India: Government increases SIPP scheme for three years
The Indian government has extended the Start-Ups Intellectual Property Protection (SIPP) scheme for three years till March 2020, to support potential entrepreneurs protect their patents, trademark and designs. The Department of Industrial Policy
See MoreUK: Tax-Free Childcare launches
From 21 April 2017, working parents in UK can start applying for 2 new childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. Hence working parents of children,
See MoreBrazil releases withholding tax guidance on the importation of services
On 22 March 2017, the Brazilian Federal Revenue Service (RFB) released guidance in SC (Solução de Consulta) no. 153/2017 of 2 March 2017 regarding taxes on the importation of services. It primarily applies to the importation of services and the
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income
See MoreLatvia: Government sign a Protocol to amend the double tax agreement
The government signed a Protocol amending the Agreement for the Avoidance of Double Taxation with Singapore on 20 April 2017. The signing took place in Washington D.C. between Senior Minister of State for Finance and Law, Ms Indranee Rajah, and
See MoreUS: Government confirms duty-free access for some goods from Nepal
The US government has confirmed that 66 Nepali goods now eligible for duty-free entry into United Nations through Trade Preferences Act (TPA). The confirmation was made during the third joint council meeting of the Trade and Investment Framework
See MoreIndia: Prime Minister suggests January-December fiscal year
On 23 April 2017, at the Niti Aayog’s governing council meeting, Prime Minister proposed changing to a January-December fiscal year, saying it would to help prepare budgets once agricultural income is determined. Most countries follow the January
See MoreCzech Republic: MoF issues a paper on anti-tax avoidance rules
The Finance Ministry published on its website a discussion paper regarding the implementation of EU Anti-Tax Avoidance Directive on 12th of July 2016. The directive mainly states new rules for interest deduction restrictions and similar expenses
See MoreNegotiations to update DTA between Japan and Spain
Japan’s Ministry of Finance announced on 24 April 2017, that the governments of Japan and Spain will begin negotiations to amend their existing tax treaty (1974) for the Avoidance of Double Taxation with respect to Taxes on Income. The first
See MorePakistan and Hungary sign an agreement to promote economic cooperation
On 11 April 207, Pakistan and Hungary signed an agreement in Islamabad to enhance economic cooperation and trade ties in various areas including machine industry, electronics industry, food and agriculture, water management, environmental and energy
See MoreVietnam: VECITA requests procedure to review goods on e-commerce websites and applications
The Vietnam E-Commerce and Information Technology Agency ("VECITA") published a notice on 20 April 2017 on its web page aiming to promote the authentication of information on counterfeit, prohibited or restricted infringing goods on e-commerce
See MoreUS: President launches investigation into steel dumping
Donald Trump has initiated a wide-ranging antidumping duty (AD) and countervailing duty (CVD) investigation into countries that export steel to the US. The investigation is aimed at stopping countries from flooding the U.S. with artificially cheap
See MoreUkraine: Parliament ratifies the double tax treaty with Malta
The Parliament of Ukraine on 13 April 2017 ratified the income and capital tax treaty with Malta. The Convention and the protocol to it were signed by the Government of Ukraine and the Government of Malta in September 2013. Under the provisions of
See MoreDominican Republic: DGII extends fiscal support to the agricultural sector
The Directorate General of Internal Taxes (DGII) on 6 April 2017, declared the extension of fiscal support for the agricultural sector that frees them from the payment of advances on Income Tax, the payment of the Tax on Assets and the Withholding
See MoreBangladesh signs DTA with Bhutan
On 18 April 2017, the Double Taxation Agreement (DTA) between Bangladesh and Bhutan was signed in
See MoreAndorra approves DTA with UAE
On 20 April 2017, the general council of Andorra approved the Double Taxation Agreement (DTA) with United Arab Emirates for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreAustralia publishes CbC reporting, Local and Master files detailed design
The Australian Taxation Office (ATO) has published a Local file / Master file detailed design to serve as guidance for taxpayers regarding the practicalities in completing country-by-country (CbC) reporting by significant global entities. ATO has
See MoreChina plans to cut tax rates
The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the
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