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Thursday, 20 June 2019 11:38

PRISM Tax Newsletter- 1st Quarter 2019 issue

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.
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Highlights

Australia
Foreign Owners when to lodge your Vacancy fee return

The Australian Government in conjunction with the Australian Taxation Office introduced an Annual vacancy fee return, for all those Foreign owners who made a foreign investment application for residential property as from 7.30pm 9 May 2017 in Australia. This has been introduced where Foreign property investors have built a large number of residential property holdings with no intention to either rent or live\reside in such residential holdings.

Cyprus
Tax incentives for the audio-visual industry in Cyprus

Committed to boosting this highly promising sector, the government of the Republic of Cyprus introduced a package of incentives encouraging international producers to choose Cyprus as their next film destination.

Hong Kong
Hong Kong Country-by-Country Reporting Notification Requirements

When the consolidated revenue of a corporate group exceeds HK$6.8 billion, the group would be required to submit a notification to the Hong Kong Inland Revenue Department in respect of its obligation to file a Country-by-Country Return. The first notification due date is 31 March 2019.

Malaysia
Special Program For Voluntary Disclosure

In the effort to address tax leakages, reduce the existing tax gap and explore new sources of revenue to increase tax collection, the Government of Malaysia has established a Tax Reform Committee. Hence, a Special Program is offered to encourage taxpayers to make voluntar disclosure in reporting their income and paying tax within the stipulated period.

China
The Chinese Government has launched a series of tax deduction measure

The new Individual Income Tax Law of the People’s Republic of China was implemented as of January 1, 2019. The income from wages and salaries, income from remuneration for labor services, income from author’s remuneration and income from royalties are combined into comprehensive income, to which progressive tax rates ranging from 3% to 45% shall be applied, with the annual tax deduction before tax increased from RMB42,000 to RMB60,000. In addition, special additional deductibles were applied to six types of expenditures, namely, education of children, continuing education, medical treatment of serious diseases, housing loan interest or housing rents, and support for elderly parents.

Greece
Capital Controls in Greece

Capital controls in Greece are moving towards their definitive abolition. The financial transactions within and abroad are less restrictive and Greece becomes an ideal destination for new investments.

Italy
The 2019 Budget Law

The 2019 Budget Law was approved at the end of the year 2018—effective 1st January 2019 with the following tax measures:
• Extension of the “hyper” or bonus depreciation allowed certain tangible and intangible assets
• Reduced corporate income tax at 15%
• New tax on Digital Services
• Amendments to the research and development (R&D) tax credit
• An extension of the step-up tax basis for land and unlisted shares, with the “step-up” subject to a substitute tax