Recent update dd 10/01/2017
The highlights of the recent update include the following:
- The Finance Ministry has confirmed that the Government will not levy additional tax on those with more than one property in 2017.
- On 28 December 2016, Taiwan’s President Tsai Ing-wen signed into law the amendment to the Value-Added and Non-Value-Added Business Tax Act to impose tax on foreign online sellers’ supplies to Taiwanese consumers.
- The Government has decided to halve the existing transaction tax of 0.3% on day trading over through Taiwan Stock Exchange.
- Within its proposed policy framework for 2017, the Ministry of Strategy and Finance has announced various tax changes to counteract the continued economic uncertainties, including measures to create jobs and support new growth industries.
- The Financial Services Development Council released a report on 29 December 2016 on ways Hong Kong could improve the tax conditions for financial institutions.
- Treaty Update: India–Singapore.
Malaysia Revenue Legislation, 10 January 2017
We are pleased to inform you that the following has been updated/inserted in CCH’s Malaysia Revenue Legislation and is available on IntelliConnect®:
- Employees Provident Fund (Amendment) Act 2016 [Act A1504]
The Employees Provident Fund Act 1991 has been amended by the Employees Provident Fund (Amendment) Act 2016 as follows:
– Amendment to s 50, 51A, 70C and 70E, and
– Insertion of new s 55B.
The amendments come into operation on 1 January 2017.
- Employees Provident Fund (Amendment) (No 2) Rules 2016 [PU(A) 371/2016]
The Rules insert a new r 41A to the Employees Provident Fund Rules 1991. The Rules come into operation on 1 January 2017.
- Employees Provident Fund (Addition and Modification to the Purposes for Withdrawal under Subsection 54(6)) Order 2016 [PU(A) 372/2016]
The Order amends s 54(6) of the Employees Provident Fund Act 1991. The Order comes into operation on 1 January 2017.