Category Taxation In Asia

Taxes Could Fix Inequality in Hong Kong

June 12, 2017 Taxation in Hong Kong

Hong KongHONG KONG – The who may be the next Welfare Minister of Hong Kong is calling for taxes to fund anti-inequality measures in the city.

Hong Kong should considering levying a capital gains tax or amending the rates charged on personal incomes, according to a statement made by Law Chi-kwong, a prominent academic in Hong Kong.

While giving a televised interview over the weekend, Law Chi-kwong, who is expected to be appointed the next Welfare Minister of Hong Kong, said that income inequality in Hong Kong is rising.

The creeping inequality is most apparent among the elderly, many of whom are on the verge of poverty.

The academic suggested that a capital gains tax could be used to reduce the level of income inequality in the country.

He added that the standard 15 percent rate of tax on income co...

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Tourism Tax Coming to Malaysia

June 9, 2017 Taxation in Malaysia

Kuala Lumpur.KULA LAMPUR – Within a month tourist coming to Malaysia will be forced to pay an extra tax for their accommodation.

Malaysia will implement a tax on tourist accommodation on July 1st, according to a statement made on June 8th by the Minister of Tourism and Culture of Malaysia Mohamed Nazri Abdul Aziz.

The tax was previously expected to be enacted on August 1st, and details to that effect were made public on the Royal Malaysian Customs Department’s website.

However, the references to August 1st have now been taken down.

The tax will be levied at rates between MYR2.5 per room per night for small unrated hotels, and to a maximum rate of MYR 20 per room per night for 5-star hotels.

The tax is expected to bring in approximately MYR654...

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Thai Authorities Chase Luxury Car Scheme

May 20, 2017 Taxation in Thailand

Luxury Car ThailandBANGKOK – Thai authorities have are launching investigations into thousands of under-taxed luxury cars.

The tax authorities of Thailand have revealed that they are launching a new investigation into the purchases and import of approximately 10 000 high-end luxury cars, following a preliminary investigation which demonstrated that local automobile dealers are evading their tax obligations when importing cars.

Currently, any car imported into Thailand with a price exceeding THB 8 million are taxed as luxury items, with the rate set in accordance with the price.

Often the tax can be several times the value of the car itself.

In an effort to circumvent the tax, or to at least lower the amount paid, importers have underdeclared the value of the cars by as much as 40 percent.

Following the dis...

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Taxes Putting Churches in Danger in Canada

May 18, 2017 Taxation in China

Churches in CanadaOTTAWA – Churches in Canada are now seeking extra tax bills after enjoying exemptions for years, and the new financial pressure is putting the religious groups under extra pressure.

Some churches in Canada are currently undergoing investigations launched by local tax authorities, aimed at seeing the religious organizations pay a level of taxes that is more in line with a business.

Typically churches in Canada do not need to pay council tax, however, tax authorities are now taking steps to see churches pay at least a portion of the tax.

Investigators have allegedly visited churches to investigate the use and purpose of each room in the church, in order to determine what proportion of the building is used for community or religious purposes.

The exact amount of tax to be paid is being calc...

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Blackmoney Crackdown Boosts Taxes in India

May 4, 2017 Taxation in India

Indian RupeesNEW DELHI – By barring the use of selected bank notes, the government of India has managed to force millions of people to finally pay their taxes.

The efforts made this year by the government of India to drive down the use of black money and tax evasion have worked, with a large number of people now coming into the reach of the tax net.

Since the start of the crackdown on black money, the number of individuals who have filed tax returns has risen by approximately 9.5 million.

The tax net could even spread further, as the tax authorities are still on the lookout for taxpayers who are likely to have committed some tax evasion.

For the purposes of finding the tax evaders, the tax authority has compiled a list of 1...

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