Tax Newsbites

A monthly publication which shares bite-sized information and updates from Singapore and around the region.

July 2015

Welcome to the July 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:

  • The IRAS revised its circulars on "Income Tax & Stamp Duty: Mergers and Acquisitions Scheme".
  • The Hong Kong government extended profits tax exemption for offshore funds to private equity funds, with retrospective effect.
  • China's State Administration of Taxation issued a public notice (SAT Gong Gao [2015] No. 47) clarifying that with effect from 19 July 2015, the interest derived by an overseas branch of a Chinese bank from Chinese entities is not subject to withholding tax.
  • The New Zealand government released an issues paper seeking feedback on the new bright-line test on the sale of residential property.
  • The UK Budget, released on 8 July 2015, announced a tax rate cut and focused on tackling tax avoidance and aggressive tax planning.

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