On 19 June 2019, the Italian Council of Ministers approved the China – Italy Double Tax Treaty (“New DTT”), signed in Rome on 23 March 2019. The New DTT will enter into force 30 days after the exchange of the ratification instruments replacing the China – Italy Double Tax Treaty signed on 31 October 1986 (“Old DTT”).

Law 37 of June 5, 2018, adds line 9 to article 709 of the Fiscal Code, which is related to the annual income tax deductions to which natural persons are entitled, regarding school expenses incurred by the taxpayer with respect to their dependents.

Following the latest joint guidelines from the Philippine government, all foreign nationals must have a Taxpayer Identification Number (TIN) from the Bureau of Internal Revenue in order to work in the Philippines.

The transfer pricing regulations now effective in Saudi Arabia are a significant tax development and introduce new compliance requirements related to transfer pricing documentation and Country-by-Country (‘CbC’) reporting.

Excise tax will be implemented in Oman with effect from 15 June 2019 in accordance with the unified GCC Excise Tax Agreement, making Oman the fifth GCC country to implement excise tax. The implementation of excise tax in Oman follows the issuance of the Royal Decree 23 of 2019 (“the Excise Tax Law “) on 13 March 2019 and the subsequent publication of the Excise Tax Law on 17 March 2019.

CGA Monthly Bulletin (June 2019)

ortugal and Sweden signed, on 16 May 2019, a Protocol to their existing 2002 double tax treaty. Amongst other changes, an amendment to Article 18 (Pensions) provides that pensions earned in Sweden will be taxable in Sweden if not taxed in Portugal. As a result, Swedish pensioners who are living in Portugal under the non-habitual residents (NHR) regime may lose the double exemption of income tax from which they currently benefit.

The governments of Jersey, Guernsey and the Isle of Man issued jointly a second guidance to provide further assistance on the scope and application of the economic substance legislation for companies in the Crown Dependencies.

Welcome to the Sovereign Asia Focus newsletter keeping you up-to-date with news and views from around this burgeoning region – Hong Kong and Singapore, in particular, where we have long-established offices.

Notification 4908 issued by the General Department of Taxation (GDT) on the 18th of March 2019 requires all registered taxpayers in the self-assessment taxation regime in Cambodia to now provide the total amounts, in tax invoices that they issue to customers, in Khmer Riel (KHR).