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.
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’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).
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.
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.
The Malaysian Internal Revenue Board now requires corporate taxpayers to declare whether they have prepared transfer pricing documentation while filing a tax return.
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.
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.
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.
The Philippines have filed a bill that would grant a tax exemption for startup businesses during their first two years of establishment.