Indonesia

1964 Malaysia
Philippines
Singapore
1975 Thailand
2000 Vietnam

# of securities firms
120
35
119
28
38
105

Daily average trading volume (mil. shares)

5,047
1,028
2,998
1,269
4,072
65

Daily average trading value (USD mil.)

578.8
573.4
128
1,188.4
966.4
49.5

Market cap. (USD bn.)

Market cap. to GDP
Indonesia
363.65
52%
Malaysia
405.03
170%
Philippines
197.33
99%
Singapore
614.88
276%
Thailand
264.63
83%
Vietnam
30.69
30%

P/E

# of securities firms
Daily average trading voDaily average trading value (USD mil.)
15.4x
120
5,047
578.8
14.7x
35
1,028
573.4
15.2x
119
2,998
128
7.4x
28
1,269
1,188.4
12.1x
38
4,072
966.4
8.7x
105
65
49.5

value (USD mil.)

Indonesia
Malaysia
Singapore

Thailand
Vietnam

Commission rates

Fully negotiable

Stock, warrants, non-voting depository receipts, derivative warrants, transferable subscription rights
For trading except via internet: Negotiable, with a minimum of 0.25% of the trading value, buying
or selling
For internet trading: Negotiable, with a minimum of 0.15% of the trading value, buying or selling
Investment units (unit trusts) or warrant on investment units: Negotiable, with a minimum of 0.1%of
the trading value, buying or selling
Debt instruments, invetment units of a fixed income fund, or warrants on such investment units:
fully negotiable

Clearing and settlement

Stocks: T+3
Bond: T+2
Derivatives: T+1
Exchange fee: 0.03%

Clearing fee: 0.04% on the value of the contrac, subject to a maximum of S$600

Bond: T+2
other securities: T+3
Derivatives: T+1
Clearing fee: 0.001%
Trading fee: 0.005%
Regulatory fee: 0.0018%

Capital gains: TaxTaxation

free for individual
investors, but
15% withholding
tax for foreign
juristic investors,
which defined as
institutions
established under
foreign law and
which do not
operate in
Thailand
Dividends: 10%
withholding tax
Income (capital
gain and interest
income from
investment in
debentures and
bonds): 15%
withholding tax

Indonesia

Commission rate

Fully negotiable

Clearing and settlem0.03% of the value per transaction.

Taxation
Sales of listed share: 0.1% of trading val

Dividends

Resident Individual Tax payers:

maximum 10% of the final amount

Government bodies, resident taxable

entities, organizers of activities,
Permanent Establishments, or other
representative offices of foreign
companies: 15% of the gross amount.

Bond interest
Resident tax payers and Permanent
Establishments:15%

Non-resident tax payers: 20% or the

suitable tariff in accordance to the
Agreement of Double Tax Avoidance
Deposit Interest : 20% of Final Income
Tax

Value Added Tax

(VAT)/Goods and
sales tax (GST)

10% applied to all brokerage

commissions and stock exchange levy

Stamp duty

IDR 6,000 is paid on all cash

statements, and corporate action
voting forms

Malaysia

Philippines

Inter-broker, institutional, online routed

retail trades, trades executed less than
a board lot, trades where cash upfront
has been given prior to the execution of Minimum brokerage fee based on
the trades: fully negotiable
transaction value
Retail trades valued above RM100,000:
minimum 0.3% contract value
Php100 million and below: 0.25%
Above Php100 million up to Php500
Retail trades valued below RM100,000: million: 0.15%, not less than
minimum 0.6% contract value
Php250,000
Above Php500 million up to Php1 billion:
0.125% but not less than Php750,000
Above Php1 billion up to Php5 billion:
0.1% but not less than Php1.25 million
Above Php5 billion up to Php10 billion:
0.075% but not less than Php5 million
Above Php10 billion: 0.05% but not less
than Php7.5 million
0.03% of transaction value (payable by
both buyer and seller) with a maximum
of RM1,000 per contract
0.5% of transaction value
Capital gain: tax-exempt
Capital gains: 5% and 10%

Interest

Interest: 20%, Philippine long term

investments of over five years are
exempt from tax

Interest earned by individuals from

investments in Malaysian Government
Securities or Bonds issued or
guaranteed by the Malaysian
Government are exempt from tax.

Dividends

Interest paid/ credited to individuals in

respect of debentures, other than
convertible loan stock, approved by the
Securities Commission is tax exempt
Filipino citizen or resident alien: 10%
Interest earned by the
individualresident on all other fixed
income bearing securities is subject to
tax

Non-resident alien individual engaged in trade or business in the Ph

There is no witholding tax on interest pai Non-resident alien individual not engaged in trade or business in th

For non-residents, if there is no

exemption from tax, interest paid or
credited to the non-residents will be
subject to a witholding tax of 15 % of
gross, unless reduced under a tax treaty
that Malaysia has entered into with the
country of residence of the nonresident. The withholding tax will be
deducted at source by the payer
Non-resident foreign corporation: 30%

Dividends received or paidby a Labuan offshore company or distributed by a Labuan offshore trust ar

12% applied to brokerage fee

RM1.00 for RM1000.00 or fractional part
of value of securities (payable by both
buyer and seller)

Singapore

Fully negotiable

0.04% on the value of the

contrac, subject to a maximum of
S$600
Capital gain: tax-exempt

Dividends: tax-exempt

ged in trade or business in the Philippines: 20%

ngaged in trade or business in the Philippines: 2

by a Labuan offshore trust are exempted from tax

Brokerage fees and commission

are subject to 7%

Thailand

From Jan 1, 2010 to Dec 31, 2011

Stock, warrants, non-voting depository receipts, derivative warrants,
transferable subscription rights
For trading except via internet: Negotiable, with a minimum of 0.25% of
the trading value, buying or selling
For internet trading: Negotiable, with a minimum of 0.15% of the trading
value, buying or selling
Investment units (unit trusts) or warrant on investment units: Negotiable,
with a minimum of 0.1%of the trading value, buying or selling

From Jan 1, 2012: fully negotiable

Debt instruments, invetment units of a fixed income fund, or warrants on
such investment units: fully negotiable
Clearing fee: 0.001%
Trading fee: 0.005%
Regulatory fee: 0.0018%
Thai and foreigners doing business in Thailand

Capital gains:

Individual investors: tax exempt

Juristic investors: Pay corporate income tax but no withholding tax

Dividends:
Individual investors: 10%

Juristic investors: tax-exempt; 10% if the taxpayer is not a listed firm

Interest income:
Individual investors: 15% withholding tax
Juristic investors: 1% withholding tax
Foreigner investors
Capital gains:
Individual investors: tax exempt
Juristic investors: 15% withholding tax
Dividends:
Individual investors: 10% withholding tax
Juristic investors: 10% withholding tax
Interest income:
Individual investors: 15% withholding tax
Juristic investors: 15% withholding tax

Investor must pay 7% VAT on services rendered to him by securities

companies.

THB 1 for every THB 1,000 or fraction thereof

Vietnam

Fully negotiable

Stocks: 0.03% of trading value

Bonds: 0.0075% of trading value
Individuals

Capital gains: 20% or 0.1% on trading value when investors sell stocks

Dividends: 5%

Companies: subject to corporate tax rate

N/A

Products

Services

Indonesia
Stocks
Warrants
ETFs
Fixed income
Derivatives
Securities Borrowi

Malaysia
Philippines
Stocks
Stocks
Warrants
Warrants
REITs
Philippin Depository Receipt
ETFs
ETFs
Close-end Funds
REITs
Derivatives
Derivatives
Fixed income
Bonds
Securities Borrowing & LendSecurities Borrowing & Lend

Margin trading
Short selling

Margin trading
Short selling

Margin trading
Short selling

SettlementStock, Warrants, E Equities: T+3

Equities: T+3
Regular market: T Derivatives: daily
Bonds: T+0
Cash market: T+0 Bonds: T+1 and T+2
Negotiation market: based on agreement/negotiation, trade for trade
Rights
Cash market: T+0
Negotiation market: based on agreement/negotiation, trade for trade
Fixed income
Cash market: T+2
Negotiation market: T+1 to T+7
Derivatives: T+1

Singapore
Thailand
Stocks
Stocks
ADRs
Warrants
Warrants
Unit Trusts
ETFs
Non-Voting Depository Receipt
ETNs
ETFs
GDRs
Derivatives
REITs
Bonds
Securities Borrow Securities Borrowing & Lending
Business Trusts
Staple Securities
Fixed income
Margin trading
Margin trading
Short selling
Short selling

Vietnam
Stocks
Bonds
Close-end Funds

Equities: T+3
Equities: T+3
Derivatives: T+1 Bonds: T+2
Derivatives: T+1

Stocks: T+3
Bonds: T+1

Margin trading