Singapore Gazettes Legislation For 2021 Budget Changes
The Income Tax (Amendment) Bill 2021 was published in Singapore’s Official Gazette on November 16, 2021, following approval earlier by Singapore’s President. The Bill contains tax measures announced in the 2021 Budget; economy-wide and sector-specific measures announced by the Government in May 2021 and July 2021 in response…
Malta Announces Individual Tax Reliefs In 2022 Budget
Malta’s recently released 2022 Budget includes measures to support low-income workers and those working part-time or overtime, to improve the supply of affordable housing, and to introduce a new concessionary tax regime for artists and performers. The Budget includes the following changes to the personal income tax regime: The tax…
Bahamas To Cut VAT Rate To 10 Percent
The Bahamas intends to lower the value-added tax rate from 12 percent to 10 percent, the territory announced in its supplementary 2021/22 Budget, released on October 27. The rate cut is to be accompanied by a narrowing of the scope of the VAT zero rate, with the precise…
Cayman Seeks Input On Major Tax Transparency Changes
The Cayman Ministry of Financial Services has launched a consultation on the changes needed to enable public access to beneficial ownership information. In October 2019, the Cayman Islands Government said it would introduce publicly accessible registers according to a timeline that reflects the development and evolution of public…
OECD Receives Backing For Historic International Tax Overhaul
The OECD has said 131 countries and jurisdictions have put their name to an international agreement on an overhaul to tax rules for the digitalized economy and for large multinational businesses. A handful of territories from the 139-member Inclusive Framework have not yet joined the Statement, the OECD acknowledged.
Guernsey Considering New VAT To Solve Financial Woes
Guernsey lawmakers are to discuss the possibility of introducing a value-added tax system, at a debate scheduled for September 2021, it has been announced. The introduction of a GST with either a five or eight percent rate is included in two of three options put forward by Guernsey’s…
Hong Kong Again Slashes Interest On Early Tax Payments
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…
Hong Kong Issues Tax Returns For Individuals
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…
Singapore Issues Corporate Tax Return Filing Guidance
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…
Mexico Enacts Outsourcing Tax Law Changes
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…