New preferential tax policy for Small & Medium-sized Enterprises (SMEs) in mainland China
On 17 January 2019, the Chinese Ministry of Finance and State Administration of Taxation jointly issued a circular Cai Shui (2019) No.13 that sets out the new preferential tax policy available to qualified SMEs for [...]
WHAT DOES THE NEW PAPUA NEW GUINEAN GST LAW MEAN TO YOUR BUSINESS?
The 2019 budget has done away with the GST exemption, on supplies made to resource companies, from 1 January 2019. In this write up, we look at the impact this may have on businesses operating [...]
Global Business Reforms in Mauritius
The Mauritian Global Business Sector has undergone key transformations following the National Budget 2018-2019 and recommendations made by the OECD, in order to strengthen its position globally, with the addition of new substance requirements, the [...]
Implementation of the European Union Anti-Tax Avoidance Directive
Legal Notice 411 of 2018 which came into force at the end of last year has brought about the implementation of the provisions of the EU Directive 2016/1164 of the 12th July 2016, laying down [...]
Family Bonus Plus
The tax rules for families with children will be changed as of January 2019. The new benefit is called "Family Bonus Plus" (“Familienbonus plus”). Basics The previous tax benefits for families with children have been [...]
IRS Update Makes Voluntary Disclosures For Foreign Accounts More Expensive
The cost of voluntarily disclosing previously unreported offshore assets to the IRS avoid criminal prosecution, just got more expenses under an updated procedures the revenue agency released on November 29, 2018. IRS deputy commissioner for [...]
New tax incentives to boost research & development activities in Hong Kong
In order to promote Hong Kong as an international research & development (R&D) hub and attract more R&D activities to be performed in Hong Kong, the Hong Kong government has recently enacted new tax regulations [...]
Employee Share Option Plans in Hong Kong
Employee Share Option Plans in Hong Kong How does ESOP work? Employee Share Option Plan (ESOP) refers to the mechanism by which a company (which can be either private or listed) offers to one of [...]
2019 PAPUA NEW GUINEA BUDGET – EXPERT COMMENTARY BY SHISHYA BUSINESS SERVICES
The Deputy Prime Minister and Minister for Treasury, Hon. Charles Abel handed over the 2019 Budget on behalf of O’Neill-Abel Government, at the Parliament, yesterday. Theme of this year budget is “Building a Broader Based [...]
Austrian Tax free allowance 2018 – pay less Income Tax
Dear clients, The year 2018 will come to its end soon and we wanted to remind you of the Austrian “Tax Free Allowance”. As a counterpart to the favoured taxation of the 13th and 14th [...]
Malta’s labour marked has increased resulting in a very low rate of unemployment
Malta announces its 2019 Budget whereby the country has recorded an economic growth leaving surplus of 1% in the country’s GDP. Malta’s labour market has increased resulting in a very low rate of unemployment. During [...]
OVDP Ended Sept. 28 – So Now What?
We originally posted on March 13, 2018 IRS to End OVDP Sept. 28 - Last Chance for Taxpayers With Undisclosed Foreign Assets! where we discussed that the Internal Revenue Service announced in IR-2018-52 that it [...]
PNG’s Internal Revenue Commission (IRC) hosted a Meet and Greet session
On October 12, 2018, PNG’s Internal Revenue Commission (IRC) hosted a Meet and Greet session for certain large tax payers, at Revenue Haus in Port Moresby, and Shishya Business Services was a special invitee. The [...]
Proceeds from Export of Goods Must Be Brought Into To Turkey And A Minimum Of 80% Of The Said Proceeds Are Required To Be Sold To The Banks
Communiqué No. 48 regarding the Decree No. 32 on the Protection of the Value of the Turkish Currency is published in the Official Gazette on September 4th, 2018 and entered into force on the same [...]
Accelerated Reduction of Company Tax Rates now Law
The previously legislated tax cuts for small business included a reduction to eligible entity’s rate to 27.5% and a progressive ramp up of the Turnover threshold, peaking in the current FY19 year at $50 million. [...]
Anti-Money Laundering & Countering Financing Of Terrorism (AML/CFT)
You may have already been asked for increased proof of identity and in some cases, information regarding your tax residency by your bank or lawyer. From 1 October 2018 all New Zealand Accountants need to [...]
Malta goes Blockchain
Malta introduces the enactment of three pieces of legislation; namely: The Malta Digital Innovation Act, The Innovative Technology Arrangement and Services Act, and The Virtual Financial Assets Act. Although not yet in force, but it [...]
New startup visa introduced in Shanghai
Shanghai’s Public Security Bureau introduced, in May 2018, a new ‘’Private Residence Permit (Entrepreneurship)’’, most commonly known as ‘’Business Startup visa’’ (创业签证), which enables foreign entrepreneurs to live in China while launching their innovative business [...]
China proposes new measures for foreign investors’ strategic investments in listed companies
The Chinese Ministry of Commerce (‘’MOC’’) released on 30 July 2018 a draft on the amended Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies (the ‘’Draft’’), which aims at further opening the [...]
China Individual Income Tax Reform
The Chinese government has recently released the draft amendments to the Individual Income Tax (“IIT”) Law to the public for consultation. The proposed amendments comprise broad changes to the IIT system and the salient proposed [...]
US Expats with non US corporations
US Expats with non US corporations, hold your hats…..The Tax Cuts and Jobs Act (TCJA) of 2017 imposed a one time "deemed repatriation tax" or 'transition tax' of 15.5% on untaxed foreign earnings or business [...]
150 Offshore Banks Are Turning Over Your Names To The IRS and the OVDP Program Ends on Sept. 28 – What Are You Waiting For?
The Internal Revenue Service announced in IR-2018-52 on March 13, 2018 that it will close the OVDP program on Sept. 28, 2018. “Taxpayers Have Had Several Years to Come into Compliance with US Tax Laws [...]
AGM 2018 Los Angeles
AITC held its AGM in Los Angeles between the 31st August and 2nd September 2018 hosted by our USA member Law Offices of John A. Strain. AITC would like to take this opportunity to thank [...]
Property acquisition opportunities in Mauritius: a must visit destination
Mauritius, ideally located in the Indian Ocean, has a mild, tropical climate year-round and is praised for its idyllic landscape and luxurious island living style. It is now considered to be one of the tropical [...]
PAPUA NEW GUINEA TAX – JUN 2018
This article highlights the changes introduced to tax remittance process by Internal Revenue Commission (IRC) of PNG, from 1 June 2018, Unacceptable payment methods Personal Cheque and Company Cheque Acceptable payment methods [...]
