Showing 1 - 2 of 2
Tax auditors snooping around pricey houses and cars
Business, Lawalliance Limited Company, Published on 01/07/2014
» There have been some interesting developments on the tax front since last week. As part of its ongoing reshuffle of senior officials, the National Council for Peace and Order shifted the director-general of the Customs Department to an inspector-general position at the Finance Ministry, effective immediately. The demotion was not unexpected, and more changes are likely to follow.
The withholding tax trap on bank fees
Business, Lawalliance Limited Company, Published on 23/04/2013
» It is commonly known that if a company needs to acquire loan financing from a bank, interest will not be the only cost. It is very likely you will be required to bear withholding tax on the interest costs payable to an offshore financial institution at a rate of 10% or 15%. This needs to be calculated on a gross-up basis (tax on tax), making the effective tax rates 11.11% or 17.65% respectively.