines issued on 6 November 2019.

Australian residents for tax purpose ( hereinafter referred to as Australia tax resident) who satisfy the residency test stipulated by the Australian tax law, have to declare all worldwide income earned both in Australia and internationally in Australian tax return and pay the tax to the Australian Taxation Office (ATO).

No stamp duty will be payable by a person who accepts a property in exchange or in part exchange for a new house or apartment under a “trade in scheme”. Under this arrangement stamp duty will only become payable when that person subsequently sells the house that was swapped. This relief will not apply to commercial property.

Macau is one of the free trade ports with the lowest tax liability in the Asian region. The main characteristics of the Macau tax system is that it only has a limited number of taxes, lower tax rates and the adoption of the territorial principal of taxation. The Macau Government imposes mainly direct taxes, such as Industrial Tax, Professional Tax, Complementary Tax, Stamp Duty and Property Tax.

Carrying out commercial or industrial activities in Macau comes with certain tax obligations. The major obligations affecting all businesses in Macau are the industrial tax and profits tax. However, in recent years, industrial taxes have been exempted by the Macau Government and the profits tax threshold has also been increased in 2018. As such, Macau is one the region with the lowest corporate tax liability in Asia.

The major types of taxes levied in Myanmar include corporate income tax, withholding tax, commercial tax, personal income tax etc. The following is a brief introduction to the said taxes. Corporate Income Tax, Companies registered under the laws and regulations of Myanmar are treated as resident companies and subject to corporate income tax on their worldwide income.Commercial Tax, Commercial tax is similar to value added tax