Asia News

Asia Tax News is brought to you by Michael Velten’s Asia Tax Blog.

  • I-T wants FIIs to pay tax on PN business - About 30 foreign institutional investors (FIIs) are under the scanner of the income-tax department, which is exploring the possibility of claiming tax on income <generated from trading of participatory notes, better known as P-Notes (PNs). ABN Amro, Barclays Bank, CLSA Merchant Bank, Calyon, Citicorp Investment Bank, JPMorgan Securities, Goldman Sachs, Morgan Stanley, ICICI International, UBS and [...]
  • From the Economic Times… -  Indirect tax receipts up 11% in Apr 15 May, 2008 Indirect tax collections grew 11% in the first month of the current fiscal despite a decline in excise collection. CBEC surpasses arrears recovery target by 42%  14 May, 2008 The Central Board of Excise & Customs (CBEC) has exceeded its target in recovering arrears of revenue fixed for FY08. As [...]
  • Australia Budget in the news… - Australia’s Labor Party reveals first Budget Radio Australia Australia gives huge tax breaks to low, middle-income earners Forbes Swan Forecasts Record Budget Surplus, Curbs Spending Bloomberg Australia boosts skilled migration numbers in budget ABS CBN News Australia budget will cut spending: treasurer AFP Australian Budget to Help Working Families, Treasurer Swan Says Bloomberg Business groups give budget thumbs up Sydney Morning [...]
  • Australia Budget - In the Budget, the Government is: providing a $55 billion Working Families Support Package, which rewards families for their hard work and helps them cope with the rising costs of living; meeting its commitments in areas including education, health, infrastructure, climate change and the environment, and defence; and investing in the future by establishing three nation building funds [...]
  • Tax News… - Malaysia unveils tax incentives for investment in halal products International Herald Tribune May 12, 2008 Finance ministry asked to double gold import tax VietNamNet Bridge May 12, 2008 Officials say multinationals rip off gov’t with transfer pricing Thanh Nien Daily May 12, 2008
  • India May Remove Tax on Exports of Steel Products - India’s government may scrap levies on steel-product exports after companies agreed to lower prices to help cool the fastest inflation in more than three years. Source: Bloomberg.com May 13, 2008
  • India: Tax tribunal allows Yamaha Motors’ plea - In a major respite to two-wheeler major Yamaha Motors India (YMIL), tax tribunal CESTAT on Monday allowed its appeal challenging the directions of excise officials to pay duty for the free after-sales-service offered by the company. Allowing YMIL’s appeal, a bench comprising S S Kang and Rakesh Kumar held that the free after-sales- service offered by [...]
  • [667] NZ tax avoidance case: 3 NZ High Court decisions - The New Zealand High Court handed down three rulings in regard to a tax avoidance case on 15 April 2008. The case in question was “ANZ National Bank Ltd v CIR”. In the first decision, the Court rejected a request by the taxpayer for the discovery of certain documents. In the second ruling, the Court [...]
  • Malta-US taxation treaty soon - The double taxation (avoidance) treaty between Malta and the US will be signed shortly, American Ambassador Molly Bordonaro told the newly-elected members of the American Chamber of Commerce in Malta. During a courtesy call on the Ambassador at her private residence in Attard, both parties spoke about developments taking place between the governments of the two [...]
  • China to ease foreign exchange control on service type payments - The State Administration of Foreign Exchange and the State Administration of Taxation (the SAT) jointly issued a notice Huifa [2008] No. 8 (”Circular 8″) to provide yet further foreign exchange relaxation on service type payments. The main objective of [...]
  • From the Economics Times… - CII slapped tax notice for providing service to industry May 11, 2008 The government has slapped a notice to industry association CII asking it to make a payment of Rs 33 crore as service tax. Tax on new services from May 16 May 10, 2008 Service tax on new services, including services provided by stock and commodity exchanges, [...]
  • Blackberry addiction… - BlackBerry leading to irrational behaviour among users Economic Times May 11, 2008 BlackBerry has become an addiction that is not only controlling lives and increasing stress loads, but is even threatening relationships
  • Australia’s Government To Review Tax System -Treasurer - Australian Treasurer Wayne Swan has said the federal Labor government has commissioned a comprehensive review of the country’s taxation system, including company taxes. The review, headed by Treasury Secretary Ken Henry, may placate business groups calling for the recently elected center-left government to unveil cuts to company taxes when it hands down its first budget May [...]
  • Big Four Firms Get Tax Rival in Australia - Greenwoods & Freehills and Shaddick & Spence are set to merge on June 1, creating the largest specialist tax firm in Australia, with over 60 professionals. The merged firm will continue under the Greenwoods & Freehills name. Source: WebCPA
  • Thailand: Tax rates set to fall over next five years - Corporate and personal income taxes are set to fall further under a five-year tax restructuring programme under review by the Finance Ministry. Somchai Sujjapong, a fiscal adviser to the ministry, said the Fiscal Policy Office would soon submit the medium-term restructuring programme to Finance Minister Surapong Suebwonglee for approval. The new restructuring plan would further reduce [...]