Pakistan: Proposes 5% rebate for timely filing of annual income tax returns
Recently, the Federal Board of Revenue (FBR) has been advised to give the rebate of 5% as an incentive to taxpayers in timely filing of annual income tax returns. As this incentive will significantly improve the number of tax filers and will provide
See MoreUK: New type of limited partnership
On 6 April 2017, new legislation came into force that introduces a new type of limited partnership. The Order introduces private fund limited partnerships (PFLPs) and amends the 1907 Act, which applies to PFLPs and partners in PFLPs. New and
See MoreIndia: The tribunal removed the transfer pricing adjustment for intra-group services
The Ahmedabad Bench of Income-tax Appellate Tribunal, in the case of: SABIC Innovative Plastics India Pvt Ltd. (ITA No. 1125/Ahd/2014 - Assessment Year 2009-10 and IT (TP) No. 427/Ahd/16 - Assessment Year 2011-12), deleted the adjustment made by the
See MoreCyprus: Council of Ministers approves Multilateral Instrument signing to OECD
According to a press release issued by the Finance Ministry, the signing of the “Multilateral Instrument” has been approved by the Council of Ministers on April 5, 2017. Therefore, Cyprus is going to sign the ‘Multilateral Convention to
See MoreNew Zealand: Finance Minister releases BEPS consultation papers
The Revenue and Finance Minister on 3 March 2017 released three BEPS related consultation papers which address the issue of Base Erosion and Profit Shifting (BEPS). The consultation papers proposed new measures to strengthen New Zealand’s rules
See MoreMexico releases general rules on R&D tax credit
On February 28 2017, a general rule was published in the Official Gazette. This rule govern Mexico's R&D (research and development) tax credit. The incentive for the tax credit was resumed within the scope of the tax reform of 2017. Taxpayers
See MoreGhana: Filing of VAT & CST returns for April 2017
The Ghana Revenue Authority with a press release reminds all VAT registered persons that vat and Communication service tax returns (CST) for April 2017 should be submitted on the VAT and CST returns forms not later than 31 May 2017 (latest
See MoreIndia: President signs four GST Bills into law
President Pranab Mukherjee on 13 April 2017 signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform. The President has given his assent to the Central GST
See MorePakistan: Instigated the alternative dispute resolution committee
On 29 March 2017, the Federal Board of Revenue (FBR) has started the Alternative Dispute Resolution (ADRC) service. The FBR has decided to provide the service in view of the fact that 27,000 complaints are pending before Appellate Tribunal Inland
See MorePakistan: FBR issues a law regarding payment of tax collected or deducted
Pakistan’s Federal Board of Revenue Published a Notification No. S.R.O. 255(I)/2017 of 12 April 2017, which introduced a new provision in Rule 43(b) of the Income Tax Rules 2002 regarding payment of tax collected or
See MoreMexico publishes final report for country-by-country reporting
Mexico’s Taxpayer Office published a final report regarding master file, local file and country-by-country (CbC) report under Article 76-A of the Income Tax Law on April 3, 2017. These documentation requirements became effective on January 1,
See MoreUS: IRS urges taxpayers to choose return preparers carefully
As the April 18 income tax filing deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return wisely. A reputable preparer will ask to see a taxpayer’s records and receipts and
See MoreIndia: CBDT issues PAN and TAN within one day
On 11 April 2017, the Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day to expand the facility of Doing Business for
See MoreIndia: Waiver of interest by financial institutions is treated as income
In a recent judgement in the case of: McDowell & Company Ltd. v. CIT (Civil Appeal No. 3893 of 2006), the Supreme Court of India held that the waiver of interest by financial institutions is assessable from the hands of the Amalgamating Company
See MoreIndia: CBDT publishes a notification on the patent box regime
The Central Board of Direct Taxes (CBDT) released a notification on the patent box regime under section 115BBF of the Income-tax Act, 1961. The new rules deliver additional incentive for companies to retain and develop innovative patented products,
See MoreAs an import professional, you need our important new resource
As an import professional, you need our important new resource: Import Transactions and Customs Compliance. We are pleased to offer you a 20% publisher's discount. This is a single reference source for the importing process into the U.S. and is
See MoreAfrica Finance and Economic Data
We have partnered with African Financial & Economic Data (AFED) - a provider of definitive financial and economic intelligence on Africa. They have recently launched a revolutionary new version of their data service. In this new
See MoreChina issues new TP and MAP rules
On 1 April 2017, The State Administration of Taxation (SAT) of China published a Bulletin-6 providing new transfer pricing (TP) guidance and strengthening the Mutual Agreement Procedure (MAP) process. Bulletin 6 is effective from 1 May
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