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Articles by Mary Swire
Cambodia Again Delays Capital Gains Tax Plans
by Mary Swire, Tax-News.com, Hong Kong 21 March 2022 Authorities in Cambodia have announced a further two-year delay to the implementation of a capital gains tax. The rules for the regime were set out in Prakas 346, in the Khmer language, issued in September 2020. The levy, which was originally to be introduced from July 2020, was previously extended to January 1, 2021, and again to January 1, 2022.
by Mary Swire, Tax-News.com, Hong Kong 21 March 2022 Singapore has announced personal income tax hikes and higher wealth taxes on the territory's wealthiest individuals, as well as plans to ramp up the territory's carbon tax, in its newly released Budget. The Budget also acknowledges that the territory will likely have to raise its effective corporate tax rate for large multinationals to 15 percent, in sync with the BEPS 2.0 digital tax reforms due to be implemented internationally from 2023.
Singapore Expected To Hike Carbon Tax In 2022 Budget
by Mary Swire, Tax-News.com, Hong Kong 20 January 2022 Singapore's Minister of Finance has said Singapore will set out plans to hike its carbon tax in the 2022 Budget. The Minister for Finance, Lawrence Wong, was replying to a question posed in parliament on the Government's ongoing consultations on carbon tax reform. Singapore implemented a carbon tax – the first carbon pricing scheme in Southeast Asia – on January 1, 2019.
Philippines DOF Says Wealth Tax Plan Would Be Self-Defeating
by Mary Swire, Tax-News.com, Hong Kong 06 December 2021 The Philippines Department of Finance has issued a statement warning against the introduction of a new tax on the super wealthy. The statement concerns a proposal to impose a tax on the "super rich" – those with assets exceeding PHP1bn. The DOF said the bill would encourage aggressive tax avoidance schemes and drive out capital and investments from the Philippines.
Singapore To Implement Budget 2021 GST Reforms Unchanged
by Mary Swire, Tax-News.com, Hong Kong 01 November 2021 Following a consultation exercise, the Inland Revenue Authority of Singapore has said the territory intends to go ahead with various important goods and services tax regime changes without accepting amendments proposed by stakeholders.
Indonesian Lawmakers Approve Tax Reform Plans
by Mary Swire, Tax-News.com, Hong Kong 18 October 2021 Indonesia's lower house of parliament has signed off on a bill that provides for a two-stage hike to the headline value-added tax rate, the cancellation of a planned corporate tax cut, and the introduction of a new top rate of personal income tax. As previously announced, the draft legislation will hike the value-added tax rate to 11 percent from April and to 12 percent by January 1, 2025.
Belt And Road Forum Agrees Digital Tax Admin Agenda
by Mary Swire, Tax-News.com, Hong Kong 04 October 2021 China has set out the priorities of the Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) Council over the next five years, at the 36-country grouping's second forum. BRITACOM now has 36 council members and 30 observers. It is intended to be the vehicle through which China can foster improved cooperation among countries supportive of the Belt and Road Initiative in the area of tax administration.
Singapore To Allow Taxpayers Longer To Report TP Adjustments
by Mary Swire, Tax-News.com, Hong Kong 15 September 2021 The Singaporean Government has announced it will amend provisions on transfer pricing adjustments in the draft Income Tax (Amendment) Bill 2021, which includes measures announced in the 2021 Budget, following a consultation.
China's New Urban Maintenance And Construction Tax Law In Force
by Mary Swire, Tax-News.com, Hong Kong 15 September 2021 China's Ministry of Finance and the State Administration of Taxation have issued a statement announcing tax relief from the Urban Maintenance and Construction Tax. A new law to govern the tax became effective from September 1, 2021.
Hong Kong Explains COVID-19 Reliefs For Tax Debtors
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 Hong Kong's Inland Revenue Department has explained COVID-19 tax concessions available for taxpayers struggling to pay their tax dues and has highlighted upcoming property tax obligations. On support measures for tax debtors, the IRD said on June 18: "Taxpayers who encounter financial difficulties in settling their tax bills on time may apply for payment of tax by instalments before the due dates of the demand notes.
Hong Kong Discusses US Termination Of Shipping Tax Pact
by Mary Swire, Tax-News.com, Hong Kong 25 August 2021 The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax. US authorities announced in October 2020 that starting from January 1, 2021, they would terminate the agreement with Hong Kong on Income from International Operation of Ships.
Indonesia To Shoulder Retailers' VAT On Rental Costs
by Mary Swire, Tax-News.com, Hong Kong 10 August 2021 The Indonesian Government has legislated to shoulder the value-added tax liability of retail businesses on rent and service charges due between August and October 2021. To be eligible, a business's activities must wholly or partly involve the provision of goods and services to final consumers. It covers standalone shops and units within shopping centers, apartment facilities, hotels, hospitals, education facilities, offices, and open markets.
Asia-Pac's Tax Take Dropped, Even Before COVID-19: Report
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 Tax revenues fell in 2019 in two-thirds of economies across Asia and the Pacific as a result of an economic slowdown prior to the COVID-19 pandemic, according to a new OECD report.
Hong Kong, Georgia Tax Deal To Enter Into Force
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 The Hong Kong Government has announced that the comprehensive double tax agreement it signed with Georgia last year will enter into force on July 1. Under the agreement, any tax paid in Georgia by Hong Kong companies will be allowed as a credit against the tax payable in Hong Kong on the same income, subject to the provisions of the tax laws of Hong Kong.
Hong Kong Sets Out Response To Int'l Tax Reform Plans
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, has set out how the territory intends to respond to the OECD's proposed new international tax framework. The Secretary was asked about the impact of proposals for a new global minimum corporate tax rate of 15 percent on Hong Kong and its international competitiveness.
Firms Given More Time To Seek New Zealand's R And D Tax Perks
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 New Zealand has announced further extensions to due dates for applications for the country's research and development tax incentive for the 2019-20 and 2020-21 income years.
Thailand Explains New VAT Rules For B2C Electronic Services
by Mary Swire, Tax-News.com, Hong Kong 06 August 2021 Thailand's Revenue Department has released new English-language guidance on the value-added tax rules for business-to-consumer supplies of electronic services rendered by non-resident businesses. Earlier this year, Thailand enacted legislation to introduce an obligation on non-resident electronic services providers to register for, charge, and remit VAT starting from September 2021.
Hong Kong Issues 2020-21 Tax Returns
by Mary Swire, Tax-News.com, Hong Kong 06 April 2021 On April 1, 2021, the Hong Kong Inland Revenue Department began issuing profits tax, property tax, and employer's returns for the year of assessment 2020-21. This year's Budget proposed a one-off reduction of 100 percent of profits tax, salaries tax, and tax under personal assessment for 2020-21, subject to a ceiling of HKD10,000. Once the relevant legislation has been enacted, the IRD will effect the tax reduction in this year's tax bills.
India Hikes Threshold For Country-by-Country Reporting
by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 India has enacted legislation to hike the turnover threshold for filing a country-by-country report. Previously, multinational companies headquartered in India were required to file a country-by-country report if their consolidated group turnover in the past accounting year was INR55bn (USD733m) or more. With effect from April 1, 2021, this threshold was been increased to INR64bn (USD853m).
Australian Tax Agency Announces Virtual Currency Tax Focus
by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 The Australian Taxation Office (ATO) has expressed its concern that some taxpayers do not fully understand the tax implications of cryptocurrency gains. Assistant Commissioner Tim Loh said that the ATO will write this year to around 100,000 taxpayers with cryptocurrency assets explaining their tax obligations and urging them to review their previously lodged returns.
Hong Kong Again Slashes Interest On Early Tax Payments
by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 The Hong Kong Inland Revenue Department has announced a further reduction to the interest rate payable on Tax Reserve Certificates. From June 7, 2021, the new annual rate of interest will be 0.0500 percent, down from 0.0833 percent. As such, the new rate is equal to HKD0.0042 per month per HKD100.
Hong Kong Enhances Tax Rules For Amalgamations
by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 Hong Kong's Legislative Council has passed a bill to implement a series of amendments to the Inland Revenue Ordinance.
Singapore Issues Corporate Tax Return Filing Guidance
by Mary Swire, Tax-News.com, Hong Kong 09 June 2021 The Inland Revenue Authority of Singapore has released guidance for companies on filing a corporate income tax return this year. The deadline for filing the form is November 30, 2021, for the 2021 year of assessment. Companies should file one of three forms depending on the size of their operations.
Hong Kong Adopts Law To Cut Stamp Duty Rates
by Mary Swire, Tax-News.com, Hong Kong 19 March 2021 Hong Kong has passed legislation to abolish the doubled ad valorem stamp duty (DSD) rates applicable to non-residential property transactions with effect from November 26, 2020. DSD was introduced in 2013 with the aim of dampening the demand for non-residential properties and maintaining stability in the property market.
Hong Kong Issues Tax Returns For Individuals
by Mary Swire, Tax-News.com, Hong Kong 12 May 2021 On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21. The IRD said that, in general, taxpayers should file their tax returns within one month, making the due date June 3, 2021. For sole proprietors of unincorporated businesses, a three-month period is allowed and the filing deadline is August 3, 2021.
Philippines To Complete Tax Incentives Review By Early May
by Mary Swire, Tax-News.com, Hong Kong 26 April 2021 The Philippines Department of Finance has announced that the Fiscal Incentives Review Board (FIRB) will complete the implementing rules and regulations for the corporate Recovery and Tax Incentives for Enterprises (CREATE) Act by the third week of May. The rules and regulations will contain details of tax incentives available for investors. They will also set out the remit of the FIRB, which will be responsible for tax incentives oversight.
Singapore Issues Advance Ruling On IP Rights Transfer
by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 On April 1, 2021, the Inland Revenue Authority of Singapore issued a summary of an advance ruling concerning franchise income earned by a Singaporean company from licensing intellectual property rights. The anonymized ruling says the franchise income derived by the Singapore company from outside Singapore is taxable in Singapore when it is remitted to Singapore, or is deemed to have been remitted.
China Halves Corporate Tax For Smallest Businesses
by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 Chinese authorities have announced enhanced temporary tax breaks for small businesses. In announcement no. 12 of 2021, released on April 9, 2021, the Chinese Ministry of Finance and the State Administration of Taxation announced that small businesses will be subject to 20 percent corporate tax on just an eighth of their taxable income.
New Zealand Explains Recent Tax Law Changes
by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 The New Zealand Inland Revenue Department has released a new "special report" to provide guidance on changes to real property tax rules and other tax rules that were included in the Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021.
Hong Kong Tables Tax Law Administration Bill
by Mary Swire, Tax-News.com, Hong Kong 25 March 2021 Hong Kong tabled the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 in parliament on March 24. The Bill will amend four areas of the Inland Revenue Ordinance (Cap. 112) on: the tax treatment for amalgamation of companies under the court-free procedures as provided for under the Companies Ordinance (Cap.
Australia To Shutter 'Harmful' Offshore Banking Unit Regime
by Mary Swire, Tax-News.com, Hong Kong 19 March 2021 The Australian Government has confirmed that it will amend its offshore banking unit regime after it was designated a harmful tax regime by the OECD and the European Union. The OBU regime was established in 1992. It provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks.
Singapore Explains Changes To 2021 Tax Filing Rules
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore (IRAS) has said that it will be sending tax bills directly to certain taxpayers this tax filing season and will be simplifying filing arrangements for the self-employed. IRAS is introducing a Direct Notice of Assessment (D-NOA) initiative for taxpayers on the No-Filing Service (NFS), which will mean that they receive their tax bills directly from May 2021.
Malaysia Updates Tax Guidance For Digital Services Providers
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 Malaysia has comprehensively updated its guidance on the requirement on foreign service providers to collect service tax on business-to-consumer supplies of digital services. The latest version of the guidance, "Guide on: digital services by Foreign Service Provider (FSP)", replaces earlier guidance last updated in August 2020. FSPs were required to collect six percent service tax on B2C services from January 1, 2020.
Hong Kong Provides Tax Concessions For Carried Interest
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Hong Kong Government has published in its Official Gazette legislation to provide tax concessions for carried interest distributed by eligible private equity funds operating in Hong Kong. The Government said that, broadly speaking, carried interest refers to a return linked to the performance of an investment of a private investment fund, typically upon the disposal of the investment after it has been held for a period of time.
Hong Kong Announces Tax Relief In 2021-22 Budget
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 Hong Kong will grant taxpayers a waiver of up to HKD10,000 (USD1,290) of profits tax, salaries tax, and tax under personal assessment, the territory announced in its 2021-22 Budget. The Budget announces a one-off 100-percent reduction of profits tax, salaries tax, and tax under personal assessment for the year of assessment 2020-21, subject to a ceiling of HKD10,000 per case. The tax reduction is not applicable to property tax.
Singapore Explains Tax Filing Changes This Year
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore (IRAS) has said that it will be sending tax bills directly to certain taxpayers this tax filing season and will be simplifying filing arrangements for the self-employed. IRAS is introducing a Direct Notice of Assessment (D-NOA) initiative for taxpayers on the No-Filing Service (NFS), which will mean that they receive their tax bills directly from May 2021.
Singapore Updates Tax Rules For Company Liquidations
by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership. Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to fulfil certain duties prescribed in the Income Tax Act.
Singapore Expands Business Tax Support Schemes In 2021 Budget
by Mary Swire, Tax-News.com, Hong Kong 22 February 2021 Singapore announced the extension of a number of support measures for businesses in its 2021 Budget, released on February 16, 2021. Announcements included that businesses may continue to benefit from the enhanced loss carryback relief scheme for the 2021 year of assessment (YA). The carry-back relief scheme was enhanced for YA2020.
New Zealand Updates Virtual Currency Tax Guidance
by Mary Swire, Tax-News.com, Hong Kong 16 September 2020 New Zealand's Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies. The guidance explains that cryptoassets are treated as property for tax purposes. There are no special tax rules for cryptoassets but income derived from selling, trading, or exchanging them is taxable.
New Zealand Explains Latest COVID-19 Tax Reliefs
by Mary Swire, Tax-News.com, Hong Kong 18 August 2020 New Zealand's Inland Revenue Department has released a special report explaining in detail the tax relief measures in the COVID-19 Response (Further Management Measures) Legislation Act (No 2) 2020.
Malta, Luxembourg Agree To Russian DTA Changes
by Mary Swire, Tax-News.com, Hong Kong 18 August 2020 The Russian Government has disclosed that both Luxembourg and Malta have agreed to change their double tax agreement with Russia to increase withholding tax rates on cross-border dividends and interest income. The announcement follows the Russian Government's decision to terminate its double tax agreement with Cyprus after talks on the same collapsed.
Russia To Terminate Cyprus Double Tax Agreement
by Mary Swire, Tax-News.com, Hong Kong 07 August 2020 The Russian Ministry of Finance has announced that it will seek to terminate the country's double tax agreement with Cyprus, after negotiations broke down on a revision to increase tax on cross-border dividends and interest income.
Singapore Launches Consultation On Income Tax Reforms
by Mary Swire, Tax-News.com, Hong Kong 24 July 2020 Singapore's Ministry of Finance has launched a public consultation on proposed corporate tax and income tax breaks. The Government has proposed amendments to the Income Tax Act to implement a range of measures announced in this year's Budget. To help companies with cash flow, a corporate income tax rebate of 25 percent of tax payable, capped at CAD15,000 per company, will be granted for the Year of Assessment (YA) 2020.
Hong Kong Lawmakers Endorse CIT Cut For Insurers
by Mary Swire, Tax-News.com, Hong Kong 17 July 2020 Hong Kong's Legislative Council has passed a bill to reduce the profits tax for certain insurance businesses. The Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 was passed by the Legislative Council on July 15, 2020.
COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200
by Mary Swire, Tax-News.com, Hong Kong 25 June 2020 The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts. For the 2019/20 income tax year, tax payable up to NZD200 (USD128.5) will be written off. The usual threshold for writing off tax is NZD50. "Fewer people will have tax bills to pay this year," said Revenue Minister Stuart Nash.
No New Tax Announcements In New Zealand's 2020 Budget
by Mary Swire, Tax-News.com, Hong Kong 28 May 2020 New Zealand's new 2020 Budget, announced on May 14, highlighted recently enacted tax measures and announced the creation of a new NZD50bn COVID-19 Response and Recovery Fund (CRRF). Among other things, the Fund will provide for an eight-week extension to the Wage Subsidy Scheme, beyond the initial funding announced on March 17.
Australia Flags Contrived Tax Avoidance Arrangement
by Mary Swire, Tax-News.com, Hong Kong 28 May 2020 The Australian Taxation Office (ATO) has issued a Taxpayer Alert on mischaracterized arrangements and schemes connected with direct foreign investment into Australian businesses. The ATO said that it is concerned that these arrangements are deliberately structured to avoid Australian tax that is payable on the return to the foreign investor, or to obtain a tax deduction for the Australian entity.
India Announces More COVID-19 Measures
by Mary Swire, Tax-News.com, Hong Kong 28 May 2020 On May 13, 2020, the Indian Government announced new tax relief measures and administrative concessions. The Government said pending income tax refunds for charitable trusts and non-corporate businesses and professions, including proprietorship, partnership, LLPs, and cooperatives, will be paid immediately. Further, rates of tax deduction at source (TDS) and tax collected at source (TCS) will be reduced.
Indonesia To Begin Requiring VAT On Streaming Services
by Mary Swire, Tax-News.com, Hong Kong 28 May 2020 According to local media reports, Indonesia is to introduce a tax on video and game streaming services and on certain digital services starting July 1, 2020. Tax will apply at a rate of 10 percent, the Department of Finance confirmed. It is intended to level the playing field for domestic providers of digital products. Provisions for the law were included in Finance Ministerial Regulation No. 48/2020.
Philippines Moots Digital Tax
by Mary Swire, Tax-News.com, Hong Kong 28 May 2020 A proposal has been put forward for a digital services tax regime in the Philippines. The state-run news agency PNA reported that Joey Salceda, the chairman of the House Committee on Ways and Means, has tabled a bill to establish a fiscal regime for the digital economy. According to Salceda, "When you're a network in the Philippines, advertising services paid to you will be subject to VAT.
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