IBCF News & Articles

Hong Kong Again Slashes Interest On Early Tax Payments

PostedJuly 6, 2021

The Hong Kong Inland Revenue Department has announced a further reduction to the interest rate payable on Tax Reserve Certificates. From June 7, 2021, the new annual rate of interest will be 0.0500 percent, down from 0.0833 percent. As such, the new rate is equal to HKD0.0042 per month…

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Mexico Enacts Outsourcing Tax Law Changes

PostedJune 10, 2021

Mexico has recently enacted legislative amendments to various tax laws in a bid to restrict the ability of companies to enter into outsourcing arrangements. The changes are intended to prevent companies from circumventing obligations that would apply to them if they engaged their workforce directly, not only in…

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Singapore Issues Corporate Tax Return Filing Guidance

PostedJune 10, 2021

The Inland Revenue Authority of Singapore has released guidance for companies on filing a corporate income tax return this year. The deadline for filing the form is November 30, 2021, for the 2021 year of assessment. Companies should file one of three forms depending on the size…

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Hong Kong Issues Tax Returns For Individuals

PostedJune 10, 2021

On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21. The IRD said that, in general, taxpayers should file their tax returns within one month, making the due date June 3, 2021. For sole proprietors…

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Bermuda To Launch Codes Of Conduct For Banks, Insurers

PostedApril 27, 2021

The Bermuda Monetary Authority has released a responses document on the development of a conduct of business regulatory regime in the territory. In August 2020, the BMA released a discussion paper on its plans to broaden its mandate by developing a conduct of business regime for the financial…

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Hong Kong Issues 2020-21 Tax Returns

PostedApril 16, 2021

On April 1, 2021, the Hong Kong Inland Revenue Department began issuing profits tax, property tax, and employer’s returns for the year of assessment 2020-21. This year’s Budget proposed a one-off reduction of 100 percent of profits tax, salaries tax, and tax under personal assessment for 2020-21, subject to…

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Cyprus Extends Deadline For Filing 2019 Corporate Tax Returns

PostedMarch 25, 2021

Cyprus has extended the deadline for the submission of corporate tax returns and the TD1A form required from certain self-employed persons. The extension was included in the Confirmation and Collection of Taxes (Extension of Deadline for Submission of Tax Return) Decree of 2021, which was published in…

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Introducing IBCF Europe Ltd

PostedMarch 18, 2021

International Business Company Formation, Inc, (IBCF) a leading provider of international corporate services, has now opened an office in Paris, France. Intended to facilitate a smooth flow of corporate work between companies in the US, UK, EU and beyond, IBCF Europe Ltd. will offer the same superior customer service clients…

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Hong Kong Announces Tax Relief In 2021-22 Budget

PostedMarch 9, 2021

Hong Kong will grant taxpayers a waiver of up to HKD10,000 (USD1,290) of profits tax, salaries tax, and tax under personal assessment, the territory announced in its 2021-22 Budget. The Budget announces a one-off 100-percent reduction of profits tax, salaries tax, and tax under personal assessment for the year…

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Switzerland Eyeing Tax Regime Improvements

PostedFebruary 9, 2021

A group of experts assessing the Swiss tax regime has drawn up an action plan on improving Switzerland’s international tax competitiveness. The group is comprised of representatives from the Confederation, the cantons, and academia. It was tasked by a member of the Federal Council with drawing up policy options to…

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