Category Taxation in Asia-Pacific

Australian Tax Review Report Released

May 3, 2010 Taxation in Australia

Prime Minister of Australia, Kevin Rudd addresses the world's mediaThe long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and more beneficial to Australia.

On May 2nd the Australian Government released its Australia’s Future Tax System report, which has come to be commonly called the “Henry Review”. The release was accompanied by the Australian Government’s immediate initial assessment of the report’s recommendations...

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Australian Tax Revenues Fell in 2009

April 28, 2010 Taxation in Australia

Australian Bureau of StatisticsAccording to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year.

On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that the Australian Government’s annual tax collection fell by AUD 9.45 billion (approx. USD 8.74 billion) to AUD 338.9 billion (approx. USD 314.2) in the 2008-09 financial year. The total tax collection represents 26.9 percent of the national GDP, a fall of 3...

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IMF Identifies ASEAN Economic Challenges

April 27, 2010 International Tax CooperationTaxation in ChinaTaxation in SingaporeTaxation in ThailandTaxation in Vietnam

ASEAN London CommitteeIn a recent speech given by the Deputy Managing Director of the International Monetary Fund (IMF) to the Finance Ministers of the Association of Southeast Asian Nations (ASEAN), the key economic and fiscal issues, that the IMF perceives as currently facing ASEAN nations, were revealed.

On April 26th the IMF published a previously unreleased transcript of a speech given by Naoyuki Shinohara, Deputy Managing Director of the IMF, at the 14th ASEAN Finance Ministers’ Meeting, held on April 8th 2010 in Nha Trang, Vietnam. The speech focused on the key economic challenges the IMF perceives as facing ASEAN member nations...

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Australia Government Increasing Tax Certainty

April 21, 2010 Taxation in Australia

Government HouseThe Australian Government has announced three new legislative actions that are aimed at increasing the overall tax certainty for select business finance transactions.

On April 19th Nick Sherry, Assistant Treasurer of Australia, issued a press release announcing the extension of the transitional period for Upper Tier 2 instruments. He also revealed that the final approval has been given to new regulations governing select term subordinated notes. The Assistant Treasurer also announced the release of a consultation draft for the Taxation of Financial Arrangements (TOFA) Amendment Bill...

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Australia Escalates Fight on Offshore Evasion

April 15, 2010 Taxation in Australia

Commonwealth Bank of AustraliaThe Australian Tax Office (ATO) is stepping up its efforts to eliminate offshore tax evasion by requesting customer information from national financial institutions. The data will be used in fresh investigations on Australians with undeclared offshore bank incomes.

On April 14th the ATO issued a press release detailing its new data-matching program aimed at identifying and investigating Australian taxpayers with undeclared offshore incomes or over-claimed tax deductions involving international transactions. The ATO has revealed that national financial institutions will be requested to provide data on their clients for the operation. The received information will be inspected alongside the ATO’s own data to discover individuals potentially committing tax evasion...

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