Category Taxation in Asia-Pacific
March 22, 2017 Taxation in Indonesia
Indonesia has wrapped up its latest tax amnesty program, and has reportedly achieved stellar results, and now the government is looking to crack down on tax evaders who did not take advantage of the generous offer of amnesty.
Indonesia saw approximately 745 000 workers come forward to declare their previously hidden assets and income.
The value of the assets and incomes has been estimated to come to the equivalent of USD 330 billion.
Some experts have gone so far as to suggest that the results of the amnesty are the most successful in recent history.
However, now that the amnesty is complete, the government hopes that it can improve its ...Read More
March 20, 2017 Taxation in New Zealand
In a television interview on Match 20th the Prime Minister of New Zealand explained that the government would not soon see the implementation of a tax on the bottling of water to be sold outside of New Zealand.
Recently, New Zealand has seen an increase in public outcry and media controversy regarding the issue of water being collected from New Zealand springs and lakes, and being sold overseas, as the businesses which win the rights to bottle the water, only pay a minimal price for the privilege.
The controversy has led to the suggestion that businesses which bottle water and sell it overseas should be...Read More
March 15, 2017 Taxation in New Zealand
New Zealand’s continued higher-than-expected tax revenue results may not continue into the foreseeable future, according to information detailed in a new report released by the New Zealand Treasury.
Over the 12 month to December 2016, the tax revenues of New Zealand grew by 8.5 percent compared to the same period in the previous year.
The growth in tax revenues also outpaced the growth in the national GDP level, and similar growth levels have been seen over the last two years.
The primary drivers behind the higher-than-expected growth have been rises in the collection of GST and corporate income tax, and higher than...Read More
March 7, 2017 Taxation in New Zealand
New information released on March 7th has shown that the government is seeing a larger surplus over the last 7 months than originally anticipated.
The level of tax collections seen over the seven months to the end of January were NZD 291 million higher than anticipated and forecast.
The level of expenditure seen by the government was approximately NZD 338 million lower than expected.
Overall the surplus seen on the government books was NZD 1.145 billion, a level which is NZD 703 million higher than the level anticipated previously.
The decrease in expenditure was accounted for mainly by differences between the projected costs of recovery from the re...Read More
March 5, 2017 Taxation in New Zealand
WELLINGTON – Multinational business operating in New Zealand, such as Facebook or Apple, may soon have a harder time shifting profits overseas, as the national government aims tightens up its tax rules.
On March 3rd the Revenue Minister of New Zealand Judith Collins and the Finance Minister of New Zealand Steven Joyce jointly announced a set of new legislative changes aimed at ensuring that large multinational companies operating in New Zealand pay their “fair share” of tax in the country.
The new changes fall in line with the Base Erosion and Profit Shifting strategies developed by the Organisation for Economic Cooperation and Development.
There are several proposed changes, however, the main update to tax rules includes stricter requirements regarding the declaration of profits rais...Read More