News Update…
China
China shares take hit from tax fears (Source: Asia Times Online November 30, 2007)
China has introduced a tax return form that requires high-income individuals to declare profits from housing transactions and stock trading, reviving a long-standing worry that, despite denials by the taxation authority, the government is preparing to impose a capital gains tax.
Tax cut prospect, Wall Street gain buoy Chinese shares more than 4% (Source: People’s Daily Online November 29, 2007)
China Removes Some Incentives For Manufacturers In Order To Reduce (Source: The Metropolitan Corporate Counsel – http://www.metrocorpcounsel.com/-December 2007 Issue)
Hong Kong
Hong Kong to Lure Islamic Financing (Source: WSJ.online November 29, 2009)
India
Input tax credit under dual GST structure will be limited to one (Source: Infoline.com November 29, 2007)
Dr Parthasarathi Shome, Advisor to Union Finance Minister said that in the dual Goods and Service Tax (GST) at the Central and State level, input tax credit would be allowed only at one chain and no carry forward of the credit from one chain to the other would be allowed. The structure would only address the cascading effect only in the respective chain and not in the parallel one.
Lower GST rate possible only if tax base increases: Fin Min (Source: Zee News November 29, 2007)
Philippines
Foreign chambers want tax holidays to stay longer (Source: Manila Standard Today November 29, 2007)
Philippines considers temporary oil tariff cut (Source: Thomson FX Hub November 29, 2007)
finance urges overhaul of ’sin tax’ law (Source: Manila Standard Today November 28, 2007)
South Korea
Nearly 500000 Subject to Comprehensive Property Tax (Source: Korea Times November 29, 2007)
The number of individuals and businesses subject to the comprehensive real estate tax rose 38 percent to 486,000 this year from a year earlier on steep gains in home prices last year.
According to the National Tax Service (NTS) Thursday, the comprehensive tax was estimated to reach 2.86 trillion won this year, up 65 percent from 2006.
