New Import/Export Tax

[DagonKhan]

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!

[onthemoon]

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...

[DagonKhan]

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.