Following our article about special tax regimes in Europe, we would like to introduce you some Asian countries that offer favourable tax conditions to their tax resident individuals.
Special tax regimes for individuals in Asia
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Tags: Singapore
Singapore: GST registration
In addition to the administrative aspects of having Singapore companies which we discussed in the previous article, it is also necessary to pay attention to their tax obligations in Singapore. Singapore has Goods and Service Tax (GST). In other countries analogue of GST is VAT (see VAT in Europe).
How to get Tax Ruling?
Tax legislations of foreign jurisdictions, where a business is just starting its work, often can be quite confusing and complex. For this reason, many jurisdictions provide in their legislation the right of the taxpayer to obtain a preliminary explanation from the tax authority on a specific tax mechanism or transaction, called Tax Ruling.
Special Economic Zones: UAE, Singapore, Malaysia, Georgia
Special economic zones (SEZ) are limited territories where the legislation on trade, taxes and business differs from the legislation on the rest territory of a country. SEZ are very popular all over the world and are created for different purposes and for different projects. For example, the Russian SEZ in Kaliningrad on Oktyabrsky Island and in Vladivostok on Russky Island were created for the purpose of returning large capital to Russia as part of the deoffshorization policy, and the Belarusian High-Tech Park was created to attract and retain IT businesses, including those related to blockchain and cryptocurrency.
How to get Tax Residence Certificate
Previously we have already discussed the importance of tax residency status for both individuals and legal entities in our articles on tax residency in Cyprus for 60 days (see article), on special tax regimes in Europe (see article) and in many others. This is not surprising, because the matter of determining the tax residency for a company and individuals is fundamental in tax planning. Today we will talk about the document confirming the fact of tax residence for individuals or legal entities in a particular country, namely, Tax Residence Certificate.
