Kazakhstan-Singapore DTA protocol ratified
The President of Kazakhstan has approved a law on July 1, 2014 to ratify the Double Taxation Agreement (DTA) protocol with
See MoreTurkey-Vietnam Income Tax treaty signed
The income tax treaty between Turkey and Vietnam has signed on July 8, 2014 in Ankara. Supplementary details of the treaty will be reported
See MoreIndia: Payments for BSP link services are not ‘Fees for Technical Services’ under India-France tax treaty by virtue of MFN clause
The Income Tax Appellate Tribunal (ITAT) provided a decision on 11 June 2014 in the case of DDIT v. IATA BSP India that payment towards BSP Link services is not fees for technical services (FTS) by virtue of the most favored nation (MFN) clause in
See MoreFTA negotiations between South Korea and China by the end of 2014
The governments of South Korea and China have agreed on 3 July 2014 to complete their negotiations on free trade agreement (FTA) by the end of 2014. The FTA negotiations between these two countries started in May 2012. Both countries have already
See MoreUS-Israel FATCA agreement details
The US Treasury Department has published the official text of the intergovernmental agreement (IGA) between the United States and Israel that was signed on June 30, 2014 for implementation of the Foreign Account Tax Compliance Act (FATCA). The
See MoreKazakhstan: Tax holiday rules for corporate investors
The president has signed Law No. 209-V on June 12, 2014 for initiating a tax holiday for corporate investors in the industrial innovation’s field and it will be effective from January 1, 2015. According to the law, the tax authorities may grant a
See MoreIndia: With US reached an “agreement in substance” Status of Model 1 IGA under FATCA
India and the United States reached an “agreement in substance" for a Model 1 intergovernmental agreement (IGA) for purposes of implementing the FATCA (Foreign Account Tax Compliance Act) regime. The Reserve Bank of India declared in 30 June
See MoreGuidelines on the France-Portugal Income Tax Treaty
The Tax Administration of France issued on 25 June 2014 guidelines for those workers who work on ships and aircraft in international traffic under the France-Portugal Income Tax Treaty of 1971. Under provision of paragraph 3 of Article 16 of the
See MoreMauritius – Details of the Income Tax Treaty with Kenya
The Income Tax Treaty between Kenya and Mauritius was signed on 7 May 2012. Details of the treaty have become available now. The treaty generally follows the UN Model Tax Convention. However, some deviations from the UN model exist which are as
See MoreSingapore: Protocol to treaty between Kazakhstan and Singapore ratified by Kazakhstan
The President of Kazakhstan ratified the amending protocol on 1 July 2014 which was signed on 9 April 2013, to the Kazakhstan - Singapore Income Tax Treaty (2006). Article 1 of the protocol replaces the term "local authorities" as used in
See MoreUS: Ten IGAs Join ‘In Substance’ FATCA
At the eleventh hour another ten jurisdictions joined in FATCA after fulfilling the terms of intergovernmental agreements (IGAs). According to US transitional FATCA rules, agreements come into substance before July 1 can be regarded as being in
See MoreUruguay and Guernsey signed Exchange of Information Agreement
Uruguay and Guernsey signed an Exchange of Information Agreement on 2 July 2014. The agreement will enter into force after ratification by both parties, and the possible date for entry into force is not
See MoreGulf States FTA with EFTA states has been entered into force from 1 July 2014
The FTA between the Cooperation Council for the Arab States of the Gulf (GCC) comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates and EFTA states like Iceland, Liechtenstein, Norway and Switzerland has been effective
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MoreMalaysia-Poland: Ratified the income tax treaty
The income tax treaty between Malaysia and Poland (2013) was released on 23 June 2014 after sanctioned by Malaysia this new treaty will replace the Malaysia-Poland tax treaty of
See MoreUS: FATCA comes into force
The United States Foreign Account Tax Compliance Act (FATCA) came into force on July 1 to prevent institutions hiding money on their clients' behalf. FATCA legislation, signed into law in 2010, requires foreign banks to hand over data on clients to
See MoreSwitzerland – China: Free trade agreement comes into force
A free trade agreement between Switzerland and China came into effect on 1 July 2014 with some reduction on industrial exports. It will also control property rights for economic exchange. Under this agreement, Switzerland will implement zero tariffs
See MoreRussia: Relief from tax liability and non-payment of withholding tax due on dividends
The Federal Law No. 167-FZ that amended tax code has entered into force with effect from June 24, 2014. On the basis of Federal law, companies that failed to complete their withholding tax obligations subject to dividends paid to Russian companies
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