The Philippines Signs IGA on FATCA with the United States
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
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
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
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.
Malaysian PM Strongly Supports Goods and Services Tax
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 Extends Tax Holiday in Bid to Attract More Foreign Investment
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.
ASEAN’s 2015 AEC Compliance Deadline – What It Actually Means
Chris Devonshire-Ellis explains what the much publicized “AEC Deadline” which is due at 31st December 2015 really means for your business in ASEAN.
The Philippines Calls for a Further Simplified Tax System
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 GST: Implications for Manufacturers
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.
Malaysia GST Implementation on April 1, 2015
The Malaysian government is preparing to implement the Goods and Services Tax (GST) on April 1, 2015.