Welcome to the September/October 2015 issue of Tax Newsbites.
This publication aims to share bite-sized information and updates from Singapore and around the region.
Some of the updates in this issue include:
IRAS issued a consultation paper on the income tax implications arising from the adoption of FRS 115.
IRAS updated several webpages on Productivity and Innovation Credit (PIC).
IE Singapore has released circulars on its website on the International Growth Scheme (IGS) and Double Tax Deduction for Internationalisation (DTDi).
Australia: Multinational anti-avoidance legislation was introduced and would be effective on 1 January 2016 to tax certain non-residents as if they have a permanent establishment in Australia where certain conditions are satisfied.
China: The State Administration of Taxation (SAT) released a draft circular that covers transfer pricing and anti-avoidance measures as well as country-by-country reporting (CbCR) requirements.
Indonesia: The Minister of Finance introduced Debt to Equity Ratio for tax calculations purposes, applicable from fiscal year 2016.
Malaysia: Budget 2016 was announced on 23 October 2015.
International: The OECD released its final recommendations on the Base Erosion and Profit Shifting (BEPS) Action Plan.