Tax Lab Newsletter – January 2021

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Tax Lab Newsletter – January 2021

International Tax News – january 2021

The international tax environment is constantly changing, and companies as well as individuals need to keep themselves updated on those evolutions, and adapt their situations and structuring to comply with fiscal rules that may apply to them.

With more than 20 years of expertise in International tax advisory, Alpha Prime provides updates and analysis on the evolution of the tax environment of its clients and business partners.

We remain at your disposal to answer to more specific needs.”

Nicolas Michaux, Founder

Hong Kong Ship Leasing Concession

The Inland Revenue Department (IRD) has published in December 2020 a new regime for qualified ship leasing companies in Hong Kong. The tax benefits are effective from April 1, 2021 and may allow some ship rental companies to benefit from zero percent taxation.

French Tax Law 2021

The finance law for 2021 was published in the Official Journal of December 30, 2020.
No tax revolution planned for this year.
Regarding non-residents, it should be noted the change in the withholding tax regime on salaries, pensions and annuities.

The finance law purely and simply cancels, even before its implementation, the reform adopted last year.

Consequently, the withholding tax as stated in Article 182 A of the CGI is maintained for 2021 and the following years and maintain the previous rate of tax, that is:
0% for the fraction of income less than € 15,018
12% for the fraction higher than € 15,018 and less than or equal to € 43,563;
20% for the fraction higher than € 43,563.

Singapore: Corporate income tax rebate

Companies will benefit from a corporate tax rebate of 25% of tax payable, capped at SGD $ 15,000 for 2020.


Singapore : Tax residency Certificate

Where a company is not able to hold its Board of Directors meeting in Singapore due to the travel restriction imposed by the COVID-19, the IRAS has clarified that it is ready to consider the company as a Singapore tax resident for YA 2021, if it meets all the following conditions:

  • The company is a Singapore tax resident for YA 2020;
  • There are no other changes to the economic circumstances of the company; and
  • The BOD meetings need to be held outside Singapore or via electronic means due to the directors being temporarily restricted in their travel as a consequence of COVID-19.

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