Reading Time: 4 minutesThis Guide provides an outline of the key aspects of a Variable Capital Company (“VCC“) and its related framework. The VCC is a novel fund structure in Singapore that permits many collective investment schemes to be housed under the canopy of a single corporate entity. Where sub-funds are concerned, VCCs allow them to be segregated […]
Reading Time: 6 minutesEugene starts his day at around 8 in the morning, just in time to catch the companies in the West Coast before they end work. Then, he checks in with his associates at WTS Taxise. “Especially in this Covid-19 period, it’s important to ensure that everyone is coping well,” Eugene says. In the afternoon, he […]
Reading Time: 6 minutesIn recent years, there has been a significant uptick in the number of Family Offices set up in Singapore, with experts estimating that this number has multiplied by more than four times in the past few years. In this article, Saravanan Rathakrishnan from RHTLaw Asia shares about what Family Offices are and the legal frameworks […]
Reading Time: 7 minutes1. Background In civil litigation, party-and-party costs play the important role of allocating the legal costs of the proceedings between the parties to the suit. When the court makes an order for party-and-party costs, one litigant is required to pay a certain amount to the other litigant. Party-and-party costs are different from solicitor-client costs, which […]
Reading Time: 6 minutesIntroduction The Income Tax Board of Review (“ITBR”) decision in the 2016 case of GBG v The Comptroller of Income Tax[1] (“GBG”) has shed some light on the conditions that must be fulfilled before the costs of debt may be deducted against taxable income. More importantly, it establishes the legal principle that whether expenditure is […]
Reading Time: 2 minutesCambodia has signed a Double Taxation Agreement (DTA) with Hong Kong on the 26th of June 2019 as announced by the Secretary for Financial Services and Treasury, Mr James Lau, on behalf of the Hong Kong Special Administrative Region Government. Under the DTA, double taxation will be avoided in that any tax paid in Cambodia […]
Reading Time: 3 minutesAs a general rule the Cambodia tax regulations contemplate Value Added Tax (VAT) being charged at zero percent (“zero-rated”) for services invoiced by a Cambodian taxpayer that are deemed to be performed outside of Cambodia (“exported services”). The uncertainty facing taxpayers in Cambodia centers upon what constitutes an exported service and what evidence do they […]
Reading Time: 2 minutesOur Tax Team wishes to remind you of the fast-approaching deadline for submission of your annual Corporate Income Tax (“CIT”) return, annual Commercial Tax (“CT”) return, and annual Personal Income Tax (“PIT”) Salary Statement. For Myanmar taxpayers who follow the financial year ending 31 March 2019 (“FY 18-19”), all annual tax returns must be submitted […]
Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a Letter confirming changes to the tax year of reporting for cooperatives and private enterprises that will take effect from 1 October 2019. This announcement brings the financial year into line with the State’s new budget year as mentioned in the 2018-2019 Union Taxation Law. Previously, only […]
Reading Time: 2 minutesThe Myanmar Ministry of Planning and Finance (“MOPF”) recently issued Notification 38/2019 dated 8 April 2019 removing the 2% advance income tax exemption on exports previously granted to taxpayers under the Large Taxpayers Office (“LTO”) and Medium Taxpayers Office No. 1 (“MTO 1”) effective from 1 May 2019. The 2% advance income tax was introduced […]
Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a notice with regard to the implementation of the Integrated Tax Administration System (“ITAS”). This is an electronic system that aims to modernize tax administration procedures in Myanmar starting FY 2019-2020. The aim of the ITAS is to implement an electronic-based system that will administer the tax […]
Reading Time: 2 minutesNotification 4908 issued by the General Department of Taxation (GDT) on the 18th of March 2019 requires all registered taxpayers in the self-assessment taxation regime in Cambodia to now provide the total amounts, in tax invoices that they issue to customers, in Khmer Riel (KHR). For completeness the itemized amounts in a tax invoice do […]
