DOCSLIB.ORG

Asia Tax Bulletin Spring 2021 in This Editioneurope BRUSSELS We Are Pleased to Present the Springlondon 2021 Edition Ofdü SSELDORF PARIS Our Firm’S Asia Tax Bulletin

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Asia Tax Bulletin Spring 2021 in This Editioneurope BRUSSELS We Are Pleased to Present the Springlondon 2021 Edition Ofdü SSELDORF PARIS Our Firm’S Asia Tax Bulletin Asia Tax Bulletin Spring 2021 In This EditionEUROPE BRUSSELS We are pleased to present the SpringLONDON 2021 edition ofDÜ SSELDORF PARIS our firm’s Asia Tax Bulletin. FRANKFURT ORK BEIJING Dear Reader, GTON DChow to compute eligible IP (royalty) income for the reduced income tax rate; and Thailand’s As the world struggles to recover from the TOKYO CHARLOTTE introduction of VAT on overseas digital services pandemic, business continues regardless and consumed in Thailand with effect from SHANGHAI the tax authorities appear to have little 1 September 2021. trouble keeping up, at least judging from DUBAI HONG KONG developments over the past three months. This edition also contains some interesting HANOI case law in various Asian countries. We This edition of the Asia Tax Bulletin covers the hope you enjoy reading it. highlights, inter alia including the tax proposals HO CHI MINH CITY in the 2021 budgets in Hong Kong, India and Stay safe and don’t give in to the Singapore; China’s draft stamp duty law and current challenges. simplified APA procedure; the long-awaited SINGAPORE carried interest concession proposed by the Hong Kong tax authority; India’s launch of the With kind regards, Faceless Penalty Scheme and an e-portal to Pieter de Ridder report tax evasion; the IndonesianBRASÍLI tax A* authorities’ clarification on the offshore tax VITÓRIA* exemption treatment of expats living in * Indonesia – as well as the dividend withholding RIO DE JANEIRO tax exemption criteria for Indonesian SÃO PAULO* companies; Korea’s tax law changes for 2021; Malaysia’s Covid relief package and its *TAUIL & CHEQUER OFFICE ratification of the Multilateral (BEPS) Treaty; Pieter de Ridder the first corporate tax rate reduction by the Partner, Mayer Brown LLP Philippines in 20 years; the IRAS (Inland +65 6327 0250 Revenue Authority of Singapore) circular on [email protected] 2 | Asia Tax Bulletin MAYER BROWN | 3 Contents China Indonesia Philippines Taiwan Transfer pricing for intangibles Tax changes in Taxation of foreign citizens and 24 Tax exemption for 33 6 working plan 2021 investment income under COVID-19 vaccines 15 Capital gains tax on building and omnibus law 34 land trading Imports of transport vehicles and 24 Deficiency tax assessments 7 yachts in Hainan Free Trade Haven 16 COVID-19 tax incentive extended 25 Tax evasion included as predicate 7 Draft stamp duty law Tax incentives for special offence for money laundering 17 economic zones Thailand Simplified procedure for unilateral 25 International 8 Advance Pricing Agreements 18 Bookkeeping requirements tax developments 35 VAT on e-services International tax developments 8 International tax developments 18 Singapore 36 Transfer pricing clarifications Japan Tax framework for variable Hong Kong 26 capital companies Vietnam 19 International tax developments 9 Budget tax proposals 2021 27 Additional deductions for research Vietnam commits to sign the and development 37 Multilateral Instrument (MLI) 10 Tax incentive insurance business Korea Joint venture not considered as a 27 37 E-commerce activities 10 Carried interest related party 20 Tax law amendments 2021 Advance pricing agreement procedures Hong Kong to raise stamp duty 28 Income from business of making 38 10 on stock transfers International property investments 38 International tax developments 21 tax developments Tax requirements for liquidations 29 Advance ruling on unremitted foreign- India Malaysia 29 sourced dividend income offset against non-trade debt 11 Software not subject to Digital service tax for foreign withholding tax 22 service providers Tightening rules for claiming input 30 tax GST 11 Union Budget 2021 Relief package 23 FRS 109 Impairment of Covid-19 pandemic: residence status 30 14 International tax developments Trade Receivables of certain individuals 23 30 Equipment for Working from Home 14 Faceless Penalty Scheme 31 Budget Tax Changes 2021 E-portal for reporting tax 14 evasion-related issues Transfer pricing guidance for 31 centralised activities of MNEs International 32 tax developments MAYER BROWN | 5 Tax changes in Imports of transport vehicles Draft stamp duty law working plan 2021 and yachts in Hainan Free On 28 February 2021, the Standing Committee of Trade Haven the National People’s Congress published the draft In its Working Plan 2021, released on 5 March Stamp Duty Law for public consultation. The draft 2021, the government of PRC announced law will replace the current Interim Regulations of several tax changes, including extending the The government will exempt the import of vessels, Stamp Duty that were issued by the State Council preferential value-added tax (VAT) treatment aviation and motor vehicles from import duties, on 6 August 1988, and brings the stamp duty on for small taxpayers, enhancing various value-added tax and consumption tax at the import securities transactions under legal norms while JURISDICTION: incentives and simplifying the procedures for stage from 25 December 2020 until the closing of maintaining the existing tax framework and overall tax incentive applications. The main tax the bonded zone of the island. tax burden. The deadline for public consultation is changes announced are as follows: In order to be eligible for the exemptions, the 29 March 2021. • extending the preferential treatment of following conditions must be fulfilled: China (PRC) TAXPAYERS small VAT taxpayers; • the items are imported by enterprises that Entities and individuals that issue taxable • increasing the turnover threshold for VAT are incorporated as legal persons and documents or conduct securities transactions within exemption for small taxpayers from CNY registered in the Hainan Free Trade Haven China are subject to stamp duty. The stamp duty 100,000 to 150,000 per month; and engaged in transportation and tourism businesses (for an aviation enterprise, the on securities transactions is levied on the transferor. • reducing the current income tax charge for Hainan Free Trade Haven must be the main TAXABLE SCOPE small and low-profit enterprises and sole operational headquarters); traders by 50% in addition to the existing Stamp duty is levied on contracts, documents for tax incentives; • the imports must be used for their the transfer of property rights, business account transportation and tourism businesses; and books, and securities transactions listed in the • reducing premiums on unemployment “Table of Taxable Items and Tax Rates of insurance and work-related • the yachts may only operate within Hainan Stamp Duty”. injury insurance; province. However, motor vehicles such as mini buses may be used for transport of passengers TAXABLE ITEMS AND TAX RATES • simplifying the procedure for application or cargo between Hainan Free Trade Haven and obtaining tax incentives; and a place outside the Hainan Free Trade While generally maintaining the current stamp duty rates, the draft law simplifies taxable items and • continuing the super-deduction of 75% for Haven if the vehicles do not remain outside rates, as well as reduces tax burdens as follows: research and development activities and the Hainan Free Trade Haven more than 120 increasing the said super-deduction for days on an annual basis. The 120-day limit, • maintaining the rates for loan contracts, manufacturing enterprises to 100%; however, does not apply to vehicles that go contracts for purchase and sale, technical inland and pick up passengers or cargo and contracts and securities transactions; • refunding input VAT newly accrued by an return immediately. advanced manufacturing enterprise on a • reducing the tax rates for processing contracts, monthly basis; Different Hainan government departments will be contracts for construction engineering survey involved in drawing up a list of the enterprises and design, and goods transportation contracts • adjusting import taxes to encourage eligible for the exemption from import duties. from 0.05% to 0.03%; imports of high-quality goods and services; The exemption is laid down in Circular [2020] No. • reducing the tax rate for business account 54 jointly issued by the Ministry of Finance, General books from 0.05% to 0.025%; and • expanding the applicable scope of the Customs Service and the State Taxation enterprise income tax incentives for Administration on 25 December 2020. A list of • abolishing the fixed amount of stamp duty of environmental protection and energy- the exempt items containing 100 means of CNY 5 per document charged on the saving projects; and transportation was published at the same time certificates for rights and licences. • reducing taxes imposed on rental of and attached to the circular. TAX BASIS residential properties. The tax basis for taxable documents is the amount The Ministry of Finance and the State Taxation listed in the contracts, documents for the transfer Administration are expected to issue detailed of property rights and business account books, and regulations or circulars to implement these the tax basis for securities transactions is the tax changes. transaction amount of the securities transactions. CHINA (PRC) MAYER BROWN | 7 TAX INCENTIVES • the enterprise had an APA in the past 10 tax Budget tax In general, the current stamp duty incentives years which must have been executed in line remain unchanged. At the same time, the State with the terms laid out in the agreement; and proposals 2021 Council has the authority to stipulate reductions or • the enterprise has been subject to a special exemptions of stamp duty according to the needs tax adjustment investigation which has The Hong Kong government has proposed a of national economic and social development. been closed. 100% one-off reduction (limited to HKD 10,000) in Profits Tax, Salaries Tax and tax The tax authority is authorised to deny payable under personal assessment for the Simplified procedure for the application if one of the following year of assessment 2020/21 and an increase in unilateral Advance circumstances occurs: JURISDICTION: the stamp duty rate to 0.13% (from 0.1%) for share transactions. Pricing Agreements • compared with previous years, substantial changes have taken place in the years to be Funds.
Load more

Recommended publications
  • INLAND REVENUE BOARD of REVIEW DECISIONS Case No. D5
    INLAND REVENUE BOARD OF REVIEW DECISIONS Case No. D5/93 Salaries tax – whether certain travel and entertainment expenses could be deducted from the assessable income of the taxpayer. Panel: William Turnbull (chairman), Philip Fu Yuen Ko and Richard Lee. Date of hearing: 3 March 1993. Date of decision: 27 April 1993. The taxpayer was employed as an assistant sales manager and claimed as a deduction from his assessable income certain expenses being entertainment and travelling. In support of his claim he provided certain vouchers issued by various restaurants on which he had written the names of customers and a schedule of travelling expenses. The employer of the taxpayer paid to the taxpayer a travelling allowance which the taxpayer claimed should not be subject to salaries tax. Held: The entire travel allowance was subject to assessment to tax. The taxpayer could claim a deduction of the actual amount of the travel expenses which he had incurred. With regard to the entertainment expenses the Board was not satisfied that the taxpayer had incurred the entertainment expenses and noted that he had not claimed reimbursement of the same from his employer even though he was entitled so to do. Appeal dismissed. Cases referred to: D17/93, IRBRD, vol 1, 113 CIR v Humphrey 1 HKTC 451 Lomax v Newton 34 TC 558 D36/90, IRBRD, vol 5, 295 May Chan for the Commissioner of Inland Revenue. Taxpayer in person. Decision: INLAND REVENUE BOARD OF REVIEW DECISIONS This is an appeal by a salaries taxpayer against a determination of the Deputy Commissioner for Inland Revenue which refused to allow the Taxpayer to deduct certain travel and entertainment expenses from his assessable income.
    [Show full text]
  • Appendix I Tax Summary
    Appendix I Tax Summary ppendix I provides a summary of the tax system Each tax is described in terms of the relevant leg- a jp—4as of July 1, 1997. The tables start with a de- islative act, the definition of the tax base, the main scription of taxes levied by the central government exemptions and deductions that are applicable and followed by taxes levied by local governments. the tax rates. 71 Tax Summary as of July I, 1997 Tax Base Exemptions and Deductions Rates A. Central Government 1. Taxes on income and profits I.I Taxes on corporations Law No. 157/1981 amended by Law An annual tax on accrued net taxable Deductions allowed cover all business Profits above LE 18,000 a year (subject to No. 187/1993. profits earned in Egypt by both foreign expenses, including actual rent or the above deductions, exemptions, and so and domestic corporations (including estimated rental value of premises, wage forth) are taxed as follows: limited partnerships, joint stock and bonuses to be statutorily granted to companies, and public sector enterprises) workers, social security contributions on Industrial and export engaged in manufacturing, commerce, their behalf, savings fund and pension profits 32 percent banking, mining, real estate brokerage, fund contributions (up to 20 percent of Profits from oil exploration commercial leasing activities, and so the wage bill), inventory costs, interest, production 40.55 percent forth. Tax year is calendar year unless royalties, remunerations to Board of Other profits 40 percent stated otherwise in company's articles. Directors and allowances to major shareholders to attend general meetings, In addition, a development duty of Taxable profits include: subscriptions to governments, 2 percent is applied to all profits above contributions to charitable and social LE 18,000 annually.
    [Show full text]
  • Financial Transaction Taxes
    FINANCIAL MM TRANSACTION TAXES: A tax on investors, taxpayers, and consumers Center for Capital Markets Competitiveness 1 FINANCIAL TRANSACTION TAXES: A tax on investors, taxpayers, and consumers James J. Angel, Ph.D., CFA Associate Professor of Finance Georgetown University [email protected] McDonough School of Business Hariri Building Washington, DC 20057 202-687-3765 Twitter: @GUFinProf The author gratefully acknowledges financial support for this project from the U.S. Chamber of Commerce. All opinions are those of the author and do not necessarily reflect those of the Chamber or Georgetown University. 2 Financial Transaction Taxes: A tax on investors, taxpayers, and consumers FINANCIAL TRANSACTIN TAES: Table of Contents A tax on investors, taxpayers, and Executive Summary .........................................................................................4 consumers Introduction .....................................................................................................6 The direct tax burden .......................................................................................7 The indirect tax burden ....................................................................................8 The derivatives market and risk management .............................................. 14 Economic impact of an FTT ............................................................................17 The U.S. experience ..................................................................................... 23 International experience
    [Show full text]
  • Country Update: Australia
    www.pwc.com Country update: Australia Anthony Klein Partner, PwC Australia Liam Collins Partner, PwC Singapore Agenda 1. Economic and social challenges 2. Tax and politics 3. Recent developments 4. 2015 Federal Budget – key announcements 5. Regulatory environment – changes at the ATO 6. Q&A Global Tax Symposium – Asia 2015 PwC 2 Economic and social challenges Global Tax Symposium – Asia 2015 PwC 3 $ billion 10,000 12,000 14,000 ‐ 2,000 4,000 6,000 8,000 2,000 PwC Tax – Symposium Global 2015 Asia Economic outlook 0 Australia’s net debt levels, A$ billion net debt levels, Australia’s 2002‐03 2003‐04 2004‐05 2005‐06 2006‐07 2007‐08 2008‐09 2009‐10 2010‐11 2011‐12 2012‐13 2013‐14 2014‐15 2015‐16 Commonwealth 2016‐17 2017‐18 2018‐19 2019‐20 Current year 2020‐21 2021‐22 2022‐23 States 2023‐24 2024‐25 and 2025‐26 territories 2026‐27 2027‐28 2028‐29 2029‐30 2030‐31 Federation 2031‐32 2032‐33 2033‐34 2034‐35 2035‐36 2036‐37 2037‐38 2038‐39 2039‐40 2040‐41 2041‐42 2042‐43 2043‐44 2044‐45 2045‐46 2046‐47 2047‐48 2048‐49 2049‐50 4 Impact of iron ore prices and AUD 1980 to 2015 200.00 1.5000 180.00 1.3000 160.00 140.00 1.1000 120.00 0.9000 Iron Ore Price 100.00 AUD:USD 0.7000 80.00 60.00 0.5000 40.00 0.3000 20.00 0.00 0.1000 Global Tax Symposium – Asia 2015 PwC 5 Domestic challenges Domestic economy • Declining per capita income • Government spending previously underpinned by resources boom – now less affordable • As a consequence, deficits ‘as far as the eye can see’ • A Government short on political capital Demographic challenges • Ageing population
    [Show full text]
  • Taxation of Cross-Border Mergers and Acquisitions
    KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Jersey kpmg.com 2 | Jersey: Taxation of Cross-Border Mergers and Acquisitions Jersey Introduction Recent developments Jersey is a dependency of the British Crown and benefits The EU Code of Conduct on Business Taxation Group from close ties to both the United Kingdom, being in the assessed Jersey’s zero/ten tax system in 2011. The same time zone and having a similar regulatory environment assessment found that the interaction of the zero percent and business culture, and Europe. With its long tradition of rate and the deemed dividend and full attribution provisions to political and economic stability, low-tax regime and economy be harmful. The dividend and attribution provisions sought to dominated by financial institutions, Jersey is an attractive assess Jersey resident individual shareholders on the profits location for investment. of Jersey companies subject to the zero percent rate. As a result of the assessment, legislation was passed to abolish The island has undertaken steps to counter its tax haven the deemed distribution and full attribution taxation provisions image in recent times. It was placed on the Organisation for for profits arising on or after 1 January 2012, thereby removing Economic Cooperation and Development (OECD) white list the harmful element of the regime. The EU Code of Conduct in April 2009. In September 2009, the International Monetary on Business Taxation Group accepted Jersey’s position Fund issued a report in which it commented that financial and submitted to the EU’s Economic and Financial Affairs sector regulation and supervision are of a high standard and Council (ECOFIN) that Jersey had rolled back the harmful comply well with international standards.
    [Show full text]
  • "Taxes in Europe" Database
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics "Taxes in Europe" database LIST OF MINOR TAXES (Revenue less than 0.1% of GDP and NOT in the TEDB, Edition 2011 Austria (AT) (October 2011) Special duty on alcoholic drinks Contribution to the Agricultural Fund Beverage tax Duty on exceeding milk-quota Levy on sugar Capital transfer tax Entertainment tax Amusement and gambling taxes Duty on casinos Fire protection tax Levy on dangerous waste Announcement tax Advertisement tax Tax on tourism Flight tax Tax on advertisement Contribution to the artists' social security fund Duty on farms Farm contribution Tax on vacant plots Farm contribution to chambers Disabled persons, equalization levy Contribution to chambers Tax on employment (Vienna underground) Under-compensation of VAT (flat rate system), agriculture Certain users fee Fines related to tax offences, taxes on production and imports Embossment fee Other taxes, taxes on production n.e.c. Stamp fees Other fees, taxes on production n.e.c. Contribution to the Road Safety Fund, paid by enterprises Duty on contributions to political parties Contribution for the promotion of arts Tax on radio and TV-licences Hunting and fishing duties Contributions to students' association Dog tax Fines related to tax offences, taxes on income, wealth etc. Other taxes Stamp fees Other fees Contribution to the Road Safety Fund, paid by households 1 Belgium (BE) (June 2011) Cotisation sur les produits pétroliers de chauffage (Fonds Chauffage)
    [Show full text]
  • Spain's Stamp Duty Saga Settles with New Reform
    Latham & Watkins Tax, Banking, and Real Estate Practices 4 December 2018 | Number 2414 Spain’s Stamp Duty Saga Settles With New Reform Lenders, not borrowers, become Stamp Duty taxpayers on mortgage loans under reform law. Key Points: The new law applies to all mortgage loans created after 10 November 2018, without retroactivity. Expenses derived from paying the Stamp Duty will not be tax-deductible by the lender for purposes of corporate income tax or non-resident income tax (for non-Spanish banks with a branch operating in the Spanish market). The reform may cause a repricing of loans currently under negotiation, and may lead banks to find ways to shift the cost to borrowers. Background The granting of mortgage loans in Spain, which must be documented in a Spanish public deed (escritura pública), triggers a Stamp Duty tax. This tax becomes due on public deeds that: Relate to economically valuable content Can be registered with a public registry (e.g., Land Registry, Industrial Property, or Commercial Registry) Are not subject to Transfer Tax, Capital Duty, or Inheritance Gift Tax Depending on the Autonomous Region (Comunidad Autónoma) where the mortgaged property is located, the standard Stamp Duty rates range between 0.5%-1.5% of the total liability secured by the mortgage (i.e., principal, plus ordinary and default interest, plus the costs of execution). The market standard in commercial real estate transactions is to fix the mortgage liability (Stamp Duty taxable basis) in approximately 130% of the loan principal. Article 68.2 of the Spanish Regulation on Transfer Tax and Stamp Duties (Spanish Regulation) clearly identified the borrower as the party liable to pay Stamp Duty on mortgage loans.
    [Show full text]
  • Curacao Highlights 2020
    International Tax Curaçao Highlights 2020 Updated January 2020 Recent developments: For the latest tax developments relating to Curaçao, see Deloitte tax@hand. Investment basics: Currency – Netherlands Antilles Guilder (ANG) Foreign exchange control – A 1% license fee will be calculated as a percentage of the gross outflow of money on transfers from residents to nonresidents, and on foreign currency cash transactions. Holding companies may obtain an exemption from the fee. Accounting principles/financial statements – IAS/IFRS applies. Financial statements must be prepared annually. Principal business entities – These are the public and private company (NV and BV), general partnership, (private) foundation, Curaçao trust, limited partnership, and branch of a foreign corporation. Corporate taxation: Rates Corporate income tax rate 22%/3%/0% Branch tax rate 22%/3%/0% Capital gains tax rate 22%/3%/0% Residence – A corporation is resident if it is incorporated under the laws of Curaçao or managed and controlled in Curaçao. Basis – In principle, residents are taxed on worldwide income. Exemptions may apply for profits derived by permanent establishments located abroad. In addition, as from 1 July 2018, foreign-source income is excluded from the profit tax base (although there is an exception for certain services, including insurance and reinsurance activities; trust activities; the services of notaries, lawyers, public accountants and tax consultants; related services; income derived from the exploitation of intellectual property (IP); and shipping activities). Page 1 of 7 Curaçao Highlights 2020 Nonresidents are taxed only on Curaçao-source income. Foreign-source income derived by residents that is not excluded from the profit tax base is subject to corporation tax in the same way as Curaçao-source income.
    [Show full text]
  • Penalty for Non Payment of Customs Duty
    Penalty For Non Payment Of Customs Duty Cogent and sympathomimetic Clinton overreact her campaniles cote infrangibly or bestraddled unutterably, is Windham middleweight? Merry Avraham lurch, his militaries cutinizing integrating juristically. Jean-Marc is knowing and venture mentally as rid Beck impose chummily and overlain rustily. Collection and conclusions, penalty for consideration to easily on our strong desire to cover greece and effective and all supplemental petitions Percent exempt from Indian customs yourself on the import of items such nice food. Failed to employ within 90 days duties relieved under section 9 of primitive Customs Tariff on. From the respective parties may for customs duty penalty for payment customs of this act are an overview of duties will apply to present, the cbtpa beneficiary country is like products? United states persons who issues related to for penalty is only a court of the falling rupee and prosecute and. Purchases from dairy The Norwegian Tax Administration. Intégrations à obtenir une application thereof, and get back the united states during the other conditions of customs value of the. Interest Penalties & Offences Tanzania Revenue Authority. Customs Charge Parcelforce Worldwide. The US government should not reintroduce unfairly traded goods to. What procedures were granted under this chapter on wooden bedroom furniture, where the district of the seller must be liable to point at the penalty for payment of customs duty. Noted in case payment documents shall plumbing be included in the leather value. The failure to pay an administrative penalty can result in the initiation of a. The total amount to treat paid during major commercial importation includes customs duties the value added tax VAT and the longevity and services tax GST The Canadian dollar view is obtained by multiplying the value update the goods indicated on local commercial invoice by stock exchange desk at deal time iron the shipping.
    [Show full text]
  • Worldwide Estate and Inheritance Tax Guide
    Worldwide Estate and Inheritance Tax Guide 2021 Preface he Worldwide Estate and Inheritance trusts and foundations, settlements, Tax Guide 2021 (WEITG) is succession, statutory and forced heirship, published by the EY Private Client matrimonial regimes, testamentary Services network, which comprises documents and intestacy rules, and estate Tprofessionals from EY member tax treaty partners. The “Inheritance and firms. gift taxes at a glance” table on page 490 The 2021 edition summarizes the gift, highlights inheritance and gift taxes in all estate and inheritance tax systems 44 jurisdictions and territories. and describes wealth transfer planning For the reader’s reference, the names and considerations in 44 jurisdictions and symbols of the foreign currencies that are territories. It is relevant to the owners of mentioned in the guide are listed at the end family businesses and private companies, of the publication. managers of private capital enterprises, This publication should not be regarded executives of multinational companies and as offering a complete explanation of the other entrepreneurial and internationally tax matters referred to and is subject to mobile high-net-worth individuals. changes in the law and other applicable The content is based on information current rules. Local publications of a more detailed as of February 2021, unless otherwise nature are frequently available. Readers indicated in the text of the chapter. are advised to consult their local EY professionals for further information. Tax information The WEITG is published alongside three The chapters in the WEITG provide companion guides on broad-based taxes: information on the taxation of the the Worldwide Corporate Tax Guide, the accumulation and transfer of wealth (e.g., Worldwide Personal Tax and Immigration by gift, trust, bequest or inheritance) in Guide and the Worldwide VAT, GST and each jurisdiction, including sections on Sales Tax Guide.
    [Show full text]
  • INTRODUCTION DFK INTERNATIONAL Is an Organisation Whose Membership Consists of Independent Accounting Firms and Business Advisers Throughout the World
    INTRODUCTION DFK INTERNATIONAL is an organisation whose membership consists of independent accounting firms and business advisers throughout the world. It is committed to meeting the needs of businesses and individuals with interests in more than one country. DFK INTERNATIONAL Member Firms provide international tax and accounting services and answers to questions on these subjects. The WORLDWIDE TAX OVERVIEW gives brief details on the taxation régimes in many nations of the world. The Member Firms of DFK INTERNATIONAL can provide additional information concerning taxation legislation in these and other territories upon request. The WORLDWIDE TAX OVERVIEW is published without responsibility on behalf of DFK INTERNATIONAL, its Directors and its Member Firms for loss occasioned by any person acting or refraining from action as a result of any information contained herein. Tax laws change frequently worldwide and some of the information contained herein may be impacted by treaties. You are advised to consult with your local DFK INTERNATIONAL Member or other tax adviser in connection with any data contained in this Overview. © DFK International 2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous Argentina 35% 9%-35% 10.5%-21% Income, VAT, payroll, excise. Tax imposed on income Generally straight-line based Provinces may levy gross 15% on capital gains Tax on assets for companies from resources and activities on probable useful life receipts taxes. Branch profits Fiscal year end: derived from sales of and individuals within Argentina. Withholding tax on foreign company’s 31.12.2017 shares tax between 10%-35% on permanent establishment interests, rents, dividends is 35%.
    [Show full text]
  • L/2786 TARIFFS and TRADE Limited Distribution
    RESTRICTED GENERAL AGREEMENT ON L/2786 TARIFFS AND TRADE Limited Distribution Original: English TURKEY - STAMPDUTY Notification by the Government of Turkey The following communication, dated 14 April 1967, has been received from the Turkish Goverment. It is proposed to place this matter on the provisional ageda of thenext meeting of the Council. 1. The CONTRACTING PARTIES decided on 20 July 19631 to waive the provisions of paragraph 1 or Article II of the General Agreement to allow the Government of Turkey to maintain the stamp duty of 5 per cent ad valorem on all imports. Me Government of Turkey had informed the contracting parties in the annual reports it submitted that it intended to remove the existing 5 per cent stamp duty on imports by 31 December 1967. 2. Since one of the major goals or our Development Plan, as it is the case with other developing countries, is to secure a reasonable growth in stability, the Government of Turkey has felt the necessity, under present circumstances, to increase the rate ofstamp duty and to extend its validity in order to: (i) meet financial requirements of the Development Plan; (ii) maintain internal price stability; and (iii) prevent the worseningof the balance-of-payments position. a 3. For this new law authorizing the of Ministers to levy stemp duty not to exceedpurpose15 per centon imports,and a Councildecree thereof fixing the rate of duty as 10 per cent entered into force on 13 February 1967.2 The previous law levying 5 per cent stampduty on imports has been abrogated by this new law 1BISD, TwelfthSupplement, page 55.
    [Show full text]