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Spotlight on “Holiday” SeasonNov-27-2020

Insight from the IBFD Asia-Pacific Team

 

As a tumultuous year comes to an end, governments are looking at longer-term measures to boost their economy and stymie the global effects of the COVID-19 pandemic. In addition to the usual corporate income tax cuts, countries such as Malaysia, Indonesia, India, the Philippines and Sri Lanka have recently announced numerous tax holidays, and incentives are being offered to encourage foreign direct and local investments. Many of these incentives were targeted at R&D, pharmaceutical and medical services. India, Indonesia and the Philippines have also recently announced measures such as provident fund subsidies and tax incentives to encourage job creation.