Monday, 04 February 2019 17:01

PRISM Tax Newsletter- 4th Quarter 2018 issue

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The latest issues of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics.
Read the publication

Highlights

Australia
Whistleblower Provisions for Professionals

The onus is now very much on professionals to report to the relevant government authorities on what they know in respect to any clients’ illegal wrongdoings.
Can the professional resign from his professional obligations to avoid his duty to report the discovered wrongdoings?
Would this reporting on our clients be in contravention to the professional confidentiality and the Privacy laws?

Greece
Unified Real Estate Ownership TAX (UREOT)

More than 7 million notifications for the payment of Unified Real Estate Ownership Tax have been uploaded on August 2018, on the website of Greek Independent Authority for Tax Revenues taxis net.gr and 6,331,155 property owners are called to pay a total of 3,093,464,173 euros.

Malaysia
National Budget 2019

The 2019 National Budget with the theme “A Resurgent Malaysia, A Dynamic Economy, A Prosperous Society” was tabled on 2 November 2018 by our Minister of Finance, YB Lim Guan Eng. Further to the Budget 2019 announced on 2 November 2018, Finance Bill 2018 was passed in the House of Representatives with amendment in Committee to the Finance Bill on 10 December 2018. Some of the important amendments are summarized in this issue of PRISM.

Pakistan
The Finance Supplementary (Amendment) Act, 2018

The newly elected Finance Minister, Mr. Asad Umer presented Finance Supplementary (Amendment) Act, 2018 which was passed by the Parliament making certain corrective measures in the Finance Act, 2018. The supplementary act seeks to take sustainable corrective measures regarding fiscal and current policies.

China

The new Individual Income Tax Law (“IIT Law”) of the People's Republic of China

Individual Income Tax Law of the People's Republic of China was amended at the seventh meeting of the fifth session of the 13th National People's Congress Standing Committee on August 31, 2018, and it will be effected on January 1, 2019.

Egypt
Income tax law in Egypt in attracting investment and achieving target tax proceeds

The Income Tax Law No. 91 of 2005 was issued to address the issues of application of the previous laws to restore confidence between the taxpayer and the Tax Authority as follows:
(i) Law No. 157 of 1981- amended by Law No. 187 of 1993, which shifted the tax thought from administrative linkage to self-linkage.
(ii) cancellation of absolute tax exemptions and reduction of tax rate from 40% to 20% as an incentive to attract investment, which led to the increase of foreign investments from half a billion in 2005 to 8.6 billion pounds in 2009/2010. It has had a significant impact on increasing the state resources and expanding the taxpayers' base and containing the informal economy.

Malta
Attractiveness of Malta for Blockchain Industry

Over the last eighteen months, digital currencies and their related systems have taken the world by storm, and each one seems to be investing and trading in with digital coins like Eth and BTC and many others. There’s no doubt that this system is set to transform the world, from education to medical care, real estate to finance and voting, no one is left unturned with regard to the ground-breaking power of cryptocurrencies. Malta's geographical locations, proactive legislation and continuous Government support together with a state-of-the-art Financial Services economy has put Malta as one of the best European counties to allow business in this sector.