The key changes that will affect individual expatriates and their employers include:
- Revising the criteria for determining tax residency status;
- Implementing a mixture of aggregate and scheduler taxation system to replace the old scheduler taxation system;
- Amending the tax rates and taxable income brackets;
- Increasing the standard basic deduction and introducing additional specific deductible items;
- Introducing a unique taxpayer identification number; and
- Introducing an anti-tax avoidance rule.
The Amendments are indeed signifying an overhaul of the IIT system.
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