Category Taxation In Asia

Japan to Automate Cryptocurrency Tax Returns

July 17, 2018 Taxation in Japan

Crypto-tax in JapanTOKYO – Japan is simplifying tax filing for cypto-traders, meaning only those making significant profits will be filing returns.

The National Tax Agency of Japan has disclosed its revised rules and systems for declaring profits from cryptocurrency transactions, unveiling a system which automates away a lot of the complexity of calculating the tax obligations.

The tax authority is now working on the implementation of an automated process which would automate the process of calculating the tax obligations arising from trades of cryptocurrencies made by Japanese taxpayers.

Previously traders were required to calculate the profits earned from cryptocurrency by comparing the value of the coin at the time of purchase against the value at the time of sale, and also compare that against what in...

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Japanese Tax Revenues At a 26 Year High

July 5, 2018 Taxation in Japan

Japanese tax revenuesTOKYO – Japan’s government has seen an incredible rise in tax revenues, with more funds coming in than any year in the last quarter of a century.

The government of Japan has announced that its tax collections for the 2017 fiscal year were the highest in the last 26 years.

The total amount of tax collected was approximately JPY 58.79 trillion (approximately USD 532 billion).

The total amount collected exceeded the government’s own projections by approximately JPY 1.1 trillion.

The revenue rise can be attributed primarily to rises in a 7.2 percent rise in income taxes, a 16.1 percent rise in corporate tax revenues, and a 1.7 percent increase in the collection of consumption taxes.

In addition to the higher-than-expected tax revenues, the government’s own sending was also below forecast ...

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Thailand to Tax Digital Businesses

June 26, 2018 Taxation in Thailand

digital taxes in thailandBANGKOK – Tax authorities in Thailand are modernizing their systems to try and tax online businesses.

The director-general of the Revenue Department of Thailand, Ekniti Nitithanprapas, has announced that the government is now looking at establishing new regulations which would require foreign online business to report any transactions that they have in Thailand.

Thailand, like many other nations around the world, is growing increasingly concerned with the advent of large digital businesses which make profits from Thai taxpayers, but do not pay any taxes in return.

In an effort to clamp down on these non-paying businesses, Thai authorities have already introduced new legislation which requires payment of VAT by businesses making more than TBH 1.8 million per year.

However, the tax author...

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Alcohol in Abu Dhabi No Longer Tax Free

June 14, 2018 Taxation in UAE

alcohol tax in Abu DhabiABU DHABI – Alcohol will no longer be tax-free in Abu Dhabi, and the licenses needed to buy it will soon also carry their own cost.

From June 15th Abu Dhabi will be enacting a new tax on alcohol sales on stores, along with a fee for the grant of a license to purchase alcohol.

The rate of tax on the sale of alcohol will be set at 30 percent, matching the rate already set in place in Dubai.

The tax is intended to be levied on sales from stores, however, there is not yet confirmation of whether the tax will apply to alcohol sold in bars or restaurants.

Local media has reported that some retailers are offering discounts in order to encourage consumers to stock up on alcohol prior to the implementation of the tax.

The tax will be accompanied by a new fee for a license to purchase alcohol, wh...

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Pakistan Ordered to Drop Mobile Charge Taxes

June 12, 2018 Taxation in Pakistan

Mobile charge PakistanISLAMABAD – Mobile top-ups may go untaxed in Pakistan, if only temporarily.

On June 11th the Supreme Court of Pakistan ordered that all tax withheld from the sale of mobile phone recharge and top-up cards be stopped, at least temporarily.

The judges remarked that currently, the sale of mobile charge cards carries too heavy a tax burden, as approximately 42 percent of the value of a PKR 100 charge card actually ends up as taxes.

Approximately 19.5 percent of the total tax load is made up of Federal Excise Duties, another 12.5 percent goes towards Withholding Tax, and another 10 percent becomes service and maintenance charges.

The judges ordered that a new comprehensive taxation plan be devised for mobile charge cards, in lieu of the current system.

Phone companies and tax authorities hav...

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