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Tax newsbites May 2014 PwC Singapore
Tax newsbites PwC Singapore Tax Services May 2014 Tax updates for April/May 2014 Tax updates Productivity and Innovation Credit scheme: The Inland Revenue Authority of Singapore (IRAS) has introduced a new PIC cash payout online application form which will take effect from 1 May 2014. As a transitional measure, the IRAS will continue to accept applications made using the old forms until the end of July 2014. With effect from 1 August 2014, all applications must be made via the online form. The IRAS has also updated the FAQ on cash payout and training costs. More details are available at the IRAS website at http://www.iras.gov.sg . Withholding tax exemption: The IRAS has extended the withholding tax exemption to rent for movable properties (e.g. cars, hand phones, laptops, etc.) to rent paid by overseas representative offices, with effect from 1 April 2014. More details are available at http://www.iras.gov.sg/irasHome/page04.aspx?id=596#Payments_for_use_o f_movable_property_under_Section_12(7)(d)_of_the_Income_Tax_Act . IRAS Compliance Review: As part of its regular tax compliance reviews for the year of assessment 2013, the IRAS has requested certain companies claiming foreign-sourced income exemption to complete a self-check Compliance Review checklist. If you have received a copy of the IRAS checklist and require assistance, do call your usual PwC contacts. International Agreements Foreign Account Tax Compliance Act (FATCA): In May 2014, Singapore and the United States (US) have substantially concluded discussions on the Intergovernmental Agreement (IGA) that will facilitate the compliance of the US FATCA by Singapore-based financial institutions. More details are available at http://www.pwc.com/en_SG/sg/financial-services-taxbulletin/assets/fstaxbul201405.pdf . OECD: Singapore has endorsed the adoption of the OECD Standard for Automatic Exchange of Information in Tax Matters. Double Taxation Agreements: The government of Liechtenstein announced it has approved the treaty with Singapore. On 25 April 2014, Singapore’s treaty with Barbados was ratified and entered into force. Negotiations for an exchange of information agreement relating to tax matters between the Cayman Islands and Singapore are ongoing. Overseas updates: Australia: The Australian Taxation Office (ATO) has recently announced a comprehensive tax amnesty for international taxpayers, where eligible taxpayers who voluntarily disclose unreported foreign income and assets by 17 December 2014 will not be subjected to criminal prosecution. China: The Chinese provincial authorities have denied Beneficial Owner Status to certain Hong Kong and Mauritius entities in their application for treaty claims. OECD updates: Representatives from approximately 100 countries, jurisdictions, and international organisations endorsed a new set of OECD guidelines for the application of value-added tax or goods and services tax across borders. Comments in response to the OECD's BEPS action 6 discussion draft on treaty abuse reflect a general concern with the proposed rules on entitlement to benefits, and highlight the lack of consideration for multinational enterprises and widely held funds. OECD will change the proposed country-by-country reporting template to require aggregate country-wide reporting instead of entity-by-entity reporting. PwC Survey results The 17th Annual Global CEO Survey: The survey results, summarising CEO views on some of today’s most pressing tax issues, are now available at http://www.pwc.com/gx/en/ceo-survey/index.jhtml . The Asia Region Funds Passport: The survey results of the fund management industry in Asia, where industry bodies, market participants and member firms of the PwC Network across 11 economies in Asia have been surveyed to explore the benefits arising from the development of an Asian Region Fund Passport, as well as the regional attitudes towards this objective, are now available at http://www.pwc.com.au/industry/asset-management/assets/Asia-RegionFunds-Passport-Nov10.pdf . 2 Contacts If you would like to discuss any of the issues raised, please get in touch with your usual PwC contact or any of the individuals listed here: Name Email Telephone Corporate Tax Advisory Services Alan Ross [email protected] +65 6236 7578 Sunil Agarwal [email protected] +65 6236 3798 Nicole Fung [email protected] +65 6236 3618 Abhijit Ghosh [email protected] +65 6236 3888 Mahip Gupta [email protected] +65 6236 3642 Ho Mui Peng [email protected] +65 6236 3838 Lennon Lee [email protected] +65 6236 3728 Elaine Ng [email protected] +65 6236 3627 Shantini Ramachandra [email protected] +65 6236 3823 Ajay Sanganeria [email protected] +65 6236 3703 Tan Boon Foo [email protected] +65 6236 3632 Tan Ching Ne [email protected] +65 6236 3608 Tan Tay Lek [email protected] +65 6236 3768 Teo Wee Hwee [email protected] +65 6236 7618 Anuj Kagalwala [email protected] +65 6236 3822 Liam Collins [email protected] +65 6236 7248 Paul Lau [email protected] +65 6236 3733 Carrie Lim [email protected] +65 6236 3650 Lim Maan Huey [email protected] +65 6236 3702 David Sandison [email protected] +65 6236 3675 Tan Hui Cheng [email protected] +65 6236 7557 Yip Yoke Har [email protected] +65 6236 3938 Chris Woo [email protected] +65 6236 3688 Andy Baik [email protected] +65 6236 7208 Chai Sui Fun [email protected] +65 6236 3758 Paul Cornelius [email protected] +65 6236 3718 Lim Hwee Seng [email protected] +65 6236 3118 Brad Slattery [email protected] +65 6236 7308 Financial Services Global Structuring Indirect Tax (Goods and Services Tax) Koh Soo How [email protected] +65 6236 3600 International Assignment Services James Clemence [email protected] +65 6236 3948 Margaret Duong [email protected] +65 6236 3958 Girish Vikas Naik [email protected] +65 6236 3915 Ooi Geok Eng [email protected] +65 6236 7205 Worldtrade Management Services (Customs and International Trade) Frank Debets [email protected] +65 6236 7302 Gregory Nichols [email protected] +65 6236 7333 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2014 PricewaterhouseCoopers Services LLP. All rights reserved. “PricewaterhouseCoopers” and "PwC" refer to PricewaterhouseCoopers Services LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.