DTA between Cyprus and Jersey entered into force
The income tax treaty between Cyprus and Jersey entered into force on 17 February 2017. The treaty was signed on 11 July 2016. The treaty generally applies from 1 January 2018. The treaty generally follows the OECD Model. Under the treaty, there
See MoreDTA between Cyprus and Iran entered into force
The income tax treaty between Cyprus and Iran entered into force on 5 March 2017. The treaty was signed on 4 August 2015. The treaty generally applies from 1 January 2018. Under the treaty, the withholding tax on dividends is 5% if the beneficial
See MoreIndonesia: New regulation on exchange of information
The Indonesian Minister of Finance issued Regulation No. 39/PMK.03/2017 of 3 March 2017 on the exchange of information as required under the international agreements entered into by the government including tax agreements, tax information exchange
See MoreIceland updates regulation on CbC reporting
The Ministry of Finance and Economic Affairs issued Regulation No. 245/2017 amending Regulation No. 1166/2016 regarding country-by-country (CbC) reporting on 24 March 2017. The amendment aligns the wording of article 4 of the model provision related
See MoreEcuador: 5 years tax exemption for savings and credit cooperatives
The National Assembly of Ecuador announced a project that contains a tax incentive in the Organic Law for the Restructuring of Debts of Public Banks and National Financial Sector, on 20 March 2017. In accordance with the project, entities resulting
See MoreUS: White House begins NAFTA renegotiate process
According to White House report, the government of US is preparing to issue the notification to Congress that it will renegotiate the North American Free Trade Agreement (NAFTA). Commerce Secretary Wilbur Ross has reportedly met with key lawmakers
See MoreBelgium approves multilateral competent authority agreement on automatic exchange of information
According to a press release of 23 March 2017, the government of Belgium announced that the Council of Ministers had approved, on that date, a bill implementing the OECD Automatic Exchange of Financial Account Information Agreement and the bill
See MoreGhana: Gazetted four tax amendment acts
The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts: (i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of
See MoreTIEA between Anguilla and New Zealand enters into force
The Anguilla - New Zealand Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 6th January 2017 regarding tax matters. The TIEA will be applicable from 1st April
See MoreTax agreements between British Virgin Islands and New Zealand enter into force
The two tax related agreements between the British Virgin Islands and New Zealand was signed on 14 August 2009 and it has been entered into force on 23 December 2016. The effective dates are given below: The British Virgin Islands - New Zealand
See MoreTIEA between New Zealand and Vanuatu enters into force
The New Zealand - Vanuatu Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 27 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MoreTIEA between New Zealand and Turks and Caicos Islands enters into force
The New Zealand - Turks and Caicos Islands Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 23 December 2016 regarding tax matters. The TIEA will be applicable from 1st April
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MoreTIEA between New Zealand and St. Vincent and the Grenadines enters into force
The New Zealand - St. Vincent and the Grenadines Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 17 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreColombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreUK: Withholding tax exemption on interest for debt traded on a MTF
At Spring Budget 2017, the government of United Kingdom announced its intention to introduce an exemption from withholding tax on interest for debt traded on Multilateral Trading Facilities (MTF), in order to make UK wholesale debt markets (that
See MoreUAE: Information regarding proposed VAT regime reveals
The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The
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