PRISM Tax Newsletter
2nd Quarter 2025 issue

The latest PRISM, the quarterly-issued Reanda international tax newsletter, provides updates and insights about the recent international taxation changes and topical issues. Please click here to read more:
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利安达国际税务季刊PRISM
2025年第2季
利安达国际最新一期税务季刊，让您掌握最新的国际税务动态与热门话题。 欢迎点击以下链接阅读！

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焦点内容 Highlights ​

Azerbaijan   Fitch Solutions Discloses Azerbaijan's Economic Growth Forecast Azerbaijan's economic growth in 2025 was predicted with estimates ranging from 2% to 3.5%. These varying predictions reflect differing perspectives from international organizations and local authorities. While some forecasts are more conservative, other, like those from Azerbaijan's Ministry of Economy, predict stronger growth. The article also suggests that early months of 2025 show a slow start with growth at just 0.2%. These differences in outlook highlight the uncertainty surrounding Azerbaijan's economic performance in the coming year.    阿塞拜疆   惠誉解决方案披露阿塞拜疆经济增长预测 2025 年阿塞拜疆的经济增长，估计值在 2% 至 3.5% 之间。这些不同的预测反映国际组织和地方当局的不同观点。虽然一些预测较为保守，但其他预测（如阿塞拜疆经济部的预测）则预测增长更为强劲。文章还指出，2025 年初几个月的开局缓慢，增长率仅为 0.2%。这些前景差异凸显了阿塞拜疆未来一年经济表现的不确定性。   Bangladesh Consolidation of Salary Allowances under the Income Tax Act 2023 The Income Tax Act 2023 introduces a major change by consolidating separate salary allowances like house rent, medical, and conveyance into a single exemption cap. An individual can now claim an exemption up to BDT 4,50,000 per year or one-third of gross salary, whichever is lower.  This simplification reduces paperwork and enhances transparency.   孟加拉国 薪资津贴合并— 2023年所得税法下的新变化 2023年《所得税法》引入一项重大改革，将房租、医疗和交通等单独的工资津贴合并为一个免税上限。现在，个人每年最高可申请免税额为45万孟加拉塔卡或工资总额的三分之一（以较低者为准）。这一简化措施减少文书工作，提高透明度。   Cameroon Importation and Taxation of Temporary Goods in Cameroon: Practical Insights for Freight-Linked Operations Importing temporary-use goods like container lining into Cameroon involves key tax and customs considerations. This article explains how to avoid duties and VAT through temporary admission, use of Certificates of Origin, and proper agency representation. It also covers VAT and withholding tax rules for export-linked services. Strategic planning and accurate documentation are essential for compliance and cost control.   喀麦隆 喀麦隆临时货物的进口与税收：货运相关操作的实用见解 将用于临时用途的货物（如集装箱内衬材料）进口到喀麦隆，涉及重要的税务和海关问题。本文介绍如何通过临时进口、使用原产地证书以及由合规代理代表操作，合法规避关税和增值税。同时，还探讨与出口相关服务的增值税和预提税规定。战略性规划和准确的单证对于合规与成本控制至关重要。 China Policy Changes Related to Stamp Duty and Export Tax Rebates Stamp duty exemption for sale and purchase contracts for offshore transaction businesses registered in Pilot Free Trade Zones and Lingang Special Area. Starting from 1 April 2025 to 31 December 2027, stamp duty is exempted for sale and purchase contracts for offshore transaction business of enterprises registered in the Pilot Free Trade Zones and Lingang Special Area. Goods exported through overseas warehouse methods  can apply for export tax refunds (or exemptions) immediately after the goods have cleared customs and departed. Starting from 27 January 2025, goods exported through overseas warehouse methods can apply for export tax refunds (or exemptions) immediately after the goods have cleared customs and departed 中国 印花税及出口退税相关政策变化 一、注册登记在自由贸易试验区及临港新片区离岸转手买卖业务书立的买卖合同，免征印花税 2025年4月1日起至2027年12月31日对注册登记自由贸易试验区及临港新片区的企业开展离岸转手买卖业务书立的买卖合同，免征印花税。 二、出口海外仓方式出口的货物，在货物报关离境后，即可申报办理出口退（免）税 自2025年1月27日起以出口海外仓方式出口的货物，在货物报关离境后，即可申报办理出口退（免）税。 Greece News and Changes in the Economy and the Labor Market News about the economy: Electronic card payments increased by €8.3 billion in the past year, exposing hidden business turnovers and increasing government revenue. The arrival of April is expected to sustain investor interest as AXA remains on the watchlist for FTSE Russell and S&P Dow Jones Indices (DJI) upgrades, potentially reclassifying it as a developed market. On March 6, 2025, the European Central Bank (ECB) decided to reduce interest rates by 0.25%, setting the basic deposit acceptance rate at 2.5%. Changes in the economy and the labor market: The Ministry of Labor announced an increase in the minimum wage to €880, effective April 1, 2025. A reduction in contributions will apply to wage increases for overtime, night shifts, and work on Sundays and holidays. The government introduced a new Stock Exchange Manual aimed at converting forgotten household deposits into more productive investments. 希腊 经济和劳动市场的新闻与变化 经济新闻： 电子卡支付在过去一年中增加83亿欧元，揭示隐藏的商业营业额，并增加政府收入。 预计四月将维持投资者的兴趣，因为AXA仍在FTSE Russell和S&P Dow Jones Indices (DJI)的升级观察名单上，可能会重新分类为发达市场。 在2025年3月6日，欧洲中央银行（ECB）决定将利率降低0.25%，将基本存款接受利率设定为2.5%。 经济和劳动市场的变化： 劳工部宣布将最低工资提高至880欧元，自2025年4月1日起生效。 对于加班、夜班以及周末和节假日工作的工资增长，将适用减免缴费。 政府推出新的股票交易手册，旨在将被忽略的家庭存款转化为更具生产力的投资。 India   Highlights of Changes in Income Tax Bill of India 2025 This article highlights the key changes in the Income Tax Act for the FY 2025-26. 印度 2025年印度所得税法案变更要点 本文将重点介绍2025-26财年所得税法的主要变化   Malaysia Malaysia Transfer Pricing Guidelines 2024 The Inland Revenue Board of Malaysia (IRBM) has released Malaysia Transfer Pricing Guidelines 2024 (MTPG 2024) in December 2024.  MTPG 2024 applies from year of assessment (YA) 2023 onwards, aligning with Income Tax (Transfer Pricing) Rules 2023 (TPR 2023).   马来西亚 2024 年马来西亚转让定价指南 马来西亚内陆税务局 (IRBM) 于 2024 年 12 月发布《2024 年马来西亚转让定价指南》(MTPG 2024)。有关指南与 2023 年所得税 (转让定价) 规则 (TPR 2023)一致，从 2023 年课税年度 (YA) 开始生效。 Morocco   How Global Tax Rules Are Shaping Morocco’s Role as a Gateway to Africa As international tax reforms reshape the investment landscape, Morocco faces the challenge of adapting to OECD standards while maintaining its role as a strategic entry point to Africa. This article analyzes how the implementation of BEPS 2.0, particularly Pillar Two’s global minimum tax, and greater tax transparency are influencing Morocco’s tax policy and value proposition. It also explores how Casablanca Finance City (CFC) and free zone regimes must evolve to remain compliant yet competitive. Morocco’s ability to balance fiscal sovereignty with global tax obligations will determine its long-term attractiveness to multinational enterprises. 摩洛哥 摩洛哥作为非洲门户的角色如何受全球税收规则影响 随着国际税制改革重塑全球投资格局，摩洛哥正面临在遵守经合组织标准的同时保持其作为非洲门户角色的挑战。本文分析BEPS 2.0，尤其是第二支柱的全球最低税及加强税收透明度如何影响摩洛哥的税收政策和投资吸引力。文章还探讨卡萨布兰卡金融城和自由区制度如何在合规与竞争之间寻求平衡。摩洛哥在维护财政主权与履行国际税务义务之间的能力，将决定其对跨国企业的长期吸引力。 Nepal Tax Expenditure in Nepal Tax Expenditure (TE) in Nepal refers to the revenue foregone arising from concessions, credits, rebates, and exemptions. Considering the need for transparency and sound fiscal management, the Ministry of Finance (MoF) initiated a TE study in FY 2021/22. It will analyze the impact of tax reliefs on revenues of the country using the "Revenue Foregone" methodology as per IMF and OECD standards. Domestic Revenue Mobilization Strategy 2024 suggests publishing TE data annually via an integrated portal. Study is ongoing with support from Inland Revenue Department (IRD), Department of Customs (DoC), The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and Reanda Nepal for income tax, VAT, and excise duty. 尼泊尔 尼泊尔的税收支出 尼泊尔的税收支出 (TE) 是指因优惠、抵免、退税和豁免而产生的收入损失。考虑到透明度和健全的财政管理需求，财政部 (MoF) 于 2021/22 财年启动一项税收支出研究。该研究将根据国际货币基金组织 (IMF) 和经合组织 (OECD) 的标准，使用“收入损失”方法，分析税收减免对国家收入的影响。《2024 年国内收入动员战略》建议每年通过综合门户网站发布税收支出数据。在税务局 (IRD)、商务部 (DoC)、德国国际合作机构 (GIZ) 和利安达尼泊尔 (Reanda Nepal) 的支持下，该研究正在进行中，研究内容涵盖所得税、增值税和消费税。 Nigeria   Tax Implications of Accounting for Government Grants: Disclosure of Government Assistance in Nigeria Government grants are essential for businesses but come with complex tax implications and disclosure requirements. Proper accounting for these grants affects taxable income, requiring careful decisions on recognition and measurement. Grants may be taxable or tax-exempt, and discrepancies between accounting and tax recognition may result in deferred tax assets or liabilities. Timely and accurate grant recognition, both for accounting and tax purposes, is vital for compliance and optimizing tax liabilities. This is especially true for grants tied to activities like Research and Development. Ensuring transparency through proper disclosure is crucial to avoid tax-related issues and maximize financial benefits. 尼日利亚 政府补助会计处理的税务影响：尼日利亚政府援助的披露 政府补助对企业至关重要，但其税务影响和披露要求却十分复杂。妥善核算这些补助会影响应税收入，因此需要谨慎地进行确认和计量。补助可能应税或免税，会计确认和税务确认之间的差异可能导致递延所得税资产或负债。及时准确地确认补助，无论是出于会计目的还是税务目的，对于合规和优化税务负债都至关重要。对于与研发等活动相关的补助尤其如此。通过适当的披露确保透明度，对于避免税务相关问题并最大化财务收益至关重要。 Pakistan Trans-Provincial Entities May Be Treated Independently of Provincial Fiscal Laws in Relation to Imposition / Collection of W.W.F. The Council of Common Interests (CCI) addressed ongoing challenges related to the imposition and collection of the Workers Welfare Fund (WWF) from trans-provincial entities in Pakistan. This issue, which has lingered since 2013, is tied to the post-18th Amendment landscape and was influenced by the Supreme Court ruling in Sui Southern Gas Company Ltd. vs. Federation of Pakistan. The CCI concluded that until a resolution mechanism is developed, the management of the WWF and the Employees Old-Age Benefits Institution (EOBI) should remain under the Federal Government to ensure the welfare of employees migrating between provinces. 巴基斯坦 在征收/收取工人福利基金方面，跨省实体可以独立于省级财政法律处理 共同利益委员会解决与巴基斯坦跨省实体的实施和收集工人福利基金有关的持续挑战。这个与18号后的修正案格局有关的问题自2013年以来一直持续，并受到Sui Southern Gas Company Limited与巴基斯坦联合会的最高法院裁决的影响。共同利益委员会得出的结论是，在制定解决机制之前，应将工人福利基金的管理和雇员的老年福利机构（EOBI）留在联邦政府的领导下，以确保在省份迁移的员工的福利。 Philippines Philippines Imposes Value-Added Tax (VAT) on Digital Services Bureau of Internal Revenue (BIR) issued Revenue Regulation No. 003-2025 Prescribing Policies and Guidelines for the implementation of Republic Act (RA) No. 12023 entitled "An Act Amending Sections 105, 108, 109, 110, 113, 114, 115, 128, 236 and 288 and Adding New Sections 108-A and 108-B of the National Internal Revenue Code of 1997, as Amended" imposing the Value-Added Tax (VAT) on Digital Services 菲律宾 菲律宾对数字服务征收增值税（VAT） 菲律宾国内税务局（BIR）发布了第003-2025号收入条例，规定实施《共和国法案（RA）第12023号》的政策和指南，该法案标题为“修订1997年国家内部税收法典第105、108、109、110、113、114、115、128、236和288条，并新增第108-A和108-B条的法案”，对数字服务征收增值税（VAT）。 Saudi Arabia The Refund of Value-Added Tax Incurred in the Context of Undertaking Public Benefit Projects When submitting a refund request to the authority, the qualified donor must have the books, records, and documents proving their entitlement to the refund, especially the tax invoice related to the supply subject to the refund and issued in the name of the qualified donor, which includes all details related to the goods or services associated with the general project subject to the refund, in addition to the documents proving the payment of the tax subject to the refund. If the conditions mentioned in paragraph five of Article (53) of the executive regulations of the Value Added Tax system are not met, the request will not be accepted by the authority. When submitting a refund request, the total amount of the submitted request must be one thousand (1000) Saudi Riyals or more. The donor, being a qualified individual for the refund, must specify the bank account to which the tax refund should be credited if the authority approves the refund request in full or in part. 沙特阿拉伯 在开展公益项目过程中产生的增值税退税 在向主管机关提交退款请求时，合格的捐赠者必须拥有证明其有权获得退款的账簿、记录和文件，特别是与退款相关的供应税发票，并且该发票必须以合格捐赠者的名义开具，其中包括与退款相关的一般项目的货物或服务的所有详细信息，以及证明支付退款相关税款的文件。如果未满足增值税制度执行条例第（53）条第5款中提到的条件，申请将不被主管机关接受。提交退款请求时，提交请求的总金额必须为一千（1000）沙特里亚尔或以上。捐赠者作为符合退款条件的个人，必须指定税款退款应汇入的银行账户，如果当局全额或部分批准退款请求。   Tajikistan Taxation in Tajikistan: Amendments in Current Legislation Recent amendments to the Tax Code of the Republic of Tajikistan have introduced significant changes aimed at creating a more favorable tax environment for businesses. These legislative updates focus on reducing the overall tax burden and providing additional benefits to stimulate economic growth. Key areas of reform include economic and technological sectors, improved accrual systems through digitalization, more streamlined tax audits, and enhancements to VAT regulations. Further amendments address export rent and gambling taxes, ensuring improved mechanisms for their accrual and payment. 塔吉克斯坦 塔吉克斯坦的税收：现行立法的修订 塔吉克斯坦共和国税法最近的修订引入重大变化，旨在为企业创造更有利的税收环境。这些立法更新的重点是减轻整体税收负担，并提供额外的好处，以刺激经济增长。改革的关键领域包括经济和技术部门，通过数字化改进权责发生制，更精简的税务审计以及增强增值税法规。进一步的修正案涉及出口租金和赌博税，确保改进其权责发生制和支付机制。 Thailand Thailand Tax Incentives for Foreigners in 2025 The current situation influenced by Trump’s government policies especially on Tariff Trade War impacts on the high pressure of the world inflation. However,  foreigners who live in Thailand still have the privileges in promoted businesses. Foreigner can do business in Thailand with 100% owned business with or without any licenses based on Thai foreign business Act. Board of Investment (BOI) incentives provide the incentives for the promoted business as corporate tax exemption and foreigner’ s incentive scheme. The talented foreigner and retired foreigner are also taking the benefits from tax scheme as Long-Term Resident VISA. 泰国 2025年泰国对外国人的税收优惠 从目前的情况来看，受特朗普政府政策尤其是关税贸易战的影响，对全球通胀压力很大，但居住在泰国的外国人仍然享有优惠政策。 根据泰国外商经营法，外国人可以在泰国以 100% 控股的方式开展业务，无论是否拥有任何许可证。 BOI 激励措施为受鼓励的企业提供企业免税和外国人激励计划等激励措施。有才华的外国人和退休外国人还可以享受长期居留签证等税收计划的优惠。 UAE UAE Introduces 15% Minimum Tax for Multinationals with QDMTT Starting in 2025 On 11th February 2025, the UAE Ministry of Finance released Cabinet Decision No. 142 of 2024, imposing a top-up tax on multinational enterprises (MNEs) with consolidated group revenue exceeding EUR 750 million for at least two of the previous four years. The tax applies to UAE-based constituent entities (CE), excluding certain entities such as government bodies and pension funds. The decision introduces carve-outs for payroll and tangible assets, with a phased reduction over eight years. Safe harbour rules, including routine profit, effective tax rate, and de minimis tests, can reduce or eliminate the top-up tax. Compliance includes registration, filing, and timely tax payments. 阿联酋 阿联酋自 2025 年起对采用 QDMTT 的跨国公司实行 15% 的最低税率 2025年2月11日，阿联酋财政部发布2024年第142号内阁决定，决定对过去四年中至少有两年合并集团收入超过7.5亿欧元的跨国企业（MNEs）征收补充税。该税适用于阿联酋境内的组成实体，但不包括政府机构和养老基金等特定实体。该决定引入工资和有形资产的豁免，并将在八年内分阶段降低税率。安全港规则，包括常规利润、实际税率和最低限度测试，可以减少或免除补充税。合规包括注册、备案和按时纳税。 UK Changes Bringing Trusts into Scope of Inheritance Tax from 6 April 2025 Recent and upcoming changes to UK taxation mean that a trust will likely be brought within the scope of UK Inheritance Tax (IHT) if either: the trust owns over £1,000,000 of assets qualifying for Agricultural Property Relief (APR) or Business Relief (BR), which was formerly known as Business Property Relief (BPR). the trust was a foreign Excluded Property Trust and has a living, long-term UK-resident settlor. the long-term UK resident settlor or their spouse can benefit from the foreign trust. 英国 2025年4月6日起，信托纳入遗产税范围的变更 根据英国税收政策的最新调整和即将实施的变更，以下情况的信托可能会被纳入英国遗产税（IHT）范围： 信托持有超过 1,000,000 英镑的资产，并符合农业财产减免（APR）或商业减免（BR，前称商业财产减免 BPR）的资格。 信托原为外国除外資產信託，且设立人仍在世并长期居住在英国。 长期居住在英国的设立人或其配偶可以从该外籍信托中受益。 Zimbabwe Tax Literacy - A Must for Zimbabwean Business Taxation proceeds are a major source of Zimbabwean government revenue. The tax system is crafted elaborately such that all economic players within the country contribute to the national purse. Furthermore, there is need to constantly keep abreast with tax changes which are introduced every time there is a change in an economic variable due to the volatile economic environment in Zimbabwe. Another reason to stay tax literate is that the tax legislation provides for hefty penalties in the event of errors or illegal activities. Tax literacy must therefore be actively pursued despite the limited sources available.  津巴布韦 税务素养 - 津巴布韦企业的必备能力 税收收入是津巴布韦政府收入的主要来源。税制设计得非常精细，以确保国内所有经济参与者都能为国家财政做出贡献。此外，由于津巴韦经济环境的不稳定性，每当经济变量发生变化时，税收政策都会有所调整，因此需要不断跟进税收变化。保持税务知识的另一个原因是，税收立法对于错误或非法活动规定严厉的处罚。因此，尽管可用资源有限，企业仍必须积极掌握税务知识。

Dear Colleagues / Associates / Clients,

TEMPORARY TAX - 2024 - 2ND INSTALLMENT

We would like to remind you for the requirements of the Cyprus Tax Legislation (Assessment and Collection Law as amended in 2003, article 24) regarding the filing of temporary tax returns and relevant temporary tax payments for the year 2024.

Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year 2024 (if any), should be submitted to the Tax Authorities by 31^st of July 2024. The resulting tax is payable in two equal installments as per the following deadlines:

• 1st installment: 31^st of July 2024
• 2nd installment: 31^st of December 2024

Any final resulting tax liability for the year 2024 should be settled by 31^st December 2024.

If the Company fails to do so by submitting the IR6 declarations and its operations result in a taxable profit, then the company will pay a 10% penalty on the assessed tax (thus result in an effective tax rate of 13.75% instead of 12.5%). In addition, if the estimated tax is lower than 75% of the actual tax, this 10% penalty is applicable on the difference between actual tax and temporary tax paid. If for example the estimated tax is 1.000 euros and the Company pays two equal installments of 500 euros, but the actual tax comes out to be 1.500, then there is a penalty of [1.500-1.000]*10% = 50 euros. Revision of the estimated tax is allowed only up to 31 December of the current year.

In addition, for companies that wish to proceed with Provisional Tax payments, The second installment is due by 31 December 2024 and on the second installment you can revise the tax declaration through the Tax Portal.

Where the provisional income is less than 75% of the final taxable income for the current year, 10% additional tax is applied on the difference between the final tax due and the Temporary Tax paid.

1. For tax years 2006 onwards an additional tax of 5% is imposed in the event that any tax is due is not settled within thirty (30) days of the Last Payment Date.
2. As from 1/7/2011, for all tax years, a 5% monetary fine is imposed when a person (natural or legal) omits to pay the tax due until the date stipulated in the Law or until the date stipulated in any notice by the Commissioner.

It is important to note that NIL returns need not to be submitted. The Income Tax Office however does accept the submission of NIL tax returns from individuals but not for legal entities

If you would like us to assume responsibility for the preparation of the return and administration of its submission and related payments, please get in touch with us by 11^th December 2024 to make the necessary arrangements.

Our fees for the above are:

Preparation, submission and administration of payment of the Provisional Tax return with taxable income: Euros 100- 1,000, depending on the involvement required by us for estimating taxable income.

We will consider no reply to this newsletter by 11^th December 2024 as an assumption by you of the responsibility to comply with this obligation. We do not commit to the same prices for any requests in relation to this matter after that date. We kindly request your understanding in this.

PRISM Tax Newsletter
3rd Quarter 2024 issue
The latest PRISM, the quarterly-issued Reanda international tax newsletter, provides updates and insights about the recent international taxation changes and topical issues. Please click here to read more:
Read the publication

利安达国际税务季刊PRISM
2024年第3季
利安达国际最新一期税务季刊，让您掌握最新的国际税务动态与热门话题。 欢迎点击以下链接阅读！
阅读PDF版

焦点内容 Highlights

Azerbaijan 

Infrastructure Investments Driving Economic Growth in Azerbaijan 

Azerbaijan has intensified infrastructure investments to drive sustainable economic growth and regional integration. Key focuses include upgrading transportation networks—roads, railways, and ports—to enhance domestic logistics and trade efficiency. Projects like the Baku-Tbilisi-Kars railway and Baku International Sea Trade Port are pivotal for regional connectivity and global trade. Concurrently, Azerbaijan advances energy infrastructure with projects like the Southern Gas Corridor, ensuring reliable supply and supporting sustainability through renewable energy investments. Digital transformation efforts, including expanded telecommunications, foster connectivity critical for economic diversification and innovation. These initiatives position Azerbaijan to attract investments, unlock economic opportunities, and ensure long-term prosperity.

阿塞拜疆

基础设施建设推动阿塞拜疆经济增长

阿塞拜疆加大基础设施投资力度，推动可持续经济增长和区域一体化。重点包括升级交通运输网络 —公路、铁路和港口，以提升国内物流和贸易效率。巴库－第比利斯－卡尔斯铁路和巴库国际海上贸易港等项目对于地区互联互通和全球贸易至关重要。与此同时，阿塞拜疆通过南方天然气走廊等项目推进能源基础设施建设，确保可靠的能源供应，并通过可再生能源投资促进可持续发展。数字转型工作，包括扩大电信，促进经济多样化和创新关键的连接。有关举措使阿塞拜疆能够吸引投资，开拓经济机会，保持长期繁荣。。

Germany

Germany Lures Skilled Migrants with Tax Breaks 

Germany is offering significant tax breaks to attract highly skilled migrants. The plan, aimed at addressing a looming labor shortage, includes reduced income tax rates for high earners and streamlined immigration procedures. This move is part of a broader strategy to boost economic growth and compete for global talent. While the incentives are designed to be attractive, questions remain about their long-term impact and potential budgetary implications. As Germany joins the global competition for skilled workers, the success of this policy will be closely watched.

德国

德国以税收减免吸引技术移民

德国正在提供大量税收减免措施，以吸引高技书移民德国。有关计划旨在解决迫在眉睫的劳动力短缺问题，包括降低高收入人士的所得税率和简化移民程序，此举是促进经济增长和争夺全球人才的更广泛战略的一部分。虽然这些激励措施的目的是吸引人才，但其长期影响和潜在的预算问题仍然存在。随着德国加入争夺技术劳工的全球竞争，该政策的成败将受到密切关注。

Malaysia

e-Invoice

e-Invoice applies to all persons in Malaysia. All individuals and legal entities are required to comply with e-Invoice requirement, including association, body of persons, branch, business trust, co-operative societies, corporations, limited liability partnership, partnership, property trust fund, property trust, real estate investment trust, representative office and regional office, trust body; and unit trust.

马来西亚

电子发票

电子发票适用于马来西亚所有人士。所有个人和法人实体都必须遵守电子发票要求，包括协会、团体、分支机构、商业信托、合作社、公司、有限责任合伙企业、合伙企业、房地产信托基金、房地产信托、房地产投资信托、代表处和地区办事处、信托机构；以及单位信托。

Nigeria

A Transformative Step: Executive Order to Exempt Tariffs, Excise Duties and VAT from Essential Medical Products

In a visionary move, President Bola Ahmed Tinubu of Nigeria has signed an executive order that eliminates tariffs, excise duties and Value Added Tax (VAT) on imported medical inputs.
 

尼日利亚

重大变革：尼日利亚免除基本医疗产品的关税、消费税增值税的行政命令

尼日利亚推出一項前瞻举措，总统博拉·艾哈迈德·蒂努布签署一项行政命令，取消进口医疗投入品的关税、消费税和增值税 (VAT)。

Pakistan 

Taxation of Exports in Finance Bill 2024
Tax On Exports:

The Finance Bill 2024 has proposed to change the tax regime for export of goods from “final tax regime” to “minimum tax”.
 

The Federal Board of Revenue (FBR) proposed to convert the final tax regime of exporters of goods, Export Processing Zone (EPZ) entities, indirect exporters, etc. into minimum tax regime besides prescribing collection of an additional advance tax at the rate of 1% for direct exporters of goods.
 
A new provision has now been added in section 147 (Advance Tax) whereby specified withholding agents are now required to collect 1% advance income tax from the exporters of goods (whether direct or indirect) at the time of realization of export proceeds, etc. Consequent to this amendment, collection of advance tax under section 154 proposed through the FBR on direct exporters of goods has been withdrawn.
 

巴基斯坦

2024 年财政法案中的出口征税规定
出口税:

2024年财政法案建议将货物出口的税制从"最终税制 "改为 "最低税制"。

联邦税务委员会建议将货物出口商、出口加工区实体、间接出口商等的最终税制改为最低税制，并规定对直接货物出口商征收1%的额外预缴税。
 
第147节（预缴税）新增一条规定，指定的预扣代理机构现時必須在出口收益等变现时向货物出口商（直接或间接）征收 1%的预缴所得税。由于这一修订，根据第 154 条通过联邦税务局向直接货物出口商征收预付税的建议已被撤销。

Saudi Arabia 

Refund the tax to designated persons 

Without prejudice to the agreement or the system, the Minister of Finance may allow certain categories of persons who do not practice an economic activity or work in a specific economic activity to submit to the Authority a request to be considered as persons eligible for a tax refund. The Board of Directors or its authorized representative may issue a list of the names of persons eligible for a tax refund, and consider each of them qualified person.

沙特阿拉伯

向指定人员退税
在不影响协议或制度的情况下，财政部长可允许不从事经济活动或在特定经济活动中工作的某些类别的人向管理局提出申请，将其视为有资格获得退税的人。董事会或其授权代表可发出一份合资格退税的人员名单，并认可合资格人员。

Singapore

Implementation of InvoiceNow
The Inland Revenue Authority of Singapore (IRAS) announced the requirement for GST-registered businesses to use InvoiceNow solutions which enable the streamlined digital transmission of invoice data to IRAS. This would reduce manual processing and align with national digitalization efforts by integrating tax into business systems. The implementations are split into a few phases which includes soft launch on 1 May 2025 for early adopters with subsequent phases for new and voluntary GST registrants by November 2025 and April 2026, respectively. IRAS continues to gather industry partners’ feedback before announcing further details.
 

新加坡

实施InvoiceNow

新加坡税务局(IRAS)宣布，要求注册商品及服务税的企业使用InvoiceNow，以简化向 IRAS 传输发票数据的数字流程。这有助减少人工处理，并通过将税收纳入商业系统来配合国家数字化工作。实施工作分为几个阶段，2025年5月1日为早期采用者试行；随后分别在 2025 年 11 月和 2026 年 4 月为新注册者和自愿注册者试行。IRAS 将继续收集行业的反馈意见，然后再公布进一步的细节。

Turkey 
 

The first greenhouse gas regulation came into force in Turkey 
According to the law enacted on July 9, it was stipulated that a fee will be charged for the greenhouse gas emissions released from all commercial ships carrying cargo and passengers entering and exiting Turkish ports.
The collected fee will be calculated taking into account European emissions trading system data.

土耳其

土耳其首个温室气体法规生效
根据 7月9日颁布的法律规定，将对进出土耳其港口的所有载货和载客商船排放的温室气体征收费用。收取的费用将根据欧洲排放交易系统的数据进行计算。

UAE

Exploring the recent changes in UAE's Corporate Tax regime 
The recent introduction of Corporate Tax (CT) has significantly altered UAE's tax landscape, with authorities releasing crucial CT Guides that offer clarity and guidance for businesses. A standout update was the comprehensive CT guide specifically addressing free zone entities, resolving key concerns such as the taxation of branches, high seas sales, and transactions involving related parties. Additionally, the release of Corporate Tax registration deadline based on the issuance date of trade licenses has streamlined the registration process. Failure to comply with this timeline incurs a substantial AED 10,000 fine, emphasizing the importance of adherence to regulatory requirements in the Country.


阿联酋

有关阿联酋公司税制的最新变化
最近推出的公司税大大改变阿联酋的税收格局，当局发布公司税指南，为企业提供清晰指导。其中最重要的更新是专门针对免税区实体的全面公司税指南，解决分支机构征税、公海销售和涉及关联方的交易等关键问题。此外，根据贸易许可证的颁发日期登记公司税截止日期的流程进一步简化。若企业不遵守此时间表，将被处以 10,000 迪拉姆的巨额罚款，以强调遵守国家监管要求的重要性。

UK

Changes to the Furnished Holiday Lettings tax regime

The Furnished Holiday Lettings (FHL) regime is about to be abolished from 6 April 2025. The regime affects properties in the UK as well as the European Economic Area (EEA) which meet specific letting criteria. The owners have been able take advantage of income tax benefits and capital gains tax (CGT) relief that are typically available to traders.
It is important to consider the sale of FHLs prior to 5 April 2025 to preserve the CGT relief available. Moreover, losses from FHLs are ringfenced meaning they can only be set against profits from other FHLs and not against UK property income.

英国

英國标准假日出租房 (FHL) 的稅務制度的變更英國标准假日出租房（FHL）制度将会在2025 年 4 月 6 日起废除。该制度对英国以及欧洲经济区符合特定出租标准的房地产造成影响，制度下业主可以享受所得税优惠和资本利得税减免 (CGT)，而这通常是贸易商人才享有的优惠。
对于业主来说，他们需要重点考虑的是在 2025年4月5日之前出售标准假日出租房的权限，以保留可用的资本利得税减免。此外，标准假日出租房的亏损是有限制的，意味着它们只能与其他标准假日出租房的利润相抵消，而不能与英国房地产收入相抵消。

PRISM Tax Newsletter
2nd Quarter 2024 issue

The latest PRISM, the quarterly-issued Reanda international tax newsletter, provides updates and insights about the recent international taxation changes and topical issues. Please click here to read more:
Read the publication


利安达国际税务季刊PRISM
2024年第2季
利安达国际最新一期税务季刊，让您掌握最新的国际税务动态与热门话题。 欢迎点击以下链接阅读！
阅读PDF版

焦点内容 Highlights ​

Greece  Positive messages for the Greek economy at the beginning of 2024 Forecasts for the Greek economy show growth in 2024 ranging from 2.3 to 2.9%, much higher than the European average expected at 1.2%, according to the Commission. Inflation is expected to decrease further in 2024, although for Greece, it will fluctuate a little higher than the rest of Europe, mainly due to food prices and imported inflation. Also, the positive news is that the ECB, after raising interest rates for two consecutive years at historically high levels, is expected to make reductions at the end of the second quarter. This will have the effect of supporting incomes and consumption.   希腊 2024年初希腊经济向好 根据欧盟委员会的预测，2024 年希腊经济将增长2.3% 至 2.9%，远高于欧洲平均预期增长的 1.2%。预计 2024 年通货膨胀率将进一步下降，但希腊的通货膨胀率波动将略高于欧洲其他国家，主要原因是食品价格和进口通胀。另一利好消息是，欧洲央行在连续两年处于历史高位加息后，预计将在第二季度末降息，将起到支持收入和消费的作用。 Malaysia Service Tax  Service Tax Act 2018 and its subsidiary legislation were recently updated to incorporate changes announced in Budget 2024. Service tax is imposed on taxable services specified under the First Schedule of the Service Tax Regulations 2018.   马来西亚 服务税 《2018 年服务税法》及其相关法例近期更新，以纳入 2024 年财政预算案中宣布的改变。服务税征收项目为《2018 年服务税条例》第一附表中指定的应税服务。 Pakistan FBR Directs a Number of Business, Including Educational Institutions, Hospitals to Integrate with POS System Integration of POS System: SRO 428(I)/2024 mandates the mandatory integration of Point-of-Sale (POS) systems for fourteen (14) categories of businesses. These categories primarily target medium and large enterprises. Notably, the SRO focuses on businesses with a higher transaction volume, such as air-conditioned restaurants. The deadline for integration compliance is set for July 1, 2024. Implementation: The implementation of mandatory POS system integration represents a significant step towards improved documentation and digitalization of economic transactions in Pakistan. However, a key question remains: does the government possess the necessary resources and commitment to effectively execute this ambitious initiative? The timeframe allotted for integration – roughly two months from the notification date – presents a significant challenge. While assigning implementation tasks to private enterprises is a positive step, potentially minimizing bureaucratic delays, the success of this initiative hinges on the involvement of qualified professionals and IT specialists."   巴基斯坦 联邦税务局指示包括教育机构和医院在内的多家企业整合销售点系统 整合销售点系统： SRO 428(1)/2024规定十四类企业必须整合销售点系统，有关类别主要针对大中型企业。值得注意的是，SRO主要针对于交易量较高的企业，例如设有空调的餐厅。整合合规的最后期限定为2024年7月1日。 实施： 强制销售点系统整合的实施标志着巴基斯坦在改善经济交易记录和数字化方面迈出重要一步。然而，当中仍有一个关键问题存在：政府是否拥有必要的资源和承诺来有效执行此雄心勃勃的措施？ 为有关整合作出的时间框架自通知之日起只有大约两个月，因此带来巨大挑战。虽然由私营企业实施措施的效果正面，或能最大限度地减少官僚延误，但此措拖的成功取决于合格的专业人员和资讯科技专家的参与。 Saudi Arabia Real estate Tax in Saudi Arabia and the act of evasion or avoidance The Zakat, Tax, & Customs Authority (ZATCA) has defined real estate transactions as any legal transaction transferring ownership of real estate. Real estate transactions are characterized by their diversity and multiple forms, as they can include purchases and sales of residential, commercial, and industrial properties. These actions vary from one country to another and are affected by applicable legislation and legal systems. The specific rate associated with the tax will be clarified, providing examples that will help clarify the picture of real estate transactions. In addition, the impact of tax evasion, tax avoidance and the resulting penalties will be discussed.   沙特阿拉伯 沙特阿拉伯的房地产税及逃税或避税行为 沙特天课税务和海关总局（ZATCA）将房地产交易定义为转让房地产所有权的任何合法交易。 房地产交易的特点是其多样性和多种形式，因为此类交易包括住宅、商业和工业房地产的购买和销售。这些交易因国家或地区而异，并受到适用的立法和法律制度的影响。本文将解构与税收相关的具体税率，并提供房地产交易情况的范例以作解说，除此之外，本文也会讨论逃税和避税的影响以及相关处罚。 Singapore Singapore Budget 2024 1.     Personal Income Tax Rebate 2.     Corporate Income Tax Rebate (CIT Rebate) 3.     Renovation or Refurbishment (R&R) Expenditure 4.     Maritime Sector Incentive (MSI) 5.     Finance and Treasury Centre (FTC) Incentive 6.     Development and Expansion Incentive (DEI) 7.     Intellectual Property Development Incentive (IDI) 8.     Global Trader Programme (GTP)   新加坡 新加坡2024年预算案 1.     个人所得税退税 2.     企业所得税退税 3.     翻新工程开支 4.     海事部门激励政策 5.     金融及财资中心激励政策 6.     发展与扩张激励政策 UAE Navigating the UAE’s implementation of Global Minimum Tax rules The UAE Ministry of Finance (MOF) issues a consultation paper along with a guidance paper and consultation questionnaire in relation to the implementation of the Global Minimum Tax or Global Anti-Base Erosion Model (Pillar Two) (“GloBE") Rules and is open for public comments till 10th April 2024. UAE consults on implementing a global minimum tax (15%) for large businesses. This affects companies with UAE subsidiaries exceeding €750 million in revenue. The goal is to ensure fair taxes and minimize the burden on smaller businesses. Public feedback is sought on tax breaks and preferred implementation methods. This consultation reflects the UAE's commitment to international tax cooperation. 阿联酋 探究阿联酋实施之全球最低税规则 阿联酋财政部（MOF）就实施全球最低税或全球反税基侵蚀模式（第二支柱）（"GloBE"）规则发布咨询文件指导文件和咨询问卷，并征求公众意见，截止日期为 2024 年 4 月 10 日。阿联酋就对大型企业实施全球最低税（15%）进行咨询。 有关措施将影响在阿联酋拥有子公司且收入超过 7.5 亿欧元的公司，目标是确保税收公平，尽量减轻小企业的负担。阿联酋征求公众对减税和首选实施方法的反馈意见，反映阿联酋对国际税务合作的承诺。   UK Changes for Non-domiciled Individuals Including the End of the Remittance Basis The remittance basis will be abolished from 2025/26 and replaced by a new 4-year foreign income and gains regime for new UK arrivals and transitional arrangements for current non-domiciled individuals (non-doms) potentially allowing: capital assets to be rebased at April 2019, UK tax on half of foreign income for 2025/26, and 12% tax when remitting foreign income and gains (from before April 2025) to the UK in 2025/26 or 2026/27. Internationally mobile workers could be impacted by Overseas Workday Relief changes. Trusts taxation is impacted and non-doms can only create trusts excluded from UK Inheritance Tax before 6 April 2025.   英国 非户籍个人变化，包括终止汇款基准 从 2025/26 年起，汇款制征税将被废除，取而代之的是针对英国新移民的新四年期外国收入和收益制度，和当前非英国居籍人士（非定居者）的过渡安排，可能允许资本资产在 2019 年 4 月重新计税，2025/26 年度外国收入的一半在英国征税，以及在2025/26 或2026/27 年将（2025 年 4 月之前的）外国收入和收益汇至英国时征收12% 的税款。 国际流动工作人员可能会受到海外工作日减免变化的影响 信托税收受到影响，非英国居籍人士只能在 2025 年 4 月 6 日前创建免征英国继承税的信托。

TEMPORARY TAX - 2024

We would like to remind you for the requirements of the Cyprus Tax Legislation (Assessment and Collection Law as amended in 2003, article 24) regarding the filing of temporary tax returns and relevant temporary tax payments for the year 2024.

Please note that a Temporary Tax Assessment of the estimated net taxable profit for the year 2024 (if any), should be submitted to the Tax Authorities by 31^st of July 2024. The resulting tax is payable in two equal installments as per the following deadlines:

• 1st installment: 31^st of July 2024
• 2nd installment: 31^st of December 2024

Any final resulting tax liability for the year 2024 should be settled by 31^st December 2024.

If the Company fails to do so by submitting the IR6 declarations and its operations result in a taxable profit, then the company will pay a 10% penalty on the assessed tax (thus result in an effective tax rate of 13.75% instead of 12.5%). In addition, if the estimated tax is lower than 75% of the actual tax, this 10% penalty is applicable on the difference between actual tax and temporary tax paid. If for example the estimated tax is 1.000 euros and the Company pays two equal installments of 500 euros, but the actual tax comes out to be 1.500, then there is a penalty of [1.500-1.000]*10% = 50 euros. Revision of the estimated tax is allowed only up to 31 December of the current year.

In addition, for companies that wish to proceed with Provisional Tax payments, but fail to submit the Provisional Tax returns by the due dates stated above, there will be an interest rate of 5% per annum from the original due date (on a complete month basis) plus a one-off penalty of 10%.

It is important to note that NIL returns need not to be submitted. The Income Tax Office however does accept the submission of NIL tax returns from individuals but not for legal entities.
If you would like us to assume responsibility for the preparation of the return and administration of its submission and related payments, please get in touch with us by 7^th July 2024 to make the necessary arrangements.

Our fees for the above are:

Preparation, submission and administration of payment of the Provisional Tax return with taxable income: Euros 100-400, depending on the involvement required by us for estimating taxable income.

We will consider no reply to this newsletter by 7^th July 2024 as an assumption by you of the responsibility to comply with this obligation. We do not commit to the same prices for any requests in relation to this matter after that date. We kindly request your understanding in this.

Dear All,

We are pleased to announce that the Reanda International Annual Review 2023 has now been published. The Annual Review provides an overview of the development and performance of our network for the year 2023. You can also access the Annual Review 2023 via this link.

大家好，

《利安达国际2023年度报告》现已出版，附件报告概述了利安达国际网络在2023年的发展和表现，您亦可通过此链接下载及浏览报告。

Thank you, 
Reanda Cyprus Team. 

Dear Valued Clients,

The Department of the Registrar of Companies and Intellectual Property have announced that the Annual Fee for registered companies, also known as Annual Levy, is abolished from 2024 onwards.

Please note that the fees and penalties still apply for the years from 2011-2023 and that the Levy is payable only through the Registrar’s website and through JCCsmart.

If you prefer Reanda Cyprus Limited to assume responsibility for this procedure, please contact us either by email or phone.