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