On 21 October 2016, the Prime Minister and Minister of Finance, YAB Dato’ Seri Mohd Najib Tun Razak delivered his eighth National Budget speech themed “Ensuring Unity and Economic Growth, Inclusive Prudent Spending, Wellbeing of the People”. Small and medium enterprises (SMEs) have contributed significantly to the economy and growth of Malaysia. In recognition of the contributions, the Government has…

On 28 September 2016 the mutual notifications necessary for the entry into force of the amended Japan- Germany Tax Treaty signed on 17 December 2015 were completed. The new Tax Treaty is applicable since January 2017 and replaces the previous Tax Treaty from 1966. The structure follows generally the OECD Model Tax Convention. What is new? Residency of an individual…

The revised DTAA between Cyprus and India, as announced on November 18, was published in Cyprus’ Gazette on 25 November 2016 and will replace the existing treaty which was concluded back in 1994. No changes have been observed on the withholding tax rates on dividends and interest, which re- main at 10% (some exemptions apply). It is worth noting that…

The Cyprus Ministry of External Affairs and Ministry of Finance have announced that the internal procedures required for the ratification of the DTAA with Latvia are completed and the DTAA are considered effective as of 1 January 2017. The DTAA is based on the OECD (Organization for Economic Co-operation and Development) Model Convention and is expected to further improve the…

The meaning of the reformThe positive meanings of the reform are as follows: 1)    Realize a complete coverage of the VAT for goods and services, basic to eliminate double taxation.2)    Bring the real estate into the deduction, to achieve a consumption-based value-added tax   system.3)    In a further reduction of the tax burden on enterprises.4)    Create a more fairly and neutral…

The Reanda International network is pleased to bring to you the latest issue 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. Please click here to download a digital copy of the 4th quarter 2016 issue…