4 November 2007
On 2 October 2007, the Minister of Finance released draft legislation designed to implement tax measures proposed in Budget 2007 but not included in the Budget Implementation Act, 2007, which received Royal Assent on 22 June 2007. The draft legislation includes the following tax measures:
|-||the introduction of a new withholding tax exemption with respect to certain cross-border interest payments;|
|-||provisions to prevent double deductions of interest expense on borrowed money used to finance foreign affiliates (the Abti-Tax Haven Initiative). This provision has been significantly revised as a result of the input of an informal roundtable of private sector tax experts. The original proposal would have limited the tax deductibility of interest expenses and borrowing costs from foreign affiliate investments to foreign subsidiary income;|
|-||tax remittance and filing requirements for small business are eased;|
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