The Inland Revenue Authority of Singapore has released new information relating to the regulations for correcting errors made in submitted GST F5/ F7/ F8 forms.
On July 15, the Philippines entered into an Intergovernmental Agreement (IGA) on tax information sharing with the United States in order to comply with the U.S. Foreign Account Tax Compliance Act (FATCA).
Malaysia is continuing its streamlining of its Goods and Services tax (GST). Among the recent changes are a revised GST guide on the country’s Warehousing Scheme, a new guide on filing GST-04 returns, and the possibility of expanding the list of goods not subject to GST.
Singapore’s Inland Revenue Authority has announced that, beginning in 2017, there will be new income tax rates for both resident and non-resident individuals in the country. Many of those affected will see their tax rates increase.
The European Union has imposed a 48.5 percent duty on Cambodian bicycle exports to put the brakes on Cambodia flooding the market with Chinese-sourced models dumped in the single market at below cost price.
A range of Malaysian politicians have strongly criticized the country’s recently implemented goods and services tax (GST), causing Prime Minister Najib to step into the fray and reiterate his reasons for the new tax.
Indonesia has announced plans to extend the validity of the country’s tax holiday from the current 10 years to a maximum of 15 years. The tax holiday applies to investments over IDR 1 trillion (US$76 million), labor-intensive investments, and investments into eastern Indonesia (an economically poorer region). Additionally, the tax holiday will be applied to investments into “pioneer” sectors.
Chris Devonshire-Ellis explains what the much publicized “AEC Deadline” which is due at 31st December 2015 really means for your business in ASEAN.
Over the past year, the Philippines has been making great strides in improving its business environment. Chief among these improvements has been the government’s efforts to simplify the country’s tax system. While the initial steps in this area have met with some success, there have been calls from within and outside of the government to further improve the tax system.
Malaysia has introduced a new Goods and Services Tax of six percent. However, the country’s Customs Department has said that confusion over the new tax will last six months to a year. Consumer concerns regarding the GST have been over price increases, whereas businesses concerns have focused on compliance costs and its effect on competitiveness.