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Singapore Issues Advance Ruling On IP Rights Transfer Singapore Issues Advance Ruling On IP Rights Transfer by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 On April 1, 2021, the Inland Revenue Authority of Singapore issued a summary of an advance ruling concerning franchise income earned by a Singaporean company from licensing intellectual property rights. The anonymized ruling says the franchise income derived by the Singapore company from outside Singapore is taxable in Singapore when it is remitted to Singapore, or is deemed to have been remitted. Background and facts IRAS said the ...

India Hikes Threshold For Country-by-Country Reporting India Hikes Threshold For Country-by-Country Reporting by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 India has enacted legislation to hike the turnover threshold for filing a country-by-country report. Previously, multinational companies headquartered in India were required to file a country-by-country report if their consolidated group turnover in the past accounting year was INR55bn (USD733m) or more. With effect from April 1, 2021, this threshold was been increased to INR64bn (USD853m). The changes were introduced in The Incom...

US IRS Reminds Of FBAR Filing Obligation US IRS Reminds Of FBAR Filing Obligation by Mike Godfrey, Tax-News.com, Washington 15 April 2021 The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement. However, filers missing the April 15 deadline will receive an automatic extension until Oct...

China Halves Corporate Tax For Smallest Businesses China Halves Corporate Tax For Smallest Businesses by Mary Swire, Tax-News.com, Hong Kong 15 April 2021 Chinese authorities have announced enhanced temporary tax breaks for small businesses. In announcement no. 12 of 2021, released on April 9, 2021, the Chinese Ministry of Finance and the State Administration of Taxation announced that small businesses will be subject to 20 percent corporate tax on just an eighth of their taxable income. Under the policy, these businesses, whose income must not exceed CNY1m, will be liable to an effective ra...

Singapore Explains Changes To 2021 Tax Filing Rules Singapore Explains Changes To 2021 Tax Filing Rules by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore (IRAS) has said that it will be sending tax bills directly to certain taxpayers this tax filing season and will be simplifying filing arrangements for the self-employed. IRAS is introducing a Direct Notice of Assessment (D-NOA) initiative for taxpayers on the No-Filing Service (NFS), which will mean that they receive their tax bills directly from May 2021. IRAS said that this is possible as more...