July 2016 Issue 46
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Singapore: Amendments to the Income Tax Act
Legislation of 2015 Budget changes
The Income Tax (Amendment) Act 2016 was published on April 11, 2016. It mainly legislates changes announced during the 2015 Budget Speech, including those relating to the Mergers and Acquisitions (M&A) scheme, the International Growth Scheme, the Double Tax Deduction for Internationalisation and the enhanced tax deduction for qualifying donations.
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Singapore: 2016 Budget Updates
The 2016 Budget Statement was delivered by Finance Minister Heng Swee Keat on March 24, 2016. Proposed changes include:

• An increase in the corporate tax rebate for Years of Assessment (YAs) 2016 and 2017 (income years 2015 and 2016) from 30% to 50%. The rebate amount remains capped at 20 thousand Singapore dollars (SGD) per year.
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Protocol to the Double Tax Treaty between China and Bahrain entered into force
China and Bahrain signed a Protocol to the China-Bahrain double tax treaty (DTT) (the Protocol) on September 16, 2013. In May 2016, China’s State Administration of Taxation (SAT) issued SAT Public Notice [2016] No.31 to announce that the Protocol entered into force on April 1, 2016 and will be applicable to the income derived on and after January 1, 2017.
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Singapore: Tax treaty updates
Update India-Singapore treaty
The 2005 Protocol to the India-Singapore treaty (the ‘2005 Protocol’) provides for exemption of Indian tax on gains from the alienation of shares in an Indian company by Singapore residents, subject to certain conditions being met. However, this exemption is contingent upon the availability of similar benefit to a tax resident of Mauritius under the India-Mauritius treaty.
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Kingdom of Saudi Arabia vision explained at G-20 meet
BEIJING: Minister of Labor and Social Development Mufrej Al-Haqabani on Tuesday explained here, before the G-20 meeting of ministers of labor and employment, Saudi Vision 2030 as well as the third version of the annual report on the Saudi labor market.

The minister said Vision 2030 would provide meaningful employment opportunities to ensure quality productivity of male and female youths.
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Saudi Arabia:Study identifies key elements for Vision 2030’s positive success
RIYADH: A researcher has defined three key elements in the differences and similarities between the policies of the positive representation the United States has adopted during its renaissance in over 50 years of progress, and the Saudi Vision 2030 launched by Deputy Crown Prince Mohammed bin Salman, noting that the assets of the Kingdom at the historical and cultural levels that qualify the country to realize the objectives of this vision in a similar way to the effects of the correctional policies followed by the US.
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Intuit Research Team

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