Wednesday, 22 November 2017
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Tax & Revenue

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Singapore to raise Taxes as Government Spending increases

  Singapore will be raising its taxes as government spending on investments and social services grows, said Prime Minister Lee Hsien Loong.

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Government to allot 2% of Excise Revenue to Older Persons Fund

BANGKOK, Nov 18 (NNT) - Two percent of excise tax revenue will be deducted and allotted to the Older Persons Fund to help the elderly getting by on low incomes. According to Finance and Economics Adviser to the FPO Pornchai Teeravej, the Elderly Persons' Bill, which requires that an amount of 2% of excise tax from alcohol and tobacco that does not ...
Date: 18 November 2017; Type: Legal News; Source: National News Bureau of Thailand

Cabinet allows Local Administrations to incur debt, supports Tax Measures for Gold Futures

BANGKOK, Nov 15 (NNT) - The Cabinet has agreed to allow Local Administrative Organizations to incur binding debt and request budget for economic and community infrastructure development projects until March 30 of next year to help offices with pending projects.
Date: 15 November 2017; Type: Tax News; Source: National News Bureau of Thailand

Donations to eye screening for Kinders to be Tax-Free

The House committee on ways and means chaired by Rep. Dakila Carlo Cua (Lone District, Quirino) has approved a provision of a bill on eye screening for kindergarten pupils that exempts from tax donations to the program.
Date: 10 November 2017; Type: Legal News; Source: Philippine News Agency

Direktur Jenderal Pajak v PT Johnson Home Hygiene Product

Date: 14 June 2017; Court: Supreme Court of Indonesia; Citation: SC No. 587 B/PK/PJK/2017; Source: Supreme Court of Indonesia

Carmen Copper Corporation v Commissioner of Internal Revenue

Date: 03 November 2017; Court: Court of Tax Appeals; Citation: CTA Case No. 8834; Source: Court of Tax Appeals

Bases Conversion and Development Authority v Commissioner of Internal Revenue

Date: 03 November 2017; Court: Court of Tax Appeals; Citation: CTA Case No. 8966; Source: Court of Tax Appeals

Foseco Philippines Inc v Commissioner of Internal Revenue

Date: 03 November 2017; Court: Court of Tax Appeals; Citation: CTA Case No. 8879; Source: Court of Tax Appeals

Higher Fuel Import Taxes to be tabled

The Myanmar Fuel Oil Importers and Distributers Association will submit the parliamentary proposal urging the government to raise the Special Commodities Tax on fuel imports, U Win Myint, secretary of the association, told The Myanmar Times.
Date: 10 November 2017; Type: Tax News; Source: Myanmar Times

PT Bumi Sawit Kencana v Direktur Jenderal Pajak

Date: 08 June 2017; Court: Supreme Court of Indonesia; Citation: SC No. 528 B/PK/PJK/2017; Source: Supreme Court of Indonesia

PT Tira Andalan Steel v Direktur Jenderal Pajak

Date: 08 June 2017; Court: Supreme Court of Indonesia; Citation: SC No. 527 B/PK/PJK/2017; Source: Supreme Court of Indonesia

PT Garasindo Automobile v Direktur Jenderal Bea dan Cukai

Date: 14 June 2017; Court: Supreme Court of Indonesia; Citation: SC No. 725 B/PK/PJK/2017; Source: Supreme Court of Indonesia

Cabinet greenlights 23-Day Tax Incentive for Shoppers

BANGKOK, Nov 7 (NNT) - The Cabinet has resolved to stimulate domestic spending during the end-of-year season with a tax incentive campaign, to be effective for 23 days. Mr Nattaporn Jatusripitak, Advisor to the Prime Minister’s Office Minister, announced the Cabinet’s decision to approve a new tax deduction measure for shoppers, in ...
Date: 07 November 2017; Type: Tax News; Source: National News Bureau of Thailand

BOC issues Rules on handling Intercepted Drug Shipments

MANILA, Nov 8 (PNA) - The Bureau of Customs (BOC) on Wednesday issued guidelines on the proper handling of apprehended illegal drugs.
Date: 08 November 2017; Type: Legal News; Source: Philippine News Agency

Revised Laws the Key to boosting Revenue Collection

Eleven laws will be enacted by 2020 to facilitate revenue collection while also plugging loopholes that could lead to fiscal leaks.
Date: 08 November 2017; Type: Tax News; Source: Vientiane Times

Revised Laws the Key to boosting Revenue Collection

Eleven laws will be enacted by 2020 to facilitate revenue collection while also plugging loopholes that could lead to fiscal leaks.

Vehicle Owners Face Doubling of Road Tax Governmentt orders Cut in Lotteries Value-added Tax to replace Guesswork in raising Revenue from SMEs more

Higher Fuel Import Taxes to be tabled

The Myanmar Fuel Oil Importers and Distributers Association will submit the parliamentary proposal urging the government to raise the Special Commodities Tax on fuel imports, U Win Myint, secretary of the association, to ...

New Rules, Incentives will boost Taxpayer Numbers Mandalay Entrepreneurs to need Tax Clearance before getting Work Permits Effective Policy needed to tax Income from Digital Advertisements more

Donations to eye screening for Kinders to be Tax-Free

The House committee on ways and means chaired by Rep. Dakila Carlo Cua (Lone District, Quirino) has approved a provision of a bill on eye screening for kindergarten pupils that exempts from tax donations to the program.

Carmen Copper Corporation v Commissioner of Internal Revenue Bases Conversion and Development Authority v Commissioner of Internal Revenue Foseco Philippines Inc v Commissioner of Internal Revenue more

Government to allot 2% of Excise Revenue to Older Persons Fund

BANGKOK, Nov 18 (NNT) - Two percent of excise tax revenue will be deducted and allotted to the Older Persons Fund to help the elderly getting by on low incomes. According to Finance and Economics Adviser to the FPO Pornc ...

Cabinet allows Local Administrations to incur debt, supports Tax Measures for Gold Futures Cabinet greenlights 23-Day Tax Incentive for Shoppers PM Prayut: Finance Ministry to consider Tax Break Measure for New Year more

Industry Updates

New OFB Bank to cover all Overseas Filipinos

Finance Secretary Carlos Dominguez III has welcomed Malacanang’s approval of the acquisition by the Land Bank of the Philippines of the Philippine Postal Savings Bank (PPSB), which, he said, will pave the way for a financial institution that will cater not only to the country’s migrant workers, but to other overseas-based Filipinos as well.

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Singapore's Fintech Dive now delves for Proof beyond Concept

The partnership between Singapore and Hong Kong to build a blockchain-powered trade network may set the standard for other jurisdictions to follow in financial technology.

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Juvenile Council helps Child Offenders through Art

MANILA, Nov 20 (PNA) - The Juvenile Justice Welfare Council (JJWC) kicked off its 6th JJWC Week on Sunday through an on-the-spot poster painting contest emphasizing the importance of promoting restorative justice and giving youth offenders who have gone astray a "second chance" to correct their mistakes.

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Far-reaching Bill for Cyber Security 'Not uncommon'

The far-reaching Bill to beef up cyber security is justifiable in the light of the potential damage from state-sponsored cyber espionage, says experts.  

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Self-Regulation, Digital Literacy, Best Ways to counter Fake News

MANILA, Nov 18 (PNA) - Self-regulation and digital literacy are the best antidotes to fake news, according to advocates of freedom of expression in Southeast Asia.

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Sereno Camp insists on CJ's Right to Counsel

MANILA  Nov 17 (PNA) - The camp of Chief Justice Maria Lourdes Sereno on Friday insisted anew that she has the right to have counsel and to cross-examine the witness during the impeachment proceedings against her before the Congress.

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President Jokowi urges Novanto to follow Legal Process

Jakarta Nov 18 (ANTARA News) - President Joko Widodo (Jokowi) has called on House Speaker Setya Novanto to be willing to follow every legal process initiated by the Corruption Eradication Commission (KPK).

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Industry Updates

IPOPHL MOU on Intellectual Property with the Russian Federation

President Rodrigo Roa Duterte and Prime Minister Dmitry Medvedev of Russia witnessed the signing of the Memorandum of Understanding (MOU) between the Intellectual Property Office of the Philippines (IPOPHL) and the Federal Service for Intellectual Property of the Russian Federation (Rospatent). The MOU was signed by IPOPHL Director General Josephine R. Santiago and Rospatent Head Grigory P. Ivlev. The MOU serves as the bilateral framework to improve the administration and effectiveness of the intellectual property systems in the Philippines and the Russian Federation. The signing ceremony was held on 13 November 2017 at the Coconut Palace.

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Industry Updates

Supply of Lift Spare Parts for Maintenance of Lifts in HDB Estates: CCS consults on Proposed Voluntary Commitments by Suppliers

The Competition Commission of Singapore (“CCS”) is conducting a public consultation from 15 to 28 November 2017 and invites interested parties to provide feedback on two proposed commitments separately provided by (i) BNF Engineering (S) Pte Ltd (“BNF”) in relation to the supply of spare parts for BNF brand of lifts, and (ii) C&W Services Operations Pte Ltd (“CWO”) in relation to the supply of spare parts for Ulift brand of lifts.

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Monetary Authority of Singapore and the Polish Financial Supervision Authority expands Co-operation in FinTech

Singapore, Nov 15 - The Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) signed a FinTech Co-operation Agreement which lays out a framework for co-operation and referrals between the two regulators.

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Singapore and Hong Kong launch a Joint Project on Cross-Border Trade and Trade Finance Platform

Singapore, Nov 15 - The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) exchanged a Memorandum of Understanding (MoU) in Singapore today to jointly develop the Global Trade Connectivity Network (GTCN), a cross-border infrastructure based on distributed ledger technology (DLT), to digitalise trade and trade finance between the two cities and potentially with an aim to expanding the network in the region and globally.

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Managing Director of BAC Raja Singham appointed as Pioneer Mentor at the Launch of the ASEAN Mentorship for Entrepreneurs Network

Manila, Philippines, Nov 13 - Managing Director of Brickfields Asia College (BAC) Raja Singham was appointed as a Pioneer Mentor of the ASEAN Mentorship for Entrepreneurs Network (AMEN), which was launched at the ASEAN Business and Investment Summit 2017 (ABIS 2017) on Sunday, 12 November. Touted as the largest mentoring programme in the region, AMEN is the flagship programme of the ASEAN Business Advisory Council (ABAC) and is designed to facilitate the scaling up of micro-, small and medium enterprises (MSMEs) in the ASEAN region through mentorship. Successful entrepreneurs, business practitioners and academicians from across the 10 ASEAN member states made up the 143 pioneer mentors present at the launch.

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