The British Virgin Islands (BVI), is a British overseas territory located in the Caribbean to the east of Puerto Rico. Tax rates in the British Virgin Islands (BVI) Corporate tax: 0%. Companies are exempt from tax in the BVI on all sources of income, including capital gains, dividends, royalties & interest. VAT/GST: 0%. There is no VAT/GST [...]
Singapore Individual Residency Taxpayer’s residency for tax purposes is to be determined. To be considered a resident of Singapore for tax purposes, an individual must be residing in Singapore and must be present in Singapore for at least 183 days during the preceding year. Regardless of whether an individual is a resident, individuals are taxed [...]
Excise & Customs duties In Singapore customs duty is payable only on certain alcoholic beverages (e.g. beer) at a specific rate per litre of alcohol. Excise duty is applicable on liquors, tobacco, motor vehicles, and petroleum products. It is taxed at a specified rates per quantity or ad valorembased on a percentage of the value. [...]
Companies resident of Singapore Payments made to a Singapore resident for tax purposes are not subject to withholding tax in Singapore. To be considered a resident of Singapore for tax purposes a company must have its place of control and management based in Singapore. Companies not resident of Singapore Withholding tax can be perceived on [...]
The tax regime in Singapore is territorial. Income is assessed on a yearly base. The general rule is that Singapore-sourced income & foreign-sourced income perceived in Singapore are subject to income tax. There are some exceptions: foreign-sourced dividends, branch profits and income from services are not taxable in Singapore when received in Singapore (certain conditions [...]
Tax rates in Singapore Corporate tax: 17% (top rate) VAT/GST :7% (standard rate) Personal income tax: 20% (top rate) Population/GDP Population: 5,2 million ( January 2012) GDP: US$ 233.37 ( March 2011) Currency: Singapore dollar ($) (SGD) For more details: Singapore Taxation Law
For periods ending on or after 1 January 2000, corporation tax payers are liable to a social contribution equal to 3.3% of the corporation tax calculated on their taxable earnings at the standard rate (33.33%) or at the reduced rates (16.5% or 15%). It is based on the amount of corporation tax for the year [...]
Taxpayer’s residency for tax purposes is to be determined according to the Israeli Income Tax Ordinance with the “centre of vital interests” test defined under Section 1 of the Israeli Income Tax Ordinance of 1961. Israeli residents are subject to individual income tax, capital gains tax and social security tax on a worldwide basis. Non-residents [...]
Controlled foreign companies (CFC) The CFC rules are applicable to any foreign company controlled by Israeli Shareholders (50% of the shares) and that has accumulated undistributed passive income taxed at a rate below 20%. The Israeli shareholders will be assessed and taxed on their proportionate share of the undistributed income at a rate of 25%. [...]
Israel is a signatory to a Treaty for the Prevention of Double Taxation with more than 40 countries all over the world. Draft agreements with additional countries are at the discussion stages. Israel grants a foreign tax credit for foreign taxes paid on non-Israeli sourced income. Double Taxation Prevention Treaty takes precedence, in all cases, [...]
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