The Free Trade Agreement between European Union and Singapore (EUSFTA) will soon be approved by the Council of Ministers and ratified by the European Parliament. The aim is for the EUSFTA to come into force before the European Commission's mandate ends in 2019.
In line with the expansion plan in the Far East, Kelmer Group is sponsoring an exclusive seminar organized by the Italian Chamber of Commerce in the Philippines, that focuses on the investment and business opportunities in the Philippines.
On March 29 2018, Hong Kong’s Legislative Council passed Inland Revenue (Amendment) (No. 3) Ordinance 2018 (the Ordinance) to implement the two-tiered profits tax rates regime announced in the 2017 Policy Address.
The two-tiered profits tax rates regime will be applicable to any year of assessment commencing on or after April 1, 2018. The profits tax rate for the first $2 million of profits of corporations will be lowered to 8.25 per cent. Profits above that amount will continue to be subject to the tax rate of 16.5 per cent. For unincorporated businesses (i.e. partnerships and sole proprietorships), the two-tiered tax rates will correspondingly be set at 7.5 per cent and 15 per cent. A tax-paying corporation or unincorporated business may save up to $165,000 and $150,000 each year respectively.
Good news about the Chinese VAT tax rate since the Chinese State Council, during the meeting chaired by Premier Li Keqiang and held on 28 March 2018, announced that China will cut VAT tax rates related to some industrial sectors. The State Council decision is part of a tax reduction plan amounting to 400 billion yuan ($63.58 billion) to drive high-quality industries development.
Indeed, the meeting pointed out that in China the tax reduction over the past five years has reached the amount of 2.1 trillion yuan.
Singapore and Vietnam, together with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, and Peru recently have signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile.
Yesterday, the Federal Tax Authority published a new Cabinet Decision No.(59) with the List of all the Designated Zones in UAE which are following special rules for VAT application.
Article (51) of the Federal Decree-Law No. (8) of 2017 on Value Added Tax specifies that transfer of goods between designated zones is tax free.
Are you an Italian entrepreneur interested in expanding your business to the UK or a business consultant who wants to know more about the UK market’s opportunities?
Save the date for PRO.MEET 1st London Workshop about internationalization on May 5th 2017.