http://www.mmtimes.com/index.php/business/7039-new-2-percent-tax-on-imports-and-exports.html

Interesting.

Shortly after the flood of foreign investors in the mid to late 90's a similar thing happened. Not the same as what the article above suggests, but there are similarities, back then they introduced a 10% Export tax. MIC Companies were not excluded. Back then, every 6 months or so, government policy changed on various aspects that had a direct effect on MIC approved investors, regardless of what had been agreed when issuing the MIC Permit. Looks like they'll be keeping that tradition!

The change takes effect from June 14 and the 2pc tax is an advance payment of the 25pc income tax that most businesses have to pay on a yearly basis

Sounds like a withholding tax to me. While it's a new approach, businesses won't pay more taxes than they used to.

25% income tax is pretty low...

The change takes effect from June 14 and the 2pc tax is an advance payment of the 25pc income tax that most businesses have to pay on a yearly basis

Sounds like a withholding tax to me. While it's a new approach, businesses won't pay more taxes than they used to.

25% income tax is pretty low...

That's all well and good if there was any truth to it. 25% income tax? That's what's published, it's not what happens in reality. My tax returns have been increasing 20% per year for the last 4 years, they bear no correlation to my audited accounts. Tax officer decides what you pay here.