Tax Newsbites

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.


Tax Newsbites

Tax updates for the period 1 September 2015 to 31 October 2015