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Malaysia's 2017 Budget will provide corporate tax cuts for companies increasing their annual revenues and for small businesses. Read Full Story
It is proposed that the current legislation in respect of sukuk and murabaha financing will be extended to listed companies, within the 2015 Draft Taxation Laws Amendment Bill that South Africa's Ministry of Finance recently published for public comment. Read Full Story
At a roundtable in Pyeongchang, the CEO of the Franco-American Alliance for Islamic Finance, Camille Paldi, noted that, while South Korea has taken many steps towards entering the global Islamic finance market, its tax code has yet to be amended to facilitate sukuk issuance. Read Full Story
In his 2015 Budget Speech on December 15, Seychelles Minister for Finance, Trade, and Investment Pierre Laporte has had to announce further tax-raising measures, so as to ensure future fiscal sustainability. Read Full Story
The Accounting and Auditing Organisation for Islamic Financial Institutions has indicated that it is now prepared to collaborate with the International Accounting Standards Board on the possible convergence of their corporate and financial accounting standards. Read Full Story
South Africa's National Treasury has announced that, following the entry into force of tax provisions for Islamic financing at the beginning of 2013, the Republic of South Africa has successfully concluded its debut USD500m, 5.75-year sukuk bond issue. Read Full Story
The Inland Revenue Board of Malaysia has issued a public ruling explaining the tax treatment of income received by a foreign fund management company that provides fund management services to foreign and local investors. Read Full Story
On April 14, the Hong Kong Monetary Authority and Bank Negara Malaysia held a joint Islamic finance conference in Hong Kong, to raise the level of interest in sukuk as a viable financing and investment instrument amongst the business and financial community in Hong Kong and Mainland China. Read Full Story
Legislation to amend the Inland Revenue Ordinance and Stamp Duty Ordinance, and provide a comparable taxation framework in Hong Kong for some common types of Islamic bonds compared with conventional bonds, went into operation on July 19, 2013. Read Full Story
A tax tribunal in the UK has rejected a company's claim that it was subjected to religious discrimination when it was told to pay GBP50m in Stamp Duty Land Tax following a transaction involving Shari'a-compliant financing. Read Full Story
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