Tax & Accounting

The Philippines to Reduce Corporate and Personal Income Tax Rates

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The Philippines’ government is set to approve a bill that will reduce the country’s corporate and personal income tax rates. Once implemented, the lowered rates are expected to be a boon for low and middle-income earners.

Myanmar to Commercially Tax All Transactions on Yangon Stock Exchange

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According to the Securities and Exchange Commission of Myanmar (SECM), all transactions on the soon to be opened Yangon Stock Exchange (YSX) will be commercially taxed.

Thailand Rolls Out New Inheritance Tax

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Thailand’s government has announced the implementation of the country’s first inheritance tax in seven decades is to start in January 2016.

Singapore Releases Updated e-Tax Guide on GST and Attribution of Input Tax

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The Inland Revenue Authority of Singapore (IRAS) has recently released an updated version of its e-Tax Guide on Goods and Services Tax (GST) and the Attribution of Input Tax. The new guide, which is intended for businesses that are GST-registered and make both taxable and exempt supplies, explains how a partially exempt business should attribute its input tax and also clarifies when input tax may be considered to be “directly attributable” to a supply.

Indonesia Raises Import Tax on a Range of Goods

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The Indonesian government has announced that it is raising the import tax rate on a large number of goods, including food, clothing, and other consumer products. The move comes as the country continues to search for a method of jumpstarting its weak economy, which has been experiencing its slowest growth in six years. The government is also hoping that the new tax rates will help support and grow local industries.

Singapore Updates Regulations for Voluntary Disclosure of GST Errors

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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.

The Philippines Signs IGA on FATCA with the United States

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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 Continues to Streamline its Goods and Services Tax

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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 to Impose New Individual Income Tax Rates in 2017

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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.

EU Gets a Handle on Cambodian Re-Exported Bicycles with New Tariff

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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.

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