A monthly publication which shares bite-sized information and updates from Singapore and around the region.
Welcome to the May/June 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:
- Draft Income Tax (Amendment) Bill 2015 issued for public consultation.
- IRAS updates on the deductibility of reinstatement costs, tax concessions for listed real estate investment trusts, simplification of deduction claims for rental expenses for individuals and tax rates for payments to non-resident individuals (including non-resident professionals).
- GST Board of Review case of GAQ v Comptroller of Goods and Services Tax
- Singapore and Thailand signed a new tax treaty (to be ratified).
- Australia: The Australian Federal Budget for 2015/2016 was announced on 12 May 2015.
- China: The State Administration of Taxation announced administrative rules on cost sharing agreements, and on capital gains tax deferral and special tax treatment on certain transfers of shares or other assets.
- India: The Indian Central Board of Direct Taxes announced that it would stop issuing new minimum alternative tax (MAT) demands to foreign institutional investors.
- Malaysia: The Malaysia tax authorities announced a tax amnesty programme.
- Thailand: The Thai Cabinet approved the draft Transfer Pricing Act.
- Switzerland: Swiss Supreme Court case concerning the application of the tax treaty concept of beneficial ownership to total return swaps.
- US: US Treasury releases proposed revision to the US model income tax convention.
- WTO: The World Customs Organisation issued a guide on the interaction between customs valuation and transfer pricing..
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