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.
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.
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.
On September 27th 2016, as according to the official website of the Administration for Quality Supervision, Inspection and Quarantine of the PRC (AQSIQ), the Chinese government ended the ban on Italian pork meat, which had already been lasting for 17 years.