Kazakhstan: Decree No. 56 amends to specific customs levies
The Governmental Decree No. 56 of 13th February 2017 amends provisions on the specific customs levies that apply in addition to customs duties. For the first customs declaration, specific customs duties of KZT 25,000 apply and then KZT 11,000 for
See MoreCanada, Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Canada and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Canada and Singapore will be able to begin from 2018, the
See MoreKorea (Rep.), Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Korea (Rep.) and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Korea (Rep.) and Singapore will be able to begin from
See MoreDominican Republic: Notice on deduction of transfer tax on industrialized goods and services
The Directorate General of the Internal Revenue issued a notice on 17 February 2017 explaining that qualifying companies can deduct the 9% withholding tax on the transfer of industrialized products and services from their gross tax payable for the
See MoreSouth Africa: Government increased the rate of dividends withholding tax (DWT) from 15% to 20%
The 2017 Budget Speech delivered by Minister Gordhan on 22 February 2017 increased the rate of Dividends Withholding Tax (DWT) from 15% to 20%. To reduce the difference between the combined statutory tax rate on dividends and the top marginal
See MorePGA Highlights: February 2017
In the United States the following events have taken place under the several PGA during the month of February 2017. Agencies Summary Federal Register Importer of controlled substances application: The registered bulk manufacturers of the
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MoreAustralia: ATO releases PCG on simplified transfer pricing record-keeping
On 22 February 2017 the Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2017/2 dealing with simplified transfer pricing (TP) record-keeping options and assisting taxpayers in complying with relevant tax laws. The PCG
See MoreSingapore: Competent authority agreement on automatic exchange of information with Australia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Australia entered into force on 27 February 2017. According to the agreement, the Inland
See MoreSweden: No new bank tax before 2018
The government announced on 24 February 2017 its decision to withdraw plans to introduce a special tax on banks and other financial institutions. The bank tax was originally intended to eliminate the tax advantage the banking sector receives due to
See MoreIndonesia, Laos DTA enters into force
The Double Taxation Agreement (DTA) between Indonesia and Laos was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, on 11 October 2016. The treaty was applied from 1
See MoreIndia: Clarification on determination of POEM provision
The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2017 of 23 February 2017 clarifying that the existing provisions in place of effective management (POEM) will not apply to a company with a turnover or gross receipts of INR 500
See MorePakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreBelgian Council of Ministers approves Multilateral Competent Authority Agreement
On 24 February 2017, the Belgian Council of Ministers approved the Multilateral Competent Authority Agreement on the automatic exchange of Country-by-Country (CbC) reports that was signed by Belgium on 27 January 2016. The agreement will be subject
See MoreBrazil approves a proposal for re-opening of special regime
The Chamber of Deputies has sanctioned a proposal for the re-opening in 2017 regarding the special regime for regularization of non-notified assets abroad on 15th February 2017. The proposal was approved by the Senate on 23rd November 2016. The
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MorePhilippines: BIR issues tax provision for micro-finance NGOs
The Bureau of Internal Revenue (BIR) has issued revenue regulations No. 3-2017 regarding executions of tax provisions for micro-finance NGOs on 24 February 2017. Regulation No 3-2017 shall take effect 15 days after its publication in the official
See MoreGreece: Filing deadline of tonnage tax returns using new online system issues
The Public Revenue Authority has released a Circular 1027/2017 on 23rd February 2017 that the filing deadline for the tonnage tax returns using the new online application system is 20th March 2017 and the deadline applies only for the year 2017.
See More