Directory 2024 Italian Chamber of Commerce in Singapore – Section “Tax and Legal”
We wish to extend our thanks to the Italian Chamber of Commerce in Singapore for inviting Algebra Corporate Services to contribute to the 2024 edition of their directory, which is now available online at italchamber.org.sg. It has been an honor to work on the ‘Tax and Legal’ section, where we have detailed the business structures, tax […]
New SACE office in Singapore
The inauguration of the new SACE office in Singapore, in collaboration with the Italian Embassy and Consulate in Vietnam, alongside the recently established office in Ho Chi Minh City, represents a significant step towards fostering growth opportunities for Made in Italy enterprises across Southeast Asia. Marking this milestone was the “SACE Meets Singapore” event, a […]
Australian Federal Budget 2024
In Australia, the Treasurer delivered the Federal Budget on Tuesday 14 May 2024. The Budget centred on providing cost-of-living relief and investing in the Future Made in Australia Act to support medium-term economic growth. The Government unveiled plans to spend $22.7 billion over the next decade on initiatives like: Production tax incentives to encourage the […]
IRAS’ audits of company tax acompliance
Introduction IRAS takes a comprehensive approach towards tax compliance by companies by conducting both risk-based and random audits across all industries to ensure good coverage across the corporate base. To do so, IRAS uses data analytics and other tools to profile companies according to their compliance risk. Focus area of IRAS’ upcoming compliance programmes include […]
Tax incentives and regulation needed for greenhouse emissions reduction
To accelerate towards net zero, Australian policy makers must consider using the tax system to incentivise investment. If Australia is to meet its commitment to reduce greenhouse gas emissions to 43% below 2005 levels by 2030, we need to cut emissions faster,” researchers from Griffith University recently wrote. “Even if all current government policy commitments […]
The united arab emirates exit the FATF “grey list”: what are the tax implications for italian investors in the region?
Financial Transparency and Investor Confidence The United Arab Emirates authorities have recently received significant recognition from the Financial Action Task Force (FATF) as they have been removed from the so-called “Grey List” for combating money laundering and terrorism financing. The Financial Action Task Force (FATF), established in 1989 during the G7 in Paris, is an intergovernmental […]
Tax cuts for Australians
Anthony Albanese, the Prime Minister of Australia, has unveiled proposed alterations to stage 3 tax cuts, assuring that every Australian taxpayer will experience a reduction in taxes. Income Old Tax rate New tax rate $190,001+ 45% 45% $135,001 – $190,000 37% 37% $45,001 – $135,000 32.5% 30% $18,201 – $45,000 19% 16% $18,200 or less […]
UAE Guidance on group taxation.
The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has recently issued comprehensive guidance on the tax group regulations outlined in the Corporate Tax Law (CTL). These regulations are applicable for financial periods starting on or after June 1, 2023. The guidance delves into various aspects of the tax group rules, including formation, […]
The Implications of Malaysia’s New Sales Tax on Low-Price Imported Goods to be sold on digital platforms
Background Malaysia, as a key player in the Southeast Asian region, since January 1st has implemented a new 10 percent sales tax on the import of low-priced goods which are sold on digital platform. In a globalized economy, nations often grapple with the challenge of balancing domestic economic interests with international trade dynamics. The introduction of […]
Prosecco ruling Singapore
In a groundbreaking decision, the Singapore Court of Appeal, in Consorzio di Tutela della Denominazione di Origine Controllata Prosecco v Australian Grape and Wine Incorporated [2023] SGCA 37, has given the green light for the registration of “Prosecco” as a geographical indication under the Geographical Indications Act 2014 (“GIA”). This marks the first instance where […]
