Protocol to treaty between India and Austria signed
India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on 6 February 2017 in New Delhi. The Protocol was
See MoreIndia: Proposes amendments to the transfer pricing regulations
Indian Finance Minister published India’s 2017-18 budget on 1 February 2017. Along with other measures, the budget has proposed following important amendments to the provisions of transfer pricing (TP) regulations of India: –A major proposal in
See MoreEl Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
See MoreWorld Tax Brief: January 2017
Argentina Special corporate tax rate: Argentina has introduced a new special corporate income tax rate for gambling. According to the Law 27,346 that amends article 69 of the Income Tax Law (LIAG), a 41.5% corporate income tax rate applies to
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreIndia: Finance Minister mentioned 10 measures in his Budget speech for 2017
Indian Finance Minister Arun Jaitley today underlined the importance of infrastructure in his scheme of things for the Indian economy while presenting the Union Budget in Parliament. The 10 measures regarding infrastructure summarised here: To
See MoreVietnam: Tax authority promotes national online tax refund
Recently, the General Department of Taxation is speeding up the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses. A pilot implementation of online tax refunds
See MoreIndia: Finance Minister presenting the Union Budget 2017-2018
Indian Finance Minister Arun Jaitley presenting his fourth Union Budget 2017-2018 at 11 am
See MoreJapan-Slovak Republic: Social security agreement signed
Japan and the Slovak Republic signed a social security agreement in Bratislava on 30 January
See MoreIndia announces GAAR will be effective from April 1, 2017
On 27 January 2017, the CBDT has issued Circular No. 7 of 2017 and provided important clarifications on the implementation of GAAR which are to come into force from 1 April 2017. The Circular provides clarifications, considering the comments of the
See MoreLithuania, Russia signed the Multilateral Competent Authority Agreement for CbC reporting
According to a press release of 27 January 2017, published by the OECD, Lithuania, Mauritius, Gabon, Hungary, Indonesia, Malta, and the Russian Federation have now signed a tax co-operation agreement, the Multilateral Competent Authority Agreement
See MoreJapan: Published Frequently Asked Questions regarding transfer pricing documentation requirements
Japan’s National Tax Agency (NTA) has issued Frequently Asked Questions (FAQs) regarding transfer pricing (TP) documentation requirements in Japan. It addresses those questions that are likely to be of most interest to overseas headquartered
See MoreGermany: Government plans to limit the royalty deductions as from 2018
The Federal Ministry of Finance recently approved a draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill focused on foreign IP boxes incompatible with the OECD nexus approach, and to make their use
See MoreIndia: Union Budget 2017 to be presented on February 1
A senior government official said on 19 January 2017, the Indian Government will present the Union Budget for 2017-18 on February 1, for the financial year starting on 1 April 2017. The first part of the budget session of parliament will start on
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreIndia: CBDT extends deadline for the dispute resolution scheme
The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017. The Dispute Resolution Scheme, 2016 was
See MoreGermany: Approves the draft bill on the limitation of the deduction of royalties
The German Government has approved the draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill generally is based on a draft law that was published by the federal ministry of finance on 19 December
See MoreTIEA between Denmark and Vanuatu enters into force
The Exchange of Information Agreement regarding tax matters (TIEA) between Denmark and Vanuatu has been entered into force on 9 September 2016. The agreement generally applies from 9 September 2016 for criminal tax matters and from 1 January 2017
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