Category Taxation In Asia
February 23, 2017 Taxation in Hong Kong
On February 22nd the Finance Secretary of Hong Kong Paul Chan Mo-po announced that the government will be drastically cutting back on the tax exemption offered on the registration of electric vehicles, as such vehicles have become popular enough to no longer warrant heavy tax breaks.
Private vehicles being registered in Hong Kong are levied with a tax based on the value of the car, with the first HKD 150 000 of a car’s value taxed at 40 percent, with 70 percent charged on the next HKD 150 000, an additional 100 percent on the next HKD 200 000, and a final 115 percent on the remaining value.
Electric vehicles have been exempt from the taxes since 1994.
January 16, 2017 Taxation in Israel
Late last week the Israeli Tax Authority issued a circular detailing the authority’s stance on the taxation of cryptocurrencies, saying that the Bitcoins and other cryptocurrencies shall be treated as assets when sold.
Cryptocurrencies are often considered to fall into a legal grey area for the purposes of taxation, with some countries classifying them as financial instruments, or currency, or an equivalent of a currency, or an asset.
The ITA has now decided that any cryptocurrency sold in Israel shall be regarded as the sale of an asset, and, subsequently, will carry a potential capital gains tax obligation.
The profits made fr...Read More
January 11, 2017 Taxation in China
According to the results of new research conducted by Wang Changbin, an academic at the Gaming Teaching and Research Centre of the Macao Polytechnic Institute, the government of Macau should lower its taxes on gambling, in order to stay competitive in Asia.
Currently the overall tax burden faced by Casinos in Macau equates to an average of 39 percent on all gambling revenues, although the exact rate may vary based on the exact nature of the gambling and the clientele.
Wang Changbin suggested that Macau could investigate the feasibility of implementing a tax model similar to the one used in Singapore.
Gambling taxes in Singapore are currently set at 15...Read More
December 22, 2016 Taxation in Japan
The government of Japan is proposing new tax regulations which would see a reduction in the price high-malt beers, with a corresponding price increase for low-malt beers.
Current regulations in Japan define beer as a beverage which has a malt content of at least 67 percent, with the lower malt-content beers being defined as either “happoshu” or “hodgepodge”.
The newly proposed legislation would see the malt threshold lowered to 50 percent, a moved which would see a greater range of imported beverages being defined as beer.
The current taxes on beer are set at JPY 77 for a can of beer, JPY 47 for happoshu, and JPY 28 for hodgepodge.
If the new ...Read More
December 9, 2016 Taxation in Japan
According to information released by CoinDesk, an international news outlet about crypto-currencies, Japan may soon drop its tax on the sale of Bitcoin and other crypto-currencies.
Currently, the purchase of crypto-currency in Japan is subject to a special 8 percent sales tax.
The drop in the tax was apparently detailed in a document released on December 8th by the leading Liberal Democratic Party and the Komeito party.
It is expected that if the tax is enacted, the government would institute a grace period of one months to allow currency retailers to adjust to the changes prior to the tax being dropped entirely.
It is expected that the removal of...Read More