India: Research & Development expenditure qualified for deduction prior to approval
The Delhi High Court in the case of Maruti Suzuki India Ltd v. Union of India & Anr (W.P. (C) 9306/2015, dated 4 August 2017) held that Research & Development (R&D) expenditure acquired in earlier years is eligible for weighted deduction
See MoreUAE: President issues VAT Decree Law
The President of the United Arab Emirates, Shaikh Khalifa Bin Zayed Al Nahyan, issued Federal Decree-Law No. 8 of 2017 for Value-Added Tax (VAT) on August 28, 2017. This is a primary step for implementing VAT in the UAE as of January 2018. The
See MoreMorocco: Social Security Agreement with Bulgaria approved
The Council of Ministers in Morocco, on August 24, 2017, approved the pending Social Security Agreement with Bulgaria. This treaty was signed by Bulgaria's Labor and Social Policy Minister, Zornitsa Roussinova and the Morocco's Employment and
See MorePakistan: Cabinet ratifies DTA with Hong Kong
On 15 August 2017, the federal cabinet ratified an agreement between Pakistan and Hong Kong (special administrative region of the People’s Republic of China) for the avoidance of double taxation and the prevention of fiscal evasion with respect to
See MoreIndonesia updates CFC rules
The Indonesian Ministry of Finance has updated the Controlled Foreign Company (CFC) rules by issuing Regulation No. PMK-107/PMK.03/2017 on 27 July 2017. The Regulation is effective from same date. Regulation PMK-107/PMK.03/2017 has extended the
See MoreVietnam: Ministry of Finance proposes to cut taxes for small and medium-sized firms
Recently, the Ministry of Finance (MoF) has proposed a number of changes to the country's tax regime, including a reduced corporate income tax rate. Small and medium-sized firms currently pay 20% in corporate income tax. If the proposal is approved,
See MoreHong Kong signs double taxation agreement with Saudi Arabia
The Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Government of the Hong Kong Special Administrative Region, signed a comprehensive agreement for the avoidance of double taxation (CDTA) with Saudi Arabia on 24
See MoreHong Kong plans to set tax incentives in innovation and technology sector
The Hong Kong government is planning to set a new tax incentive to boost the innovation and technology sector. The incentive was announced by Hong Kong Chief Executive Carrie Lam in her October Policy Address. The detailed plan is yet to be
See MoreDTA between Japan and Estonia approved by Estonia
The Estonian government approved the agreement between Estonia and Japan on 24 August 2017, to avoid double taxation and handed over the power to the finance minister to sign the agreement on behalf of Estonia. In addition, the government also
See MoreWTO and ICC: Participation by small business in international trade
An initiative launched by the World Trade Organization (WTO) and the International Chamber of Commerce (ICC) encourages companies and private sector organizations to suggest innovative ideas to promote cross-border trade by micro, small and medium
See MoreKenya approves Finance Act 2017
The Finance Act 2017, has been gazetted on 23rd June 2017. The Finance Act seeks to amend the law relating to various taxes and duties. Corporate tax related reforms: New motor vehicle assemblers in Kenya will now enjoy a decreased corporate
See MoreTaiwan: MOF publishes draft amendment to transfer pricing guidelines
The Tax Administration of the Ministry of Finance (MOF) has published a draft amendment to the transfer pricing guidelines for public consultation on 27th July 2017. According to the draft regulations, the Master File should include an overview of
See MoreBrazil: Provisional Measure publishes in the official gazette regarding revised CFC rules
On 18th August 2017, Brazil published Provisional Measure No. 795 ("MP No. 795/2017") in the official gazette 2017 regarding revised CFC rules for Brazilian organization. Provisional Measure No. 795/2017 which provides for changes in the tax
See MoreBrazil announces a strategy to simplify tax complex control system
Brazil’s Inland Revenue provided four fiscal simplification measures aimed at reducing costs for businesses and enhancing the business environment of the country on 7th August 2017 at a meeting and those are given below: Improving the
See MoreUK: Disclosure of offshore income and assets
In the period to 31 August 2017 taxpayers are receiving letters from their financial advisors warning them of their disclosure obligations in respect of offshore accounts and assets. Financial institutions providing offshore advice – referred to
See MoreSlovak Republic: Government approves a draft Law on R&D tax credit
The government passed a series of laws from the Ministry of Finance on August 16, 2017. Most of them related to tax issues. The Ministry of Finance announced that the government has approved draft legislation that would introduce measures
See MoreOECD: Comments received on draft updates to Model Tax Convention
On 11 August 2017 the OECD published comments received on the draft 2017 updates to the OECD Model Tax Convention and commentary. The draft updates had been published for comment on 11 July 2017. Comments were received from the BEPS Monitoring
See MoreArgentina: DTA with Mexico enters into force
On August 23, 2017 the Agreement for Avoiding Double Taxation (DTA) between Argentina and Mexico entered into force. It will be applicable from January 1, 2018 for withholding taxes (for payments made from that date) and for income and asset taxes
See More