Setting up your Business in SINGAPORE Issues to consider

Size: px
Start display at page:

Download "Setting up your Business in SINGAPORE Issues to consider"

Transcription

1 SINGAPORE is commerce, industry, heritage, culture and entertainment all rolled into a little island of slightly over 700 square kilometres with a population of 5.4 million. Here at the crossroads of Asia, SINGAPORE s excellent facilities and melting pot of different races, religions and cultures, make it an excellent destination for business and investments. SINGAPORE is one of the most stable political climates in the world. However there are a number of issues which you must consider when you are looking to set up your business in SINGAPORE. This document takes you through some of the common questions we come across and gives you practical information about the issues you need to consider. What type of Business Structure should we use? There are advantages and disadvantages to all of them, and there is no one correct answer, it s all dependent on your specific business circumstances and needs. A brief overview of the main structures is below: Establishment (a branch of your overseas business) Not a separate legal entity but an extension of the overseas parent company The foreign parent company is liable for the acts, losses and debts of its branch office A Singapore branch office is considered a non-resident company for tax purposes, and therefore are not eligible for any tax exemption or incentives for new start-up Required to submit annual report and annual accounts of its Singapore Branch Office within two months of its annual general meeting Limited Company: A legal entity separate and distinct from its shareholders and directors Members have Limited liability Perpetual Succession Gives a perception of a local business, with longevity Ease of raising capital and transfer of ownership Corporation tax to be paid on company profits Required to file Annual Return annually Accounts require auditing if Revenues > S$5million

2 Limited Liability Partnership: A separate legal entity from its partners Partners have limited liability Partners can be individual or body corporate (company or LLP) Perpetual existence No annual return filing required Profits are allocated to members who then pay Income Tax on these profits personally How much Corporation Tax will the business pay? Current Corporation Tax rates in SINGAPORE is 17%. A company is taxed on its chargeable income regardless of whether it is a local or foreign Company. Full tax exemption will be granted on normal chargeable income of a qualifying company up to first $100,000, for any of its first three consecutive Year of Assessments (YA). The first Year of Assessment refers to the Year of Assessment relating to the basis period during which the company is incorporated. The next S$200,000 of the chargeable income, 50% is tax exempted. The balance will be taxed at 17%. To qualify for the tax exemption for new start-up companies, your company must: a) be incorporated in SINGAPORE (other than a company limited by guarantee); b) be a tax resident in SINGAPORE for that YA; c) have no more than 20 shareholders throughout the basis period for that YA where all of the shareholders are individuals beneficially holding the shares in their own names; OR where at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company.

3 The Tax Exemption scheme does not apply to the following companies :- a. A company whose principal activity is that of investment holding; and b. A company whose principal activity is that of developing properties for sale, for investment, or for both investment and sale. Investment holding companies derive only passive incomes such as dividend and interest income, while the real estate industry typically incorporates a new company for each new property development. The start-up tax exemption for encouraging entrepreneurship is not intended for such companies. These companies will be given partial tax exemption. Any company that does not meet the qualifying conditions would still be eligible for partial tax exemption. The effective rates on the first S$10,000 and the next S$290,000 of taxable income will correspondingly be 4.5% and 9% respectively. This partial tax exemption will not apply to SINGAPORE dividends which will be taxed at 17%. What if we use SINGAPORE to set up our holding company? SINGAPORE s tax legislation means that it is a very attractive place to set up a holding company. A SINGAPORE holding company, like all SINGAPORE-registered companies, enjoys extensive tax benefits borne out of SINGAPORE s healthy bilateral relations with various economies as well as its simple domestic tax structure. Firstly, SINGAPORE has established a wide network of 74 comprehensive and 8 limited Avoidance of Double Tax Agreements (DTAs). It has also inked 20 Free Trade Agreements (FTAs) with 31 trading partners and is in the process of negotiating eight more with economies like Canada and Mexico. These agreements not only pave the way for uninterrupted movement of business personnel and goods; they also extend tax privileges such as doing away with erroneous double taxation across borders. Secondly, a SINGAPORE holding company stands to benefit from the absence of capital gains tax in SINGAPORE. Additionally, outbound dividends declared to foreign shareholders are not subject to the SINGAPORE withholding tax. SINGAPORE holding companies may also repatriate capital gains from overseas divestitures to their parent companies or group without being subject to taxation in SINGAPORE.

4 What if we make cross-border transactions between group companies? SINGAPORE follows internationally recognised Transfer Pricing (TP) rules where crossborder trading and financial transactions between affiliated entities have to be conducted on an arm s length basis. The price and terms should be the same as if the transactions had been between completely independent parties. Typical transactions between affiliated entities that are covered by TP regulations are: Sale and purchase of goods Provision of management services Property rental charges Transfer of intangible assets e.g. trademarks, patents Sharing of knowledge, expertise, business contacts etc. Provision of financial support e.g. inter-group loans and charging a market interest on loans A business will need to prepare a Transfer Pricing Report proving the arm s length basis of transactions. The report will include a functional and risk analysis, analysis of the adopted pricing model and benchmarking of the arm s length basis. SINGAPORE s Transfer Pricing Regime LEGISLATION OVERVIEW SINGAPORE does not have specific transfer pricing legislation. The Inland Revenue Authority of Singapore (IRAS), issued The SINGAPORE Transfer Pricing Guidelines on 23 February 2006, and they are consistent with the OECD Transfer Pricing Guidelines. The guidelines are applicable where at least one related party is subjected to tax in SINGAPORE. The guidelines reinforce the OECD stand on transfer pricing that requires adherence to arm s length principle. SINGAPORE endorsed the OECD guidelines realizing that concurrence and compliance with this internationally accepted principle would reduce the incidence of transfer pricing adjustments and improve the resolution of transfer pricing disputes. As a result, the potential for double taxation would also be reduced. The guidelines help to clarify SINGAPORE s position on Transfer Pricing and promote voluntary compliance by spreading awareness about risks of non-compliance while operating across borders. The IRAS does not have a specific preference for any of the five prescribed methods outlined in the OECD guidelines. Although the IRAS guidelines does not explicitly approve a particular method, in practice the regulator is receptive towards the traditional methods and accepts the Cost Plus Method for transactions relating to services and Comparable Uncontrolled Price method for all other transactions.

5 IRAS REQUIREMENTS IRAS recommends that taxpayers adopt the 3-step approach to apply the arm s length principle in their related party transactions: Step 1 Conduct a comparability analysis Step 2 Identify the appropriate transfer pricing method and tested party Step 3 Determine the arm s length results Comparability Analysis To comprehensively assess the transactions of related and independent parties being compared, to ensure that they have substantially similar economic characteristics. The objective of the step is to determine that 1. None of the differences (if any) between the situations being compared can materially affect the price or margin being compared, or 2. Reasonably accurate adjustments can be made to eliminate the effect of any such differences. Identify the appropriate transfer pricing method and tested party The guidelines recommend the adoption of the method that produces the most reliable results, taking into account the quality of available data and the degree of accuracy of adjustments. A tax payer is also allowed to adopt even a modified version of a method listed above to comply with the arm s length principle, as long as the taxpayer maintains and is prepared to provide sufficient documentation to demonstrate that its transfer prices are established in accordance with the arm s length principle. The use of the transfer pricing methods, excluding the Profit Split Method, would first require identifying the party on which to apply the transfer pricing analysis. This party is known as the tested party. IRAS recommends that the party with the smaller scope of functions and less complex operations be used as the tested party. Such a decision will make it easier to find comparable data and require fewer adjustment and greater accuracy. Determine the arm s length results Once the appropriate transfer pricing method has been identified, the method is applied on the data of independent-party transactions to arrive at the arm s-length result. More likely, the transfer pricing analysis would lead to a range of prices or margins. IRAS is prepared to accept the use of ranges, to determine an arm s length range provided that the comparables are reliable. The outcome of this last and final step will then be used to guide or justify taxpayers transfer pricing practices.

6 What Employment Taxes and Central Provident Fund will need to be paid? If an individual is resident in SINGAPORE then they are subject to SINGAPORE tax laws. All incomes earned in SINGAPORE are subject to tax. The amount of income tax you need to pay depends on how much you earn in SINGAPORE and whether you are considered a tax resident or non-resident for income tax purposes. You are considered a tax resident for a particular Year of Assessment (YA) if you are: a foreigner who has stayed in SINGAPORE for 183 days or more in the year preceding the YA; or a foreigner (who is not a director of a company) who has worked in SINGAPORE for 183 days or more in the year preceding the YA. If you are a tax resident, your total income less deductions (expenses, donations and tax reliefs) will be subject to tax at progressive rates ranging from 0% to 20%. Non-residents may claim expenses and donations to save tax. However, non-residents are not eligible to claim tax reliefs. If you are a non-resident, your employment income is taxed at 15% or the resident rate, whichever gives rise to a higher tax amount. Director fees, consultant fees and all other incomes are taxed at 20%. We would advise any new entrant to SINGAPORE or person who spends time working in SINGAPORE to take professional advice to determine whether they are SINGAPORE tax resident and other special schemes available.

7 Current Personal Income Tax rates in SINGAPORE are: Chargeable Income Rate (%) Gross Tax Payable (S$) First S$20, Next S$10, First S$30, Next S$10, First S$40, Next S$40, ,800 First S$80,000-3,350 Next S$40, ,600 First S$120,000-7,950 Next S$40, ,000 First S$120,000-13,950 Next S$40, ,800 First S$200,000-20,750 Next S$120, ,600 First S$320,000-42,350 Above 320,000 20

8 Employers and employees have to contribute to SINGAPORE Central Provident Fund: Current Central Provident Fund (CPF) rates are: Salary subject to CPF is capped at SGD5,000. Age Group Employee Employer Total Contribution 35 - below 20.00% 16.00% 36.00% % 16.00% 36.00% % 14.00% 32.50% % 10.50% 23.50% % 7.00% 14.50% Above % 6.50% 11.50% It is the employers legal responsibility to pay over employee s social security deductions to the SINGAPORE Central Provident Fund Board. The employer has to deduct the employees portion of contribution from the remuneration and contribute it with the Employer portion to the CPF Board of SINGAPORE. Individuals are personally liable for settling the personal tax with tax authorities. However, for those foreigners who are holding an Employment Pass or Work Permit, the employer should seek a tax clearance before the foreigner ceases employment with in SINGAPORE or plans to leave SINGAPORE for more than three months. As an employer, it is your responsibility to notify IRAS and seek tax clearance for the affected foreign employees. What is Value Added Tax (VAT) and should the business be registered? In SINGAPORE VAT is termed as Goods and Services Tax (GST). VAT is a goods and services tax on supplies made, the standard rate of which is 7%. If a business makes taxable supplies in excess of SGD1 million in any 12 months then it MUST be registered for VAT.

9 There are three types of supply Taxable must charge VAT on supplies, can reclaim input VAT Exempt cannot charge VAT nor reclaim input VAT Outside the scope not in the SINGAPORE VAT system The supply of most types of goods and services in SINGAPORE would be classed as Taxable supplies. However when these supplies are made to companies which are outside of the SINGAPORE advice needs to be sought as to what rate of VAT, if any, to use. GST is a broad-based consumption tax levied on the import of goods (collected by SINGAPORE Customs), as well as nearly all supplies of goods and services in SINGAPORE. The only exemptions are for the sale and lease of residential properties, the importation and local supply of investment precious metals and the provision of most financial services. Export of goods and international services are zero-rated. In some countries, After registration, businesses must charge GST at the prevailing rate. This GST that they charge and collect is known as output tax, which has to be paid to Tax Authorities. GST incurred on business purchases and expenses (including import of goods) are known as input tax. Businesses can claim input tax if conditions for claiming are satisfied. This credit mechanism ensures that only the value added is taxed at each stage of a supply chain. A GST-registered business is required to submit GST return to Tax Authorities at the end of each prescribed accounting period (usually on a quarterly basis). The business will report its output tax and input tax for that prescribed accounting period in the GST return. The difference between output tax and input tax is the net GST payable to or refundable from Tax Authorities. Can we provide Share option plans to our staff? Many companies see Share Option plans as being an important way of attracting, motivating and retaining key staff. SINGAPORE has a number of approved share option plans which give tax benefits to employees and employers alike and it is often possible to adapt an overseas stock option plan to fit into one of these approved plans. However this is a very technically complex area and careful planning needs to be undertaken as soon as share option plans are being considered for implementation in SINGAPORE.

10 Other attractive tax schemes in SINGAPORE Loss Carry Back System Under this system the tax losses and capital allowances (tax depreciation) up to $100,000 incurred by the company in the current year can be carried back or deduct against the assessable income of the immediately preceding year. The above will be applicable only the beneficial ownership of the company remains substantially (at least 50 %) the same. For capital allowances there is an additional requirement that the same trade or business in respect of which these capital allowances arose continues to be carried on. Group Relief A company's current year unutilised capital allowances and losses may be transferred for tax purposes to another company in the same group. Group relief is restricted to current year losses and does not extend to losses brought forward from prior years. Investment allowances and foreign losses may also not be transferred. For tax purposes, a ' group' is to consist of a SINGAPORE incorporated parent company and one or more SINGAPORE incorporated subsidiaries (at least 75 % ownership). Foreign sourced income A SINGAPORE tax resident company can enjoy tax exemption on its specified foreign income that is remitted into SINGAPORE. The three categories of specified foreign income are: 1. Foreign-sourced dividend 2. Foreign branch profits 3. Foreign-sourced service income Qualifying Conditions for Tax Exemption Tax exemption will be granted if all of the three conditions below are met: The highest corporate tax rate (headline tax rate) of the foreign country from which the income is received is at least 15% at the time the foreign income is received in SINGAPORE; The foreign income had been subjected to tax in the foreign country from which they were received (known as the "subject to tax" condition). The rate at which the foreign income was taxed can be different from the headline tax rate; and The Comptroller is satisfied that the tax exemption would be beneficial to the person resident in SINGAPORE.

11 To discuss your requirements please contact the International Office on +44 (0) or us directly. Kreston International Kreston International Limited is a global network of independent accounting firms. Offering reliable and convenient access to efficient and seamless advisory and assurance services through member firms located around the globe, Kreston: Is ranked the 13th largest accounting network in the world Covers 104 countries Has 700 offices Has a resource of 21,000 professional and support staff. Our members are accustomed to working together to deliver cohesive international solutions to ensure clients receive the highest quality of expertise available in their respective countries. Beyond assurance, quality and experience, clients will enjoy the unique synergy that stems from the trusted relationships that Kreston members have created globally and which support the consistent delivery of exceptional international service. This information is provided for guidance only and is not a substitute for professional advice. Neither Kreston International Limited nor its member firms accept any liability for any loss arising as a result of actions taken or not taken based on the information contained in this document. The information in this document was prepared as at 30 November 2013.

Setting up your Business in the UK Issues to consider

Setting up your Business in the UK Issues to consider The United Kingdom (UK) continues to be one of the world s leading locations for global investment, being rated again as the most attractive place in Europe for foreign investment. i Also, the World Bank

More information

Setting up your Business in Australia Issues to consider

Setting up your Business in Australia Issues to consider According to a recent International Monetary Fund study, Australia is in the top ten wealthiest countries in the world. With an educated and skilled workforce, it presents great opportunity for expansion.

More information

Setting up your Business in The Netherlands Issues to consider

Setting up your Business in The Netherlands Issues to consider The Netherlands, with a historically strong economic financial climate, is traditionally an important gateway to Europe. Situated in the western part of the European continent with its world leading Rotterdam

More information

Setting up your Business in Argentina Issues to consider

Setting up your Business in Argentina Issues to consider Argentina boasts many natural resources, qualified human resources and the synergies deriving from our commercial partnership with countries like Brazil make it an attractive country in which to invest.

More information

Setting up your Business in Switzerland Issues to consider

Setting up your Business in Switzerland Issues to consider Switzerland is a modern country that offers local and foreign investors efficient surroundings with the greatest possible independence. However, as in every country, it is advisable to clarify strategic

More information

Setting up your Business in UAE Issues to consider

Setting up your Business in UAE Issues to consider The UAE has a vibrant free economy, a significant proportion of its revenues arising from exports of oil and gas. The establishment of free zones has been an important feature of a diversification policy

More information

Setting up your Business in Jersey Issues to consider

Setting up your Business in Jersey Issues to consider Jersey is a pro-business Island and provides the ideal location for future European operations. Jersey has an accessible, business-focused, independent government offering some of the lowest direct tax

More information

Setting up your Business in Bulgaria Issues to consider

Setting up your Business in Bulgaria Issues to consider Bulgaria is a parliamentary republic situated in the heart of the Balkan Peninsula at the south - east part of Europe. It is a member of NATO since 2004 and of the European Union since 2007. The territory

More information

Setting up your Business in Turkey Issues to consider

Setting up your Business in Turkey Issues to consider Turkey is located as a bridge between two continents and in close proximity to Europe, the Middle East and the Caucasus. The proximity to the Balkans and the rest of Europe as well as to the growing emerging

More information

Provinces and territories also impose income taxes on individuals in addition to federal taxes

Provinces and territories also impose income taxes on individuals in addition to federal taxes Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)

More information

Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income.

Income tax for individuals is computed on a monthly basis by applying the above progressive tax rates to employment income. Worldwide personal tax guide 2013 2014 China Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible State Administration of Taxation

More information

Hong Kong Tax Report. Overview. Basic Facts. Janus Corporate Solutions (+65) February 19, At a glance. Lowest tax rates in Asia

Hong Kong Tax Report. Overview. Basic Facts. Janus Corporate Solutions (+65) February 19, At a glance. Lowest tax rates in Asia Hong Kong Tax Report Janus Corporate Solutions (+65) 6222-7445 February 19, 2010 At a glance Lowest tax rates in Asia No tax on foreign-sourced income No capital gains tax No sales tax or VAT No dividend

More information

United States Corporate Income Tax Summary

United States Corporate Income Tax Summary United States Corporate Income Tax Summary SECTION 1: AT A GLANCE CliftonLarsonAllen LLP 222 Main Street, PO Box 1347 Racine, WI 53401 262-637-9351 fax 262-637-0734 www.cliftonlarsonallen.com Corporate

More information

Setting up your Business in Belgium Issues to consider

Setting up your Business in Belgium Issues to consider Sharing its capital within the European Union, Belgium is one of the smaller European countries in terms of size. Nevertheless, Belgium is a very dynamic country with multilingual, multicultural influences.

More information

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl

More information

Related party transactions Section 34D has been enacted recently in the SITA to legislatively endorse the arm slength

Related party transactions Section 34D has been enacted recently in the SITA to legislatively endorse the arm slength 65. Singapore Introduction Although Singapore s income tax rates are traditionally lower than the income tax rates of the majority of Singapore s primary trading partners, the Inland Revenue Authority

More information

Fundamentals Level Skills Module, Paper F6 (SGP)

Fundamentals Level Skills Module, Paper F6 (SGP) Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) December 20 Answers and Marking Scheme Marks (a) High Three Pte Ltd (HTPL) Tax liability for the year of assessment 20 Basis

More information

Macau SAR Tax Profile

Macau SAR Tax Profile Macau SAR Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect

More information

Taxation. 1. Individual Taxation in Malta

Taxation. 1. Individual Taxation in Malta Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

Setting up your Business in France Issues to consider

Setting up your Business in France Issues to consider Around 20,000 foreign companies are already established, running businesses under many different legal forms. The reforms that France has pursued to improve competitiveness and the business environment

More information

Worldwide personal tax guide 2013 2014. Japan. Local information. 2013 National Income Tax Rates Taxable Income Band National Income Tax Rates

Worldwide personal tax guide 2013 2014. Japan. Local information. 2013 National Income Tax Rates Taxable Income Band National Income Tax Rates Worldwide personal tax guide 2013 2014 Japan Local information Tax Authority Ministry of Finance Website www.mof.go.jp Tax Year 1 January to 31 December Tax Return due date 15 March Is joint filing possible

More information

IRAS e-tax Guide. GST Guide for e-commerce (Second edition)

IRAS e-tax Guide. GST Guide for e-commerce (Second edition) IRAS e-tax Guide GST Guide for e-commerce (Second edition) Published by Inland Revenue Authority of Singapore Published on 11 Mar 2015 First edition on 31 Mar 2014 Disclaimers: IRAS shall not be responsible

More information

MALTA Jurisdictional Guide

MALTA Jurisdictional Guide MALTA Jurisdictional Guide GENERAL INFORMATION The Republic of Malta is situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya. Malta gained its independence from

More information

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited

More information

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year Worldwide personal tax guide 2013 2014 Brazil Local Information Tax Authority Receita Federal do Brasil (RFB) Website www.receita.fazenda.gov.br Tax Year 1 January to 31 December Tax Return due date: Last

More information

IRAS e-tax Guide. Tax Exemption for Foreign-Sourced Income (Second edition)

IRAS e-tax Guide. Tax Exemption for Foreign-Sourced Income (Second edition) IRAS e-tax Guide Tax Exemption for Foreign-Sourced Income (Second edition) Published by Inland Revenue Authority of Singapore Published on 31 May 2013 First edition on 6 Sep 2011 Disclaimers IRAS shall

More information

Real Estate Going Global Singapore

Real Estate Going Global Singapore www.pwc.com/goingglobal Real Estate Going Global Singapore Tax and legal aspects of real estate investments around the globe 2012 Real Estate Going Global Singapore 1 Contents Contents Contents... 2 Real

More information

Fundamentals Level Skills Module, Paper F6 (SGP)

Fundamentals Level Skills Module, Paper F6 (SGP) Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) Slimming Industries Pte Ltd (SIPL) June 20 Answers and Marking Scheme (a) Lorry acquired on hire purchase The instalments payable

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Hong Kong kpmg.com Hong Kong Introduction There is no general income tax in Hong Kong. For income to be subject to tax, it must fall under one of

More information

The Maltese Corporate Tax System.

The Maltese Corporate Tax System. The Maltese Corporate Tax System. Brief Information on: Integrated Imputation System Tax Accounts Participation Exemption Double taxation relief Refunds of Malta tax paid No outbound withholding taxes

More information

TO: OUR FRIENDS AND PROSPECTIVE CLIENTS FROM: THOMAS WILLIAMS, CPA RE: U.S. INCOME TAX ISSUES OF FOREIGN NATIONALS DATE: AS OF JANUARY 1, 2010

TO: OUR FRIENDS AND PROSPECTIVE CLIENTS FROM: THOMAS WILLIAMS, CPA RE: U.S. INCOME TAX ISSUES OF FOREIGN NATIONALS DATE: AS OF JANUARY 1, 2010 THOMAS WILLIAMS CPA, PLLC TO: OUR FRIENDS AND PROSPECTIVE CLIENTS FROM: THOMAS WILLIAMS, CPA RE: U.S. INCOME TAX ISSUES OF FOREIGN NATIONALS DATE: AS OF JANUARY 1, 2010 Dear Friends: The following is an

More information

Taxation of Cross-Border Mergers and Acquisitions

Taxation of Cross-Border Mergers and Acquisitions KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Panama kpmg.com 2 Panama: Taxation of Cross-Border Mergers and Acquisitions Panama Introduction The signing of several Free Trade Agreements

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.

More information

70. Switzerland. Other regulations

70. Switzerland. Other regulations 70. Switzerland Introduction Switzerland does not have specific transfer pricing regulations but respectively adheres to the Organisation for Economic Co-operation and Development (OECD) Guidelines. As

More information

Monaco Corporate Taxation

Monaco Corporate Taxation Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the

More information

A 5.5% solidarity surcharge is imposed on the income tax liability of all taxpayers.

A 5.5% solidarity surcharge is imposed on the income tax liability of all taxpayers. Worldwide personal tax guide 2013 2014 Germany Local information Tax Authority Website Tax Year Tax Return due date 31 May 2013 Is joint filing possible Are tax return extensions possible 2013 income tax

More information

Payments subject to withholding tax Generally, a person has to withhold tax when he makes payments of the following nature to a non-resident person:

Payments subject to withholding tax Generally, a person has to withhold tax when he makes payments of the following nature to a non-resident person: RELEVANT TO ACCA QUALIFICATION PAPER F6 (SGP) Understanding withholding tax rules in Singapore In a nutshell, withholding tax is an efficient mechanism to collect corporate income tax from certain groups

More information

Guide to Japanese Taxes

Guide to Japanese Taxes Guide to Japanese Taxes CONTENTS 1. Introduction --------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment

More information

A pocket guide to Singapore tax 2014 If it counts, it s covered

A pocket guide to Singapore tax 2014 If it counts, it s covered A pocket guide to Singapore tax 2014 If it counts, it s covered Corporate taxation Corporate income tax ( CIT ) rate Standard rate is 17%. Tax exemption/rebates Singapore also offers a range of tax exemption

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN This Offering Circular covers common shares of Bank of Montreal (the Bank ) which may be purchased on the open market through

More information

ANNEX B-2: Research and Development (R&D) Tax Measures

ANNEX B-2: Research and Development (R&D) Tax Measures ANNEX B-2: Research and Development (R&D) Tax Measures 1) Liberalisation of R&D Tax Deduction a) Enhanced deduction for R&D expenses Existing Tax Treatment Currently, taxpayers carrying on a manufacturing

More information

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk Chapter Avbreht, Zajc & Partners Ltd. Ursula Smuk 1 General: Treaties 1.1 How many income tax treaties are currently in force in? 44 income tax treaties are currently in force in. 1.2 Do they generally

More information

India s 2016 budget affects foreign investors and multinational enterprises

India s 2016 budget affects foreign investors and multinational enterprises from International Tax Services India s 2016 budget affects foreign investors and multinational enterprises March 9, 2016 In brief The Indian Finance Minister on February 29, 2016, presented the 2016 budget,

More information

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information

CANADIAN CORPORATE TAXATION. A General Guide January 31, 2011 TABLE OF CONTENTS INCORPORATION OF A BUSINESS 1 POTENTIAL ADVANTAGES OF INCORPORATION 1

CANADIAN CORPORATE TAXATION. A General Guide January 31, 2011 TABLE OF CONTENTS INCORPORATION OF A BUSINESS 1 POTENTIAL ADVANTAGES OF INCORPORATION 1 CANADIAN CORPORATE TAXATION A General Guide January 31, 2011 TABLE OF CONTENTS PART A PAGE INCORPORATION OF A BUSINESS 1 POTENTIAL ADVANTAGES OF INCORPORATION 1 POTENTIAL DISADVANTAGES OF INCORPORATION

More information

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008 INFORMATION SHEET NO.54 Setting up a Limited Liability Company in Poland December 2008 General The Commercial Companies Code (KSH) regulates all issues related to the establishment, activity and dissolution

More information

31 October (paper filing) 31 January (Electronic Filing)

31 October (paper filing) 31 January (Electronic Filing) Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April

More information

Tax Overview Setting up a Fund Manager in Singapore

Tax Overview Setting up a Fund Manager in Singapore www.pwc.com Tax Overview Setting up a Fund Manager in Singapore 8 July 2014 Singapore Agenda - Overview of Singapore tax system - Taxation of fund manager and individuals - Treatment of onshore and offshore

More information

FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS

FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS Chapter 10 FEDERAL TAXATION OF INTERNATIONAL TRANSACTIONS Daniel Cassidy 1 10.1 INTRODUCTION Foreign companies with U.S. business transactions face various layers of taxation. These include income, sales,

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Vietnam kpmg.com Vietnam Introduction Tax residents of Vietnam are taxed on worldwide income, whereas non-tax residents are taxed on Vietnam-sourced

More information

Limited Liability Partnership (LLP) versus Limited Company

Limited Liability Partnership (LLP) versus Limited Company Limited Liability Partnership (LLP) versus Limited Company December 2012 Since their introduction in 2000, LLPs have become an increasingly popular choice of entity for both trading and investment businesses.

More information

The above are the rates of the personal income tax (imposta sul reddito delle persone fisiche, or IRPEF).

The above are the rates of the personal income tax (imposta sul reddito delle persone fisiche, or IRPEF). Worldwide personal tax guide 2013 2014 Italy Local information Tax Authority Italian Revenue Agency Website www.agenziaentrate.gov.it Tax Year 1 January to 31 December Tax Return due date 30 September

More information

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax

USA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) 1 Mark and Ellen Mari December 01 Answers and Marking Scheme (a) (i) Consultancy services income: The income from consultancy

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies

More information

Appendix 3. The metric

Appendix 3. The metric Appendix 3 A consistent and useful effective tax rate methodology to assess the global tax performance of multinationals in relation to Australian-linked business operations 1 The purpose of this paper

More information

Buying and selling an unincorporated business

Buying and selling an unincorporated business Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company. The tax consequences differ, depending on whether the

More information

TAX ISSUES RAISED BY LNG PROJECTS

TAX ISSUES RAISED BY LNG PROJECTS TAX ISSUES RAISED BY LNG PROJECTS Jon Lobb Baker Botts L.L.P. ABSTRACT This paper discusses tax issues that may be encountered by a company investing in an LNG project. 1. Income Taxes A seller's income

More information

Income Tax Guide on E-Commerce

Income Tax Guide on E-Commerce INLAND REVENUE AUTHORITY OF SINGAPORE Income Tax Guide on E-Commerce This guide is meant to assist businesses in understanding the Income Tax treatment on E- Commerce. Published 3rd Edition 23 February

More information

Examiner s report F6 (SGP) Taxation December 2015

Examiner s report F6 (SGP) Taxation December 2015 Examiner s report F6 (SGP) Taxation December 2015 General Comments There were two sections to the examination paper and all of the questions were compulsory. Section A consisted of 15 multiple choice questions

More information

Overseas aspects of corporation tax may be examined as part of question two, or it could be examined in questions four or five.

Overseas aspects of corporation tax may be examined as part of question two, or it could be examined in questions four or five. RELEVANT TO ACCA QUALIFICATION PAPER F6 (UK) Overseas aspects of corporation tax This article is relevant to candidates taking Paper F6 (UK) in either June or December 2013, and is based on tax legislation

More information

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY

IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH REAL PROPERTY July 2012 M-10855059-6 IRISH TAX ASPECTS OF THE ACQUISITION, HOLDING AND DISPOSAL OF IRISH PROPERTY FOR FOREIGN INVESTORS

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

MALTA: A JURISDICTION OF CHOICE

MALTA: A JURISDICTION OF CHOICE MALTA: A JURISDICTION OF CHOICE LONDON - September 2012 Doing business from Malta can make a huge difference for your business UHY BUSINESS ADVISORY SERVICES LIMITED Updated September, 2012 An attractive

More information

THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE

THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE THE TAXATION INSTITUTE OF HONG KONG CTA QUALIFYING EXAMINATION PILOT PAPER PAPER 5 ADVANCED TAXATION PRACTICE Advance Tax- pilot_1007_q&a_jy R28/3/2013 1 QUESTIONS Section A Case Answer Question 1 in this

More information

INTERNATIONAL PRODUCTION IN AUSTRALIA

INTERNATIONAL PRODUCTION IN AUSTRALIA INTERNATIONAL PRODUCTION IN AUSTRALIA GOODS & SERVICES TAX (GST) & CAST/CREW WITHHOLDING TAX GUIDE FOR FOREIGN PRODUCERS Prepared by Moneypenny Services in conjunction with Disclaimer The information has

More information

How Canada Taxes Foreign Income

How Canada Taxes Foreign Income - 1 - How Canada Taxes Foreign Income (Summary) Purpose of the book The purpose of writing this book, entitled How Canada Taxes Foreign Income is particularly for the benefit of foreign tax lawyers, accountants,

More information

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added

More information

MEXICO TAXATION GUIDE

MEXICO TAXATION GUIDE THE FLORES LAW FIRM Attorney and Counselor at Law 9901 IH-10 West, Suite 800 San Antonio, TX 78230 TEL. (210) 340-3800 FAX (210) 340-5200 MEXICO TAXATION GUIDE I. RECOGNIZED MEXICAN BUSINESS ENTITIES A.

More information

Paying your way. Tax issues for the self employed

Paying your way. Tax issues for the self employed Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities

More information

Facts on Taxation in Denmark

Facts on Taxation in Denmark Facts on Taxation in Denmark Updated by Njord Law Firm, December 2015 www.investindk.com Contents Corporate taxation... 2 Tax liability for different corporate forms... 2 Full or limited tax liability...

More information

Spanish Tax Facts. The Expatriate Financial Guide to Spain

Spanish Tax Facts. The Expatriate Financial Guide to Spain The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.

More information

FOREWORD. Namibia. Services provided by member firms include:

FOREWORD. Namibia. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS

COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS COMPANIES INCOME TAX COMPUTATION AND TREATMENT IN FINANCIAL STATEMENTS PRESENTED BY OLUFUNKE SODIPO TAX MANAGER: PEAK PROFESSIONAL SERVICES IN HOUSE SEMINAR SERIES NO 4 PEAK PROFESSIONAL SERVICES (CHARTERED

More information

FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK

FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK 1. Regulatory Framework For Fund Managers Companies wishing to conduct fund management activities in Singapore are required by

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which

More information

FOREWORD. Saint Lucia

FOREWORD. Saint Lucia FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED TAX QUESTION PAPER NOVEMBER 2014

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED TAX QUESTION PAPER NOVEMBER 2014 QUESTION 1 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) (a) Zacky Company Limited has approached you to assist their company to comply with the Value Added Tax regime in Ghana. They have asked you specifically

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

Corporate tax relief in Switzerland. Edition 2008

Corporate tax relief in Switzerland. Edition 2008 Corporate tax relief in Switzerland Edition 2008 Contents 3 Introduction Taxes in Switzerland 4 1. Qualifying Dividends and Capital gains 5 2. Newly established companies (tax holiday) 6 3. Holding companies

More information

Goods & Services Tax Guide on E-Commerce

Goods & Services Tax Guide on E-Commerce INLAND REVENUE AUTHORITY OF SINGAPORE Goods & Services Tax Guide on E-Commerce This guide is meant to assist businesses in understanding the GST treatment on E- Commerce. Published 2 nd Edition 31 August

More information

WHY INVEST IN HOLLAND? because Holland offers a highly competitive fiscal climate

WHY INVEST IN HOLLAND? because Holland offers a highly competitive fiscal climate WHY INVEST IN HOLLAND? because Holland offers a highly competitive fiscal climate Introduction Netherlands Foreign Investment Agency (NFIA) The NFIA (Netherlands Foreign Investment Agency) is an operational

More information

14. Corporate Tax and Depreciation

14. Corporate Tax and Depreciation 14. Corporate Tax and Depreciation Corporate income tax is levied on income from the worldwide operations of Czech tax residents and on Czech-source income of Czech tax non-residents. Czech tax residents

More information

DOING BUSINESS IN GERMANY Overview on Taxation

DOING BUSINESS IN GERMANY Overview on Taxation DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular

More information

News Flash Hong Kong Tax. November 2015 Issue 10. In brief. In detail. www.pwchk.com

News Flash Hong Kong Tax. November 2015 Issue 10. In brief. In detail. www.pwchk.com News Flash Hong Kong Tax Understanding the IRD s views on emerging corporate tax issues, in particular the practice on processing Hong Kong tax resident certificate applications November 2015 Issue 10

More information

Mexico Mergers and acquisitions involving Mexican assets

Mexico Mergers and acquisitions involving Mexican assets p84-88 IM&A - Chevez Rulz 21/03/2013 08:44 Page 84 Mexico Mergers and acquisitions involving Mexican assets by Ricardo Rendon and Layda Carcamo, Chevez, Ruiz, Zamarripa y Cia, S.C. Whenever a corporate

More information

IRAS e-tax Guide. CARRY-BACK RELIEF SYSTEM (Second edition)

IRAS e-tax Guide. CARRY-BACK RELIEF SYSTEM (Second edition) IRAS e-tax Guide CARRY-BACK RELIEF SYSTEM (Second edition) Published by Inland Revenue Authority of Singapore Published on 26 May 2014 First edition on 09 Jul 2012 Disclaimers: IRAS shall not be responsible

More information

UNITED STATES FEDERAL INCOME TAXATION

UNITED STATES FEDERAL INCOME TAXATION UNITED STATES FEDERAL INCOME TAXATION United States Internal Revenue Service Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that (i) any U.S. tax advice

More information

Global Mobility Services: Taxation of International Assignees - Botswana

Global Mobility Services: Taxation of International Assignees - Botswana http://www.pwc.com/bw/en/index.jhtml Global Mobility Services: Taxation of International Assignees - Botswana Taxation issues & related matters for employers & employees 2015/16 Last Updated: June 2016

More information

Tax Guide 2014/15 South Africa

Tax Guide 2014/15 South Africa Tax Guide 2014/15 South Africa Individuals and Trusts Tax Rates 1 March 2014 to 28 February 2015 Individual Taxpayers and Special Trusts Taxable Income R0 174 550 Rate of Tax 18% of taxable income R174

More information

Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill

Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Bill Government Bill Explanatory note General policy statement This Bill introduces amendments to the Student Loan Scheme Act 2011, the Income Tax Act 2007, the Goods and Services Tax Act 1985, and the Tax

More information

Cambodia Tax Profile. kpmg.com.kh

Cambodia Tax Profile. kpmg.com.kh Cambodia Tax Profile kpmg.com.kh Content 1 2 Tax Profile Income Tax Treaties for the Avoidance of Double Taxation 6 Indirect Tax (e.g. VAT/GST) 7 8 Personal Taxation Other Taxes 9 11 Free Trade Agreements

More information

Singapore. Country M&A team. Chris Woo (country leader) David Sandison Lim Hwee Seng Lin Kejin Lydia Lin Lynn Chua Wong Sook Ling

Singapore. Country M&A team. Chris Woo (country leader) David Sandison Lim Hwee Seng Lin Kejin Lydia Lin Lynn Chua Wong Sook Ling Singapore Country M&A team Chris Woo (country leader) David Sandison Lim Hwee Seng Lin Kejin Lydia Lin Lynn Chua Wong Sook Ling Your contacts in Singapore Name Title Tel Email Chris Woo Partner +65 6236

More information

THE ISRAELI TAX SYSTEM. Iris Stark, CPA

THE ISRAELI TAX SYSTEM. Iris Stark, CPA THE ISRAELI TAX SYSTEM Iris Stark, CPA October 2012 THE ISRAELI TAX SYSTEM Taxation in Israel is based on an individual method. Accordingly, as of 2003, all Israeli residents are liable for payment of

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012

ASPECTS OF FINANCIAL PLANNING. Taxation implications of overseas residency. July 2012 ASPECTS OF FINANCIAL PLANNING Taxation implications of More and more of our clients are being given the opportunity to live and work overseas. Before you make the move, it is worthwhile considering the

More information

This article provides an overview of the key proposals in the DTC and their impact on both domestic and international businesses in India.

This article provides an overview of the key proposals in the DTC and their impact on both domestic and international businesses in India. The Government of India had released the draft Direct Tax Code ( DTC ) along with a Discussion Paper in August 2009 for public comments. Various stakeholders have provided their feedback and the Government

More information

GLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX

GLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?

More information