Income redistribution and law enforcement are the two key pillars of the forthcoming individual income tax (IIT) reform. Businesses and individuals will feel the impact of the changes. There will be continued focus on the tax withholding obligation of businesses in respect of their employees. Dawn Foo and Yong Yong Ng of KPMG believe commercial transactions of entrepreneurs, including sales of businesses to foreign corporations, will be placed under closer scrutiny.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year