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Ministerial Decree – list of NCSTs updated for 2013

On 28 August 2013, the government published a Ministerial Decree updating the list of non-cooperative states or territories (NCSTs) with effect from 1 January 2013.

A major consequence of being on the list of NCSTs is the increase in the tax burden on outbound payments to such a state or territory. For example, dividend withholding tax is levied at a rate of 75% on payments to an NCST. The normal dividend withholding tax rate on outbound payments is 30%.

Under the terms of the Ministerial Decree:

-   the Philippines is removed from the list; and
-   British Virgin Islands, Bermuda and Jersey are added to the list.

Note. The removal of a state or territory from the list takes effect immediately, whereas the inclusion of a state or territory thereon takes effect from the following calendar year. As a result, the attendant counter-measures do not apply in respect of a state or territory immediately upon its inclusion on the list, but apply from the following year if that state or territory is still on the list at that time.

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