Welcome to the July 2016 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 the period 1 June 2016 to 15 July 2016 include:
The Income Tax (Amendment No. 2) Act 2016 was gazetted on 4 July 2016.
Ministry of Finance (MOF) issued draft Income Tax (Amendment No. 3) Bill 2016 which contains the 2016 Budget proposals for consultation.
The IRAS issued a draft circular "Proposed Income Tax Treatment Arising from the Adoption of FRS 109 - Financial Instruments" for public consultation.
MOF announced that Singapore will commit to implement Country-by-Country Reporting for financial years beginning on or after 1 January 2017 for multinational enterprises whose ultimate parent entities are based in Singapore and whose group turnover exceed S$1,125 million.
MOF released guidelines on the new Business and IPC partnership scheme.
The revised France - Singapore tax treaty was gazetted and entered into force on 1 June 2016.
India: The Indian Central Board of Direct Taxes (CBDT) has established a working group to examine consequences arising from amendments to the Indian-Mauritius tax treaty.
Indonesia: The Tax Amnesty Law was passed by the Indonesian Parliament on 28 June 2016.
Philippines: The Philippine Bureau of Internal Revenue has issued a revenue memorandum order that sets out new procedures in claiming preferential tax treaty benefits.