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…

In December 2015, a new draft tax law has been released for attracting overseas and China companies to set up their corporate treasury centres (CTCs) in Hong Kong. Among other things, the following key provisions are proposed: •    Introducing a reduced profits tax rate of 8.25% (which  is half of the standard profits tax rate of 16.5%) for profits derived…

Updated rules and regulations of the current legislation regarding a controlled foreign company (CFC) - Federal law No. 150-FL of 08.06.2015: 1.    The concept of CFC exempts active foreign companies (with not more than 20% of profits comprising passive income) from the scope of CFC rules. Moreover, active holding and sub-holding companies are deemed as non-CFC if they comply with…

Budget 2016 Malaysia was tabled on October 23, 2015, it was based on Brent oil price assumption of US$48 (RM204) per barrel, and estimated a revenue of RM225.7 billion for 2016. The objectives include to achieve a 3.1% fiscal deficit target and to hit a 4% to 5% Gross Domestic Product (GDP) growth this year. Unfortunately, Brent oil price has…

The Financial Times reported that the quartet of Brazil, Russia, India and China that made up the BRIC index of emerging markets is being replaced by the TICKs, made up of Taiwan, India, China and Korea. Over the past decade Brazil and Russia led economic growth in emerging markets. However, plummeting commodity prices have resulted in deepening recessions in the…

The Indonesian government announces that it will immediately propose and discuss the draft Tax Amnesty Law with the Parliaments. The legislation shall be effective in the 2016 fiscal year. The tax amnesty is the tax policy which grants the remission of taxes (including tax interest and sanction) to certain tax payers in certain periods, which related to previous tax obligation.…