Friday, 23 February 2018
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Tax & Revenue

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Tax Neutrality for Islamic Banking hurdles House Panel

MANILA, Feb 21 (PNA) - A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House of Representatives. The House committee on ways and means, chaired by Quirino Rep. Dakila Cua, approved an unnumbered substitute bill that seeks to expand the Islamic banking system in the Philippines. The House panel specifically deliberated on the bill's feature that mandates a neutral tax treatment between Islamic banking transactions and conventional banking transactions.

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Issue of Illegally Imported Cars remains unresolved

The illegal import of cars continues to be a problem in Laos despite orders issued by the government last year to crack down on the issue.
Date: 21 February 2018; Type: Legal News; Source: Vientiane Times

Reit ETFs to enjoy Tax Transparency

Tax transparency treatment for Singapore-listed real estate investment trusts (S-Reits) will soon be extended to exchange-traded funds (ETFs) invested in these REITs.
Date: 20 February 2018; Type: Tax News; Source: Singapore Law Watch

Reforms open Opportunities for e-Vehicles in PH

MANILA, Feb 20 (PNA) - Reforms on tax and transportation in the country opened more opportunities for electric vehicle players, Electric Vehicle Association of the the Philippines (EVAP) President Rommel Juan said.
Date: 20 February 2018; Type: Tax News; Source: Philippine News Agency

DOF supports House Bill calling for Tax Amnesty

MANILA, Feb 16 (PNA) - The Finance department supports House Bill 7105, which pushes for a tax amnesty program, in a bid to help the government collect taxes easily. The bill, which involves Part B of Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, is now being deliberated on by the House Committee on Ways and Means. As ...
Date: 16 February 2018; Type: Legal News; Source: Philippine News Agency

TRAIN removes Oppressive Rates for Delinquent Tax Payments

The Tax Reform for Acceleration and Inclusion (TRAIN) has done away with punitive and confiscatory interest rates that encourage delinquency rather than compliance in paying the correct amount of taxes, imposing instead a more reasonable charge based on the legal interest rate for loans set by the Bangko Sentral ng Pilipinas (BSP), according to the ...
Date: 14 February 2018; Type: Legal News; Source: Department of Finance

Income Taxes not covered will be collected according to Specified Rates

The Ministry of Planning and Finance (MOFP) submitted a proposal that will enable income not declared in the past to be taxable at the appropriate rate under the 2018 Union Tax Law. The proposal was submitted to Parliament on Tuesday.
Date: 14 February 2018; Type: Tax News; Source: Myanmar Times

Government to remove Withholding Taxes from April 1 to support Businesses

The Inland Revenue Department (IRD) is planning to stop levying withholding tax starting April 1 onwards in a bid to boost the economy, it revealed during a weekend discussion. The discussions, which took place with the Yangon Regional Government, Union of Myanmar Federation of Chambers of Commerce and Industry and other business associations, ...
Date: 13 February 2018; Type: Legal News; Source: Myanmar Times

BOI Perks aligned with Tax Reform Package 2

MANILA, Feb 12 (PNA) - The Board of Investments (BOI) said its fiscal incentives are already aligned with the second package of the Comprehensive Tax Reform Program (CTRP) of the Duterte administration. The CTRP package 2, which follows the Tax Reform for Acceleration and Inclusion (TRAIN) Act, is pushing for reforms in corporate income tax an ...
Date: 12 February 2018; Type: Tax News; Source: Philippine News Agency

Shaking up Singapore's Transfer Pricing Regime

The latest Singapore Transfer Pricing Guidelines published by the Inland Revenue Authority of Singapore have introduced significant legislative amendments which signals that it is moving away from a guidance-based approach to a formal transfer pricing regime.
Date: 08 February 2018; Type: Tax News; Source: Singapore Law Watch

Malaysia to impose Final Affirmative Anti-Dumping Duties, effective Five Years

KUALA LUMPUR, Feb 8 (Bernama) - The government has concluded the anti-dumping investigation concerning imports of Cold-Rolled Stainless Steel (CRSS) and decided to impose the final affirmative anti-dumping duties, effective for five years, from today to Feb 7, 2023.
Date: 08 February 2018; Type: Legal News; Source: Bernama

CorpPass will be the only Mode of Login for Companies to Transact with Singapore Customs from Q3 2018

From Q3 2018, the Singapore Corporate Access (or CorpPass) will be the only login method for companies to transact with the Government. Existing users of Singapore Customs e-Services should register for CorpPass to avoid any inconvenience in the future when the current mode of login will no longer be available. Notice No: 01/2018
Date: 01 February 2018; Type: Circular; Source: Customs Department

CBK Power Company Limited v Commissioner of Internal Revenue

Date: 02 February 2018; Court: Court of Tax Appeals; Citation: CTA Case Nos. 8246 & 8302; Source: Court of Tax Appeals

Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018

These Regulations are come into operation on 5 February 2018.
Date: 05 February 2018; Type: Federal Subsidiary Legislation; Citation: No. S 75; Source: Singapore Statutes Online

Issue of Illegally Imported Cars remains unresolved

The illegal import of cars continues to be a problem in Laos despite orders issued by the government last year to crack down on the issue.

Revised Laws the Key to boosting Revenue Collection Vehicle Owners Face Doubling of Road Tax Governmentt orders Cut in Lotteries more

Malaysia to impose Final Affirmative Anti-Dumping Duties, effective Five Years

KUALA LUMPUR, Feb 8 (Bernama) - The government has concluded the anti-dumping investigation concerning imports of Cold-Rolled Stainless Steel (CRSS) and decided to impose the final affirmative anti-dumping duties, effect ...

IRB casts Dragnet for Tax Dodgers this Year Labuan Business Activity Tax (Automatic Exchange of Financial Account Information) Regulations 2018 GST: Guide on Lodging or Holiday Accommodation Services more

Income Taxes not covered will be collected according to Specified Rates

The Ministry of Planning and Finance (MOFP) submitted a proposal that will enable income not declared in the past to be taxable at the appropriate rate under the 2018 Union Tax Law. The proposal was submitted to Parliame ...

Government to remove Withholding Taxes from April 1 to support Businesses Online Tax Payment System to be introduced in February New Tax Rates for Vehicle Ownership Changes discussed in Parliament more

Tax Neutrality for Islamic Banking hurdles House Panel

MANILA, Feb 21 (PNA) - A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House of Representatives. The House committee on ways and means, chaired by Quirino Rep. ...

Reforms open Opportunities for e-Vehicles in PH DOF supports House Bill calling for Tax Amnesty TRAIN removes Oppressive Rates for Delinquent Tax Payments more

Finance Ministry clarifies Tax Incentive for Startup Investors

BANGKOK, Jan 31, (NNT) - The Ministry of Finance indicated that the tax incentives for startup business investors, also called Angel Investors, will help build a sustainable tax base startup entrepreneurs.

TAT to propose Tax Measures for Provincial Cities Tourism Tax Benefits offered for Private Firms participating in Pracharat Campaigns Government to allow Domestic Travel Expense as Tax Deduction in 2018 more

Industry Updates

Cabinet reorganizes funding for Economic and Public Service Enhancement

BANGKOK, Feb 21 (NNT) - Thailand's Cabinet has resolved to increase the efficiency of public services by taking out a loan of 800 million baht while also approving over 5 billion baht to strengthen the domestic economy.

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DTI updates MSMES on PH’s Free Trade Pact

TAGAYTAY CITY, Cavite, Feb 21 (PNA) - The Department of Trade and Industry (DTI) is boosting its Free Trade Arrangements (FTAs) with the Regional Comprehensive Economic Partnership (RCEPT) ASEAN plus 6, PH-EU (27 countries) and Asia Pacific (APEC’s 21 member economies).

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Industry Updates

Start-ups, SMEs Call for Greater Access to Loans by Foreign Banks

Start-ups and small and medium-sized enterprises (SMEs) are now calling for equal treatment of foreign and local banks as this will give them more options to borrow money for growth.

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More Support for Firms to innovate and go International Companies

The government will provide more support to firms that buy solutions and for those that develop their own innovations or team up with partners, in the form of tax reliefs.

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Industry Updates

Ministry of Justice launches Mobile Campaign to promote Knowledge of Laws

AYUTTHAYA, Feb 20 (NNT) - The Ministry of Justice has launched a mobile campaign to educate people about laws and provide legal advice.

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Industry Updates

DCA is now known as CAAM

PUTRAJAYA, Feb 19 (Bernama) - The Department of Civil Aviation (DCA) has been transformed into the Civil Aviation Authority of Malaysia (CAAM) effective today in line with the government's commitment to spur the nation's aviation industry to greater heights.

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Industry Updates

PHL Embassy in Moscow issues Urgent Reminder: no Legal Status for Household Service Workers in Russia

MOSCOW, Feb 19 - In an advisory issued on February 13, the Philippine Embassy in Moscow reminded that “the category of household service worker is an occupation not open to Filipinos.” The Embassy issued the advisory after receiving queries from the public and media if Filipino household service workers could legally work in Russia.

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Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Swiss Institute of Federalism ink Academic Cooperation with UP

MANILA, Feb 16 (PNA) - The University of the Philippines-National College of Public Administration and Governance (NCPAG) and the University of Fribourg’s Institute of Federalism (IFF) have entered into a Memorandum of Understanding (MOU) for academic cooperation and exchange, the Department of Foreign Affairs (DFA) said.

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Industry Updates

Commerce Ministry keen to help SMEs expand Production Bases

BANGKOK, Feb 17 (NNT) - The Ministry of Commerce will assist Thai small and medium enterprises in their endeavors to expand their production capacity to meet the demand for their goods in Cambodia, Laos, Myanmar, and Vietnam, also known as the CLMV region.

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Industry Updates

Justice Ministry campaigns for Legal Awareness among Thais

BANGKOK, Feb 15 (NNT) - A transit advertising campaign is being organized by the Ministry of Justice in various provinces to raise awareness of the law and the justice system among public members and state agencies.

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Industry Updates

Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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