Featuring an interview with Cesar Cheng Vargas, president, Deloitte Colombia, this chapter explores recent changes to Colombia’s tax system implemented in 2013, touching on areas such as corporate income taxes and reorganisations, tax havens, capital gains taxes and value-added taxes, among others.
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Despite instability associated with the global mining and hydrocarbons sectors, Colombia displays stable economic growth amidst a regional slowdown, in large part a result of economic liberalisation, free trade agreements and entry to a variety of trade blocs. After recording 6.6% growth in 2011 and 4% in 2012, Colombia saw a slowdown in the first half of 2013, but the economy regained momentum by the end of the year.
Articles & Analysis | Exploring new avenues: A new tax on goods and services is set to be introduced from The Report: Malaysia 2014
On October 25, 2013, Malaysian Prime Minister Najib Razak delivered his 2014 budget speech and made a bold announcement that a goods and services tax (GST) of 6% will be effective in Malaysia as of April 1, 2015. GST is considered necessary to tackle the country’s budget deficit and to provide a stable source of revenue to Malaysia and avoid...
Articles & Analysis | Supportive environment: A general overview on tax regulations and rates for investors from The Report: Malaysia 2014
I. INCOME TAX: Malaysia operates a self-assessment system of income tax. This requires taxpayers to be responsible for computing the correct amount of taxes as the tax returns filed are deemed to be the official notice of assessment. The Inland Revenue Board (IRB) through regular tax audits carries...
This chapter gives an overview of Malaysia’s tax environment, focusing on the regulations and rates that affect businesses and investments. It also features an analysis of the new tax on goods and services that is set to go into effect in 2015.
Malaysia’s natural resources and its well-educated population are some of the many credentials that keep the country in good stead, with priorities centred on preparing for the ASEAN Economic Community in 2015 and steering the policy framework toward more inclusive political representation. The economy is built around global trade, and the government is working to encourage greater private investment.