Tax & Accounting

Philippines Signs onto Multilateral Tax Assistance Convention

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In a move aimed at streamlining its tax processes, the Philippines has become the 68th nation to sign on to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Kim Jacinto Henares, the Commissioner of the country’s Bureau of Internal Revenue, signed the agreement in Paris on September 26th.

Thailand’s Government Announces that it Will Keep Income Tax Cuts in Place

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Foreign investors in Thailand can breathe a little easier; the country’s new government has announced that it will extend the lowered rates of corporate income tax (CIT) and personal income tax (PIT) through the 2015 tax year. Thailand’s Finance Ministry is hoping that the extension of the tax cuts will spur consumption and aid economic growth.

Singapore Releases e-Tax Guide to Help Financial Institutions Comply with FATCA

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Singapore’s Ministry of Finance, the Monetary Authority of Singapore, and the Inland Revenue Authority of Singapore (IRAS) have issued a draft e-Tax Guide that is intended to help financial institutions (FIs) in Singapore comply with the United States Foreign Account Tax Compliance Act (FATCA).

Thailand Considers Inheritance and Property Tax Reforms

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The head of Thailand’s National Council for Peace and Order has approved plans to reform Thailand’s tax system, namely by incorporating inheritance and property taxes.

Singapore Expands SME Financing Options to Support Small Businesses

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More channels for small and medium enterprise financing are opening up in Singapore, as banks introduce new grant programs and the government steps up effort to support small businesses.

Declaration Now Required on Transfer Pricing Documentation in Malaysia

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The Malaysian Internal Revenue Board now requires corporate taxpayers to declare whether they have prepared transfer pricing documentation while filing a tax return.

Malaysia Announces Transfer Pricing Awareness Survey

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In a recent effort to collect more data on related party transactions and transfer pricing compliance, the Inland Revenue Board (IRB) has announced that it will start issuing transfer pricing awareness surveys before the commencement of a transfer pricing audit.

Singapore and Seychelles Sign Double Tax Agreement

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The Inland Revenue Authority of Singapore has announced that Singapore and the Seychelles have signed an Agreement for the Avoidance of Double Taxation on July 9, 2014.

Tax Exemptions on Foreign Income for Singapore-Based Companies

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According to the Inland Revenue Authority of Singapore, a Singapore tax resident can enjoy tax exemption on specified foreign income that is remitted into Singapore.

Two-Year Tax Breaks Proposed for Philippines’ Startups

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The Philippines have filed a bill that would grant a tax exemption for startup businesses during their first two years of establishment.

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