Tax & Revenue

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Finance Minister: State Welfare Card Holders given 5% VAT Refund

BANGKOK, Dec 11 (NNT) - The Finance Minister has revealed that state welfare cardholders will receive a 5% VAT refund after spending the recently delivered 500-baht subsidy.

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Senate ratifies Tax Amnesty Bill

MANILA, Dec 13 (PNA) - The Senate on Thursday ratified the bicameral conference committee report on the bill granting a one-time opportunity to those who have failed to pay their tax obligations for taxable year 2017 and prior years - including estate taxes, general taxes and delinquent accounts - to settle their liabilities.
Date: 13 December 2018; Type: Legal News; Source: Philippine News Agency

Public Consultation on Proposed Revisions to XBRL Filing Requirements and Data Elements

This is to notify that the Accounting and Corporate Regulatory Authority (ACRA) invites comments and feedback on the proposed revisions to XBRL (eXtensible Business Reporting Language) filing requirements and data elements. ACRA plans to implement the proposed revisions in early 2020.
Date: 30 November 2018; Type: Consultation Paper; Source: Accounting and Corporate Regulatory Authority

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment No. 2) Notification 2018

This Notification comes into operation on 10 December 2018.
Date: 10 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 797; Source: Singapore Statutes Online

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment) Notification 2018

This Notification comes into operation on 10 December 2018.
Date: 10 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 796; Source: Singapore Statutes Online

Tax Incentive seeks to help Rubber Farmers

BANGKOK, Dec 5 (NNT) - The government's tax break on shopping to stimulate end-of-year spending benefits small entrepreneurs as well as farmers affected by the Para rubber price drop, according to a revenue department official.
Date: 05 December 2018; Type: Legal News; Source: National News Bureau of Thailand

GST: Exhibition Convention and Ancillary Services

This e-Tax Guide explains the GST treatment on common taxable supplies made by GST-registered persons in the Meetings, Incentive Travel, Conventions, and Exhibitions (MICE) industry.
Date: 03 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

SC affirms junking of Tax Raps vs Mikey Arroyo

MANILA, Dec 5 (PNA) - The Supreme Court (SC) upheld the dismissal of tax cases filed against former party-list representative Juan Miguel M. Arroyo.
Date: 05 December 2018; Type: Legal News; Source: Philippine News Agency

SC affirms BIR's Higher Tax Rates on Non-life Insurers

MANILA, Dec 4 (PNA) - The Supreme Court (SC) upheld the legality of the Bureau of Internal Revenue's (BIR) move to impose higher tax rates on non-life insurance companies compared to life insurance firms.
Date: 04 December 2018; Type: Legal News; Source: Philippine News Agency

Finance Ministry to reimburse VAT Payments during Chinese New Year

BANGKOK, Dec 3 (NNT) - The Ministry of Finance will be rebating Valued Added Tax (VAT) during the Chinese New Year Festival next year up to 20,000 baht per citizen in a move to support economic growth at up to 4 percent.
Date: 03 December 2018; Type: Legal News; Source: National News Bureau of Thailand

Tax Reform Package Four OK'd on Final Reading at House

MANILA, Dec 3 (PNA) - The Duterte administration's fourth Comprehensive Tax Reform Program (CTRP) primarily intended to fix taxation in the financial and capital markets hurdled third and final reading at the House of Representatives.
Date: 03 December 2018; Type: Legal News; Source: Philippine News Agency

Bills on Higher Tobacco, Alcohol Taxes get Final House Nod

MANILA, Dec 3 (PNA) - The House of Representatives on Monday night approved on third and final reading two measures seeking to raise the excise taxes on alcohol and tobacco products to significantly curb consumption of both sin products and increase funding for the government's Universal Health Care (UHC) program.
Date: 03 December 2018; Type: Legal News; Source: Philippine News Agency

Income Tax (Deduction for Payment of Premium to Malaysia Deposit Insurance Corporation) (Amendment) Rules 2018

These Rules are deemed to have come into operation from the year of assessment 2018.
Date: 29 November 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 311 of 2018; Source: AGC Federal Gazette

Computer Hardware Company and its Director convicted for Tax Offences

Corbell Technology Pte Ltd (“Corbell”), a computer hardware company and its director have been convicted for tax offences.
Date: 23 November 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

Commissioner of Internal Revenue v PPI Prime Venture Inc

Date: 23 November 2018; Court: Court of Tax Appeals; Citation: CTA EB No. 1666; Source: Court of Tax Appeals

Direktur Jenderal Pajak v Yayasan Rumah Sakit Baptis

Date: 05 June 2018; Court: Supreme Court of Indonesia; Citation: SC No. 1235/B/PK/Pjk/2018; Source: Supreme Court of Indonesia

PT Krakatau Posco v Direktur Jenderal Pajak Direktur Jenderal Pajak v PT Ivo Mas Tunggal PT Krakatau Posco v Direktur Jenderal Pajak more

New Decree offers Tax Breaks for Investors in Lao SEZs

Domestic and foreign investors will be granted a number of tax breaks under a new amended decree related to specific and special economic zones (SEZs) issued recently by the government.

Amended Law offers No Exception to VAT Charge Pay Taxes or face Closure, Thousands of Businesses warned Issue of Illegally Imported Cars remains unresolved more

Parliament to pass Tax Bill to curb Corruption

Parliament is set to pass a tax management bill that is expected to curb corruption and increase revenue, a senior member of a Pyidaungsu Hluttaw (bicameral parliament) committee said on Monday.

More Taxes to be levied on Alcohol, Cigarettes IRD to launch Integrated Tax Administration System Parliament mulls Maintaining Tax Rates to Offset Forex Pressure more

Senate ratifies Tax Amnesty Bill

MANILA, Dec 13 (PNA) - The Senate on Thursday ratified the bicameral conference committee report on the bill granting a one-time opportunity to those who have failed to pay their tax obligations for taxable year 2017 and ...

SC affirms junking of Tax Raps vs Mikey Arroyo SC affirms BIR's Higher Tax Rates on Non-life Insurers Tax Reform Package Four OK'd on Final Reading at House more

Finance Minister: State Welfare Card Holders given 5% VAT Refund

BANGKOK, Dec 11 (NNT) - The Finance Minister has revealed that state welfare cardholders will receive a 5% VAT refund after spending the recently delivered 500-baht subsidy.

Tax Incentive seeks to help Rubber Farmers Finance Ministry to reimburse VAT Payments during Chinese New Year Government proposes New Revenue Code to Parliament more

INDUSTRY UPDATES

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.

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ASEAN launches Safe Migration Campaign

Jakarta, Dec 12 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN) has launched a safe migration campaign to increase public awareness of the advantages of employing migrant workers.

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Nation celebrates Universal Declaration of Human Rights

Government agencies and diplomatic and international organisation representatives gathered in Vientiane to mark the 70th anniversary of the Universal Declaration of Human Rights and its lasting impact, which was supported by the United Nations, European Union and Australia.

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SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

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INDUSTRY UPDATES

MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

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INDUSTRY UPDATES

MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

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Unions request Government to set Workers’ Minimum Wage

Unions have asked the government to set the minimum wage for the construction and service sectors and to solve the five other major problems facing them, a statement released on International Human Rights Day on Monday said.

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INDUSTRY UPDATES

Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

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Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

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Vietnam, Laos boost Judicial Cooperation

Hanoi, Dec 10 (VNA) - Vietnamese Minister of Justice Le Thanh Long and his Lao counterpart Xaysi Santivong agreed to work closely together to launch a bilateral cooperation programme for 2019, during their talks in Hanoi on December 10.

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Nation marks Constitution Day

BANGKOK, 10th December 2018 (NNT) - Today marks National Constitution Day, observing the importance of the administrative document and celebrating its 20 incarnations throughout the democratic history of Thailand.

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Court has Final Say on Trillanes' Travel Abroad: DOJ

MANILA, Dec 10 (PNA) - Justice Secretary Menardo Guevarra on Monday said the Bureau of Immigration (BI) will not prevent Senator Antonio Trillanes IV from traveling abroad if no travel ban is handed down by the courts against him.

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Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

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Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

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DFA holds first ever Gender and Development Assembly

MAKATI, Dec 6- As part of the Department of Foreign Affairs’ (DFA) programs to continually mainstreaming gender and development (GAD) policies in its programs and activities, it hosted the agency’s first ever Gender and Development (GAD) Assembly at the Makati Diamond Residences on 06 to 08 November 2018.

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Vietnam, Cambodia PMs attend Business Forum

Vietnam and Cambodia could make their two-way trade value at US$7-8 billion by 2020 as they have established sound cooperation across sectors and their governments have regularly taken measures to remove difficulties for businesses, Prime Minister Nguyen Xuan Phuc said.

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INDUSTRY UPDATES

Cambodia, Laos set to boost Bilateral Trade

Cambodia and Laos have pledged to boost trade and investment across their border, while trade volume between the two countries last year was just over $27 million, according to the Cambodian Ministry of Commerce.

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INDUSTRY UPDATES

Revenue Department says it does not collect Higher Tax from Online Merchants

BANGKOK, Dec 8 (NNT) - The Revenue Department has insisted that the Revenue Code Amendment Act draft is not intended to make online merchants pay more tax but to analyze the behavior of taxpayers.

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