Category Taxation In Asia

Tax Driving Not Cars, Says Israel Think-Tank

September 27, 2018 Taxation in Israel

Car tax in IsraelTEL AVIV – One think tank is calling for Israel to make purchasing cars cheaper, while making driver much more expensive.

A think tank in Israel is calling for taxes to be dropped entirely from cars, fuel, and auto-parts, and shifted towards driving.

Manuel Trajtenberg, a researcher at the Technion’s Samuel Neaman Institute, has submitted his proposal to the Finance Ministry of Israel, claiming that his idea will help alleviate the country’s worsening traffic problems.

It has been estimated by the Bank of Israel that in 2016 the impact of traffic delays resulted in economic losses of ISK 35 billion.

However, the national treasure believes that the cost is only ISK 25 billion, while some academics think that is currently as high as ISK 522 billion, and will reach ISK 100 billion by 2...

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Hong Kong Banks Divulge Client Data

September 15, 2018 Taxation in Hong Kong

Hong KongHONG KONG – The majority of Hong Kong financial institutions have divulged detailed data about their international clients for an international data swap.

New media reports in Hong Kong indicate that approximately 1 700 financial institutions have submitted details about their clients for international information exchanges.

The information exchanges are part of the mandatory international program called the Automatic Exchange of Financial Account Information in Tax Matters (AEOI).

The AEOI initiative has participating members in 149 countries around the world, and involves the annual exchange of information about individuals with financial accounts held in jurisdictions other than their main jurisdiction.

The exchanged information includes balances, pay-outs, dividends, and other data wh...

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Alipay Allows Tourist Tax Refunds

August 23, 2018 Taxation in ChinaTaxation in South Korea

Alipay tax refundSEOUL – Alipay, the world’s largest mobile payment network, is now leading the way for mobile tax refunds for tourists.

In a press release earlier this week, the mobile payment network announced that it is launching the first digital tax refund service in the world.

The new service will be open to tourists from China who have made purchases while visiting South Korea for tourism purposes.

With the new system, tourists using the Alipay system can skip the customary visit to the tax-refund kiosk and counter.

All that users will need to do is scan their passport at a specified location prior to departure.

At any point within 90 days of eligible purchases being made, the tourist can scan their tax refund receipts into the Alipay app, and the tax refund will be credited to them directly and ...

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Have Babies or Pay Tax, Says China

August 21, 2018 Taxation in China

fertility taxes in ChinaSHANGHAI – China could soon tax people for not having enough babies.

Hu Jiye, a finance professor at China University of Political Science and Law, is calling for the government to use taxes to encourage couples in the country to have more children.

The first of the two proposed taxes is a tax on the incomes of dual incomes couple with no children.

The professor claims that couples like these will end up consuming social resources, as they do not have kids to take care of them in their old age.

The collected taxes would offset the financial burden that the couples may eventually place on the government in the form of health care and social welfare.

Further, Hi Kiye called for the implementation of a fertility fund.

If enacted, the fund would see a tax paid by couples, with the collecte...

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Wealthiest Hong Kong Investors Skip Property Tax

August 17, 2018 Taxation in Hong Kong

Hong Kong housingHONG KONG – Shell companies are helping Hong Kong’s wealthiest people pay less to purchase houses and property.

Hong Kong has some of the most expensive property and housing in the world, and recent media reports are indicating that some wealthy investors and buyers are managing to bypass the taxes aimed at reducing house prices.

Under the standard rules applicable for most locals, property purchases carry with them a stamp duty of 15 per cent, or an even higher 30 per cent duty of the purchaser is not a local.

However, some wealthy locals have been reducing the applicable rate of stamp duty to as low as 0.2 per cent.

The reduced rate applies if the property in question is held in a company, and the buyer purchases the company and not the underlying asset.

Share sales are eligible for ...

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