financial services News

Germany Presents Text For EU Financial Transactions Tax
by Ulrika Lomas, Tax-News.com, Brussels
Monday, December 16, 2019
German Finance Minister Olaf Scholz has presented a final proposal for a European Union financial transactions tax to the 10 member states participating in the initiative. Read Full Story

Singapore Announces Plans For GST Reforms
by Mary Swire, Tax-News.com, Hong Kong
Friday, November 8, 2019
Singapore is to add provisions to draft legislation to enhance the new GST regime for imported services and clarify new rules for virtual currencies. Read Full Story

South Africa Launches Large Business Center
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, October 28, 2019
On October 23, 2019, the Commissioner of the South African Revenue Service launched the re-established Large Business Centre, which aims to bring about higher levels of voluntary tax compliance among large taxpayers. Read Full Story

Philippines House Passes Financial Services Tax Reforms
by Mary Swire, Tax-News.com, Hong Kong
Friday, September 13, 2019
The Philippines' House of Representatives on September 9, 2019, approved two bills to overhaul the rates in place on financial services and passive income. Read Full Story

Netherlands To Reduce Tax On Savings Income
by Ulrika Lomas, Tax-News.com, Brussels
Friday, September 13, 2019
On September 6, 2019, the Dutch Ministry of Finance announced proposals to reforms the tax rules for savings income. Read Full Story

Filipino Financial Services Tax Reforms Clear First Hurdle
by Mary Swire, Tax-News.com, Hong Kong
Friday, August 30, 2019
The Philippines' House Committee On Ways and Means has approved a Bill that would overhaul the rates in place on financial services and passive income. Read Full Story

Oman Says VAT Not On The Backburner
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, August 8, 2019
Oman's Government has released a statement confirming that it is preparing to introduce VAT legislation into parliament to implement the levy without delay. Read Full Story

Mauritius Gazettes Budget Tax Measures
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, August 8, 2019
Mauritius has published in its Official Gazette legislation to enact measures announced in the territory's latest Budget, contained in The Finance (Miscellaneous Provisions) Act 2019. Read Full Story

Singapore To Exempt Virtual Currency Transactions From GST
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, July 16, 2019
On July 5, 2019, Singapore's tax agency released a draft guide that includes proposals for more favorable GST rules for virtual currencies. Read Full Story

Bahamas Announces VAT, Bank Tax Reforms In New Budget
by Mike Godfrey, Tax-News.com, Washington
Wednesday, June 5, 2019
The Bahamas announced a number of significant reforms in its 2019/20 Budget, released on May 29, 2019, including a new tax on banks, which will replace annual fees, and new VAT obligations on online marketplaces and the removal of VAT on exported services. Read Full Story
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