Category Taxation In Asia

Don’t Forget the VAT, Say UAE Authorities

March 14, 2018 Taxation in UAE

Dubai taxABU DHABI – Businesses in the UAE are being reminded to comply with their new VAT obligations.

The Federal Tax Authority (FTA) of the United Arab Emirates has issued new guidance to all businesses in the area, advising them of their responsibilities as VAT-registered entities.

The main guideline was the reminder that any prices for goods or services displayed, offered, or advertised by the business must be inclusive of all VAT and Excise duties which will be owed on the sale.

The FTA said that not displaying taxes on the sale price is equivalent to misleading consumers.

Any businesses that do not display taxes on its products will be liable to pay a fine of AUD 15 000 per tax which is not already included in the price.

The introduction of VAT in the UAE has hit some minor roadblocks, ...

Read More

Anti-corruption Tax in Vietnam Allows Money Laundering

March 13, 2018 Taxation in Vietnam

Vietnamese DongHANOI – Vietnam’s crackdown on corruption could prove itself to be effective, or it could be a handy tool to facilitate money laundering.

Over the weekend a delegate of the National Assembly of Vietnam Truong Trong Nghia said that the newly proposed tax to be paid by civil servants with undeclared incomes and assets could lead to money laundering.

The government of Vietnam recently proposed that civil servants with undeclared or under-declared incomes and assets will be liable to pay a 45 percent tax on the true value of the assets unless the individual can provide adequate explanations of how the assets were acquired.

However, Truong Trong Nghia believes that a simple tax of 45 percent will lead to money laundering, as the offending civil servant will simply pay the fee and keep the re...

Read More

Property Taxes Shut Doors of Church of the Holy Sepulchre

February 26, 2018 Taxation in Israel

Church of the Holy Sepulchre, Jerusalem, IsraelJERUSALEM – Property taxes and land sales are at the centre of a growing dispute at one of the holiest Christian sites in Israel.

A dispute is escalating in Israel between Church of the Holy Sepulchre in Jerusalem and the national and municipal government, with taxation being at the centre of the disagreement.

The current culmination of the disagreement was the temporary closure of the Church to visitors, which was done as a protest by the Church against its perceived mistreatment by the state.

New regulations which are being enacted would remove the tax break currently enjoyed by the Church on all its properties.

The Jerusalem municipal authority is claiming that church-owned businesses and property which are not used as houses of prayer should not be able to enjoy a break from local p...

Read More

Japan Eyes 50% Casino Tax

February 21, 2018 Taxation in Japan

Japan's casino taxesTOKYO – Japan’s upcoming casino rules could come with a hefty tax burden of up to 50 percent.

New information circulating in Japan’s national media indicate that the government intends to introduce some punitive taxes on the revenues earned in casinos across the country.

Casinos are not yet legal in Japan, and, currently, work is being done to legalize and allow the operation of Integrated Resorts which include casino facilities.

The new information indicates that these Resorts will face a tax on their revenues of 30 percent.

Any facilities which see revenues exceeding JPY 300 billion will face a tax of 40 percent, while those with revenues of JPY 400 billion will face an even more punitive tax rate of 50 percent.

The rates are much higher than the 7...

Read More

Israel Clarifies That Cryptocurrency is Not a Currency

February 20, 2018 Taxation in Israel

bitcoin taxTEL AVIV – Cryptocurrency will be taxed as an asset in Israel, meaning that miners will now be considered to be factories.

The Tax Authority of Israel has issued new guidelines on the taxation of cryptocurrency, confirming that profits made from coins will be subject to VAT and capital gains tax.

It was confirmed that cryptocurrency will be regarded as an asset and not a currency for the purposes of taxation.

Due to the consideration, any profits made from the use of cryptocurrency will fall under the scope of capital gains tax, levied at a rate of 20 percent to 25 percent.

Businesses involved in the sale of cryptocurrency or carrying out transactions with cryptocurrency will also face VAT on the transaction, however, that will not extend to private investors.

As cryptocurrency is to b...

Read More