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 […]
Myanmar Tax Update: Significant Changes Under the New Tax Administration Law
Reading Time: 2 minutesOn 7 June 2019, the Union Parliament (“Pyidaungsu Hluttaw”) enacted Law No. 20 otherwise known as the Tax Administration Law (“TAL”). This TAL is one of the major pieces of tax legislation being introduced in Myanmar as part of the Internal Revenue Department’s (“IRD”) tax reform program. This Law aims to modernize and provide guidance […]
Cambodia Tax Update: VAT Update – Zero-rated Supplies
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 […]
Myanmar Tax Update: IRD Confirms Changes to the Financial Year for Cooperatives and Private Enterprises
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 […]
Cambodia Tax Alert: Use of Khmer Riel in Tax Invoices
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 […]
Cambodia Tax Alert: Interest Rate Update/Transfer Pricing
Reading Time: 3 minutesMarket rates On 13 March 2019, the General Department of Taxation (“GDT”) released Notification 4630, which provides the “market rates” for determining the caps on interest rate deductions for loans that had been entered into using Khmer Riel (“KHR”) and United States Dollars (“USD”) in the 2018 financial year. The “market rates” for 2018 are as […]
Cambodia Tax Alert: Tax Incentives for Listing Entities
Reading Time: 2 minutesSub-Decree 01 ANKr.BK dated 4 January 2019 (“Sub-Decree”) has introduced a new package of tax incentives for those entities in Cambodia looking to list on the Cambodian Stock Exchange (CSX). The 2019 tax incentives provided to listing entities on the CSX are much more comprehensive and concessional then those that were initially offered in 2011, […]
Lao PDR Tax Alert: New Amended Law on VAT
Reading Time: 5 minutesThe Amended Law on Value Added Tax Law (No. 48/NA, dated 20 June 2018) (“Amended Law on VAT”) was posted on the Lao Official Gazette on 4 December 2018 and is effective from 18 December 2018. We summarize in this client alert the key important points to note from the Amended Law on VAT. 1. […]
Thailand Tax Alert: Thai Government Announces New International Business Center (“IBC”) Tax Incentive
Reading Time: 3 minutesOn 28 December 2018, the Thai Revenue Department (“TRD”) announced a new program of tax incentives through the issuing of Royal Decree No.674 (“RD 674”). Key points of RD 674 Section 3: Definition of IBCs Section 4, 5 and 6: PIT at 15% for foreign nationals working for IBCs and their required qualifications Section 7: […]
Cambodia Tax Update: Important – Taxation of Individuals
Reading Time: 4 minutesWhilst a lot of discussion has been in made in recent times regarding the impact of the proposed seniority payments a much more significant and far-reaching area of tax reform is expected to be ushered into effect with the anticipated promulgation into law this month of the 2019 Law on Financial Management (2019LFM). Compared to […]
Taxation in Singapore: Issues and concepts applicable to social enterprises/small businesses
Reading Time: 4 minutesNobody likes taxes. Over 190,000 companies paid tax in Singapore in 2016, for gross tax receipts of S$1.36 billion. As a social enterprise or SME owner, dealing with taxes often causes headaches, especially when you need every cent to pay the bills or grow your business. Fortunately, the Singapore tax regime is one of the […]