Category: Singapore
Singapore: Draft Tax Bill In Singapore Seeks To Implement COVID-19 Related Tax Measures; Proposes 50% Surcharge On Tax Avoidance
On the 20th of July, the Singaporean government released a draft bill to adapt to the current waddling economy caused by the COVID-19. ... - Continue reading
Indonesia: Indonesia And Singapore Sign Updated Double Taxation Avoidance Agreement
Indonesia and Singapore sign newest double tax avoidance treaty. ... - Continue reading
Singapore Budget 2020 extends and enhances business tax breaks
Singapore strives to stay ahead in tax competition. ... - Continue reading
Heineken Vietnam pays $39.7 mln in back taxes, fines
Heineken Vietnam Brewery has paid VND917.2 billion ($39.7 million) in back taxes and fines for a 2018 transaction. ... - Continue reading
Google to pay A$481.5m in major win for Australian Tax Office
Search engine giant’s settlement brings to A$1.25bn the amount collected from ecommerce players ... - Continue reading
Singapore, Tunisia tax treaty enters into force
Singapore and Tunisia join forces in favour of tax reform. ... - Continue reading
Singapore: Singapore’s New Transfer Pricing Requirements
What you need to know if you conduct business in Singapore. ... - Continue reading
IRS touts 91% conviction rate for its 2019 tax crime cases
The Internal Revenue Service has a message for tax criminals: "We will not stop in our pursuit." ... - Continue reading
Singapore: Why setting up in Singapore makes sense for business in ASEAN.
Singapore has long been a preeminent destination for setting up a regional headquarters to pursue business opportunities across ASEAN and Asia. ... - Continue reading
MLI amendments to Singapore-Luxembourg tax treaty enter into effect
The government of Singapore has announced that amendments made to the Singapore-Luxembourg tax treaty as a result of the two countries’ ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into effect on August 1. ... - Continue reading
India’s hedge funds threatened by higher taxes
So much of India’s private wealth is trapped in gold that any more will be a colossal social waste ... - Continue reading
Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports
Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore. MAS (Monetary Authority of Singapore) officials have reportedly been asking wealth managers not to aggressively target Hong Kong clients in their market campaigns,… – Continue reading
Bank of Singapore’s Hong Kong CEO on Developing a Greater China Proposition
As Bank of Singapore’s Global Market Head for Greater China and North Asia, and since March 2018 also Hong Kong CEO, Derrick Tan has plenty of challenges in front of him. But he can draw on from his multi-faceted background – he spent five years as an investigating officer with… – Continue reading
Singapore’s tax treaties with Netherlands and Georgia amended
The Inland Revenue Authority of Singapore has announced that amendments made to Singapore’s bilateral tax treaties with the Netherlands and Georgia took effect today. ... - Continue reading
Automatic Exchange of Information is Working, Says OECD
New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading
Will Singapore continue to be India’s largest foreign investor?
Which jurisdiction is India’s largest source of Foreign Direct Investment (FDI) in the 2018-19 financial year?
Revised tax treaties usher in a new era in investment, taxation
Policy tweaks curb evasion, show India can woo investments without sops Singapore, another major FDI contributor to India, too, enjoyed the same tax sops under a similar treaty with India NEW DELHI: For about a decade-and-a-half, revenue authorities examining foreign investment proposals received by the erstwhile Foreign Investment Promotion Board… – Continue reading
Singapore, Philippines to strengthen bilateral relations
Secretary of Foreign Affairs Teodoro Locsin Jr. had his introductory visit to Singapore on May 7 to 10 at the invitation of Minister for Foreign Affairs Dr. Vivian Balakrishnan. Locsin called on Prime Minister Lee Hsien Loong on May 8 where they both reaffirmed the warm and longstanding relationship between… – Continue reading
Taxing times for SMEs
Globalisation of the economy has resulted in a shift in the way Singapore corporations operate – from local country-specific business models, to global integrated supply chains which centralise functions at a regional or global level. Singapore, in particular is a popular location to house regional and global operations, due to… – Continue reading
VISA-FREE DESTINATIONS ON LUXEMBOURG PASSPORT, 2019
Luxembourg and Spain passports placed 5th in a global study of visa-free travel. The annual “Henley Passport Index”, published on 8 January 2019, is a “ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa.” The index is published by… – Continue reading
Proportion of HNWIs investing offshore rises
The wealthy are showing a keen interest to invest offshore, as the HNWIs seek to achieve benefits from global diversification and gain tax efficiencies. The proportion of HNWIs who invest offshore has risen from 11.2% in 2014 to 16.9% by December 2018, , according to GlobalData’s HNW Offshore Investment survey…. – Continue reading
Vistra study: VI second-most important global financial jurisdiction
The Virgin Islands ranked as the second-most-important financial jurisdiction in the world in a recent study published by Vistra, a corporate services provider. The research — titled the “Vistra 2020 Report” — evaluated insight from more than 800 financial services industry professionals around the globe, according to the company. Published… – Continue reading
Corporate America flees zero-tax Caribbean havens after crackdown
Many U.S. multinational corporations have packed up or are choosing to open subsidiaries in low-tax, rather than no-tax, countries that are seen as more legitimate than the formerly popular island destinations of the Cayman Islands and the Bahamas. They’re fleeing in response to regulations from the European Union that require… – Continue reading
High-earning doctors in S’pore avoided taxes by forming shell companies
Tax avoidance is one of the most common tax “mistakes” made by medical professionals, according to IRAS. High-earning doctors, insurance agents, and lawyers who avoided paying their due taxes have been dealt a heavy blow by the Inland Revenue Authority of Singapore (IRAS). According to the Straits Times (ST), IRAS… – Continue reading
Singapore does not ‘indulge’ in tax agreement with Indonesia: Finance Ministry
The Lion City will not hesitate to impose action against firms with cross-border tax evasion. Singapore’s Ministry of Finance refuted a news article by CNBC Indonesia which claims that its Double Taxation Agreement (DTA) with Indonesia ‘indulges Singapore’. “Provisions under the DTA are reciprocal, like any other DTA,” the ministry… – Continue reading
Pharmaceutical giants named and shamed in tax avoidance investigation
Four pharmaceutical giants have been named and shamed for depriving Australia of $215 million a year in tax avoidance. Johnson & Johnson, Pfizer, Merck Sharp & Dohme (MSD Australia), and Abbott – which make household name brands like Band Aid, Baby Oil, Centrum and ChapStick –were found to have unfairly… – Continue reading
Chasing tax evaders worldwide
Indonesia is set to join the global treaty on the Automatic Exchange of Information (AEOI) on tax matters this month, and will then have virtually all the “high-caliber weapons” it needs to hunt down tax evaders — not just within the country but anywhere in the world, including tax-haven countries…. – Continue reading
ASEAN taxation cooperation via automatic information exchange
IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan. This collaboration charts the broad trajectories of ASEAN economic integration from 2016 to 2025. It aims to strengthen and reinforce by 2025 these five AEC characteristics: 1. A highly… – Continue reading
Walmart-Flipkart Deal: Income Tax Dept Rejects Plea For Capital Gains Exemption
Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart… – Continue reading
Corporate Taxation in Singapore
Singapore is globally renowned for its competitive tax structure. The country imposes corporate income tax (CIT) at a flat rate of 17 percent, which is the lowest among the ASEAN member states. The single-tier corporate tax system enables businesses to save on the cost of compliance, eliminate restrictions placed on… – Continue reading
Nigeria-Singapore income tax treaty to take effect Jan. 1
A bilateral double taxation agreement between Nigeria and Singapore generally is to take effect Jan. 1, 2019, although in Singapore, provisions regarding income taxes other than withholding taxes are to take effect Jan. 1, 2020. The treaty, also known as a DTA, is to affect how each country’s income tax… – Continue reading
Which Countries is The Cryptocurrency Taxed In?
The cryptocurrency industry is still at a very early stage of its development, so there are no single international rules yet. The governments of individual countries independently try to regulate digital assets. The tax on the cryptocurrency varies in different countries. Within the framework of this article, we will try… – Continue reading
Maldives concludes first deliberations on DTAA with Singapore
Director General of Taxation Hassan Zareer represented the Maldivian state Chia-Tern Huey Min, the Deputy Commissioner of the Inland Revenue Authority of Singapore, headed a delegation of officials Double taxation occurs in international trade when the same income is taxed in two different countries Maldives and Singapore have concluded the… – Continue reading
Standard Chartered selects BearingPoint’s FiTAX as tax reporting solution
Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading
Why Singapore is a Hub for Indian Businesses
India’s Prime Minister Narendra Modi made a three day official visit to Singapore late last month. The trip was his first since November 2015, and followed quick visits to Indonesia and Malaysia. The three-nation tour, touted to be part of India’s Act East Policy, laid clear emphasis on closer Southeast… – Continue reading
Kenya inks deal with Singapore to eliminate double taxation
NAIROBI, June 12 (Xinhua) — Kenya on Tuesday signed an agreement with Singapore to phase out double taxation and attract investments from the Southeast Asian country in key sectors like agro-processing and financial services. Henry Rotich, the Cabinet Secretary for National Treasury and Planning, said the elimination of double taxation… – Continue reading
Regulator nods GEN Singapore domicile switch to home
Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore. Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net… – Continue reading
Ghana Parliamentary Minority raises red flag over Double Taxation Agreements with four countries
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments… – Continue reading
Singapore Legislates For IP Tax Concession Reform
Singapore has gazetted a law to repeal the income tax concession for intellectual property income derived by companies benefiting from the Pioneer Service Companies Incentive (PC-S) or the Development and Expansion Incentive (DEI) schemes. The removal of this tax concession was first announced in Singapore’s 2017 Budget at the same… – Continue reading
Brazil, Singapore ink double taxation avoidance deal
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,… – Continue reading
Analysis: The double taxation treaty (DTT), a case of Nigeria and Singapore
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)… – Continue reading
Singapore activates three new Automatic Exchange of Financial Account Information relationships
AEOI deals with the challenge of taxpayers operating cross-border but tax administrations remaining confined to their national borders, by providing an open international architecture. Singapore has activated three new Automatic Exchange of Financial Account Information (AEOI) relationships under the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account… – Continue reading
Cambodia, Vietnam ink double taxation agreement
Cambodia has signed a double taxation agreement with Vietnam that protects each country’s nationals from dual taxation, according to a news release from the General Department of Taxation released on Tuesday. The agreement was signed on Saturday on the sidelines of the Greater Mekong Subregion Summit held in Hanoi. Chou… – Continue reading
Thai Finance Ministry Releases Final Version Of Cryptocurrency Tax Framework
Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30. Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and… – Continue reading
Buhari signs double taxation agreement with Singapore
President Muhammadu Buhari on Monday signed two agreements with two countries following the approval of the Federal Executive Council (FEC). The agreements, according to a statement issued by the Special Adviser on Media and Publicity to the President, Femi Adesina, include the instrument for ratification of agreement between Nigeria and… – Continue reading
