Withholding tax is an amount withheld by the resident carrying on business in Malaysia on income earned by a non-resident and paid to the Inland Revenue Board of Malaysia. The Malaysian Income Tax Act, 1967 (“ITA 1967”) provides that where a resident is liable to make payment as listed below (other than income of non- resident public entertainers) to a…

All Cyprus registered companies are required to pay the Annual Government Levy of €350 to the Registrar of Companies by 30 June of each year. Penalties apply in case of delayed payments. For Companies incorporated after 30 June the Levy is payable upon incorporation. Please note that the Levy is payable only through the Department’s website and through JCCsmart. If…

The Ministry of Strategy and Finance announced on October 10 that it would revise the “Tax Reduction and Exemption Control Act.” to expand support for employment and investment. The revision of the tax Reduction law will be submitted to national assembly after vice-minister council and cabinet council in the beginning of February. 1. If calculating additional deductions for deduction of…

On 22 February 2017, the Financial Secretary delivered the 2017/18 Hong Kong Budget. The Budget is generally in line with the principles of financial prudence and sustainability in a volatile economic environment. The estimated budget surplus for 2016/17 is HK$92.8 billion. The forecast surplus for 2017/18 is HK$16.3 billion with the fiscal reserves hitting a new high at HK$952 billion…

The Tax Department of Cyprus announced about the extension of the deadline for submission of the Income Tax Return for Employees for the tax year 2016. The deadline is extended as follows: - Manual Submission extended to 2 May 2017- Electronic Submission extended to 30 September 2017 It is important to note that the taxpayer is required to settle any…

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 1st quarter 2017…