International taxation is undergoing the biggest shake-up for a generation. The already complex world of transfer pricing is at the front and centre of these disruptive changes, both in the rules that govern it and in the heightened scrutiny it now faces.
The global mobility environment is changing rapidly. Businesses and their employees working internationally are faced with a complex web of regulations and laws.
Nobody thought that complying with the Base Erosion and Profit Shifting (BEPS) transfer pricing analysis and documentation demands would be easy.
Significant changes to Singapore’s Goods and Services Tax (‘‘GST’’) system were announced by Finance Minister Heng in the recent 2018 Budget.
The Inland Revenue Authority of Singapore (“IRAS”) released its 5th edition Transfer Pricing Guidelines (“TPG”) on 23 February 2018. The revised TPG provides guidance on the implementation of the transfer pricing (“TP”) related amendments made to the Income Tax Act (“ITA”) on 26 October 2017.
Automating and optimising your supply chain can help save money and facilitate growth. So could it work for your business?
While we may not have sight of what our future relationship with the EU will look like, Grant Thornton has developed Brexit Indirect Tax Impact Analysis, to help you to understand the possible Customs Duty and VAT costs posed to your business by various Brexit scenarios.
Tax affairs used to be a largely private matter between company and tax authority, with very little public disclosure beyond what was available in the report and accounts. Today, the veil of confidentiality is being stripped away.
A recent case involving a Singapore investment bank serves as a reminder of the complexity of tax planning on cross-border transactions and interpretation of tax treaties by local tax authorities.
New technology can free up tax professionals to take on a strategically influential role and generate the analytical insights and real-time information to support this. So how can a tax function take advantage of the changes ahead?
The structure of the VAT rates in China have been simplified into three brackets.
Singapore is amongst the earliest non OECD countries to adopt and consistently implement the OECD BEPS Actions. This signing of the Multilateral Convention is a further commitment towards ensuring that profits should be attributable to the jurisdiction in which the activities occur that give rise to the profits.
As most of the Base Erosion and Profit Shifting (BEPS) Action Plan is made up of best practice recommendations rather than ‘red line’ requirements, it was always going to be applied electively and in different ways from country to country.
Singapore Budget 2017 observations and analysis: Moving Forward Together seminar, hosted on Wednesday 8 March 2017.
As of next year, beginning 1 January 2018 a non-established of services not solely subject to the place of recipient principle in Switzerland and Liechtenstein has to register for VAT, unless the non-established business can prove that its worldwide annual revenue from supplies is less than CHF 100,000. This revenue threshold was previously limited to the territory of Switzerland and Liechtenstein and is newly extended to worldwide scope.