UK notifies the WTO of withdrawal from the European Union
A communication from the UK on 1 February 2020 (WT/GC/206) has set out detail on the implications for the World Trade Organisation (WTO) of its departure from the European Union (EU). The communication notifies the WTO that the UK ceased to be a
See MoreIndia: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreUK: Statistics on Transfer Pricing and Diverted Profits Tax
On 27 January 2020 HMRC published statistics relating to transfer pricing and the diverted profits tax. HMRC had 441 full time equivalent staff working on international tax issues involving multinational groups in 2018/19, including transfer
See MoreCzech Republic: Senate approves DTA with Taiwan
On 30 January 2020, the Senate of the Czech Republic approved the Double Taxation Agreement (DTA) with
See MoreZambia: Parliament enacts Tax Amendment Act 2020
On 27 December 2019, Zambian Parliament has enacted the Tax Amendment Act 2020 regarding the decree of the National Budget 2020. Income tax amendment is included in Act No. 15 of 2019 which is effective from 1 January 2020. The amendments regarding
See MoreDTA between China and New Zealand enters into force
On 27 December 2019, the Double Taxation Agreement (DTA) between China and New Zealand was entered into force and applies from 1 January 2020. From this date, the new DTA will replace the existing DTA of 1986. The DTA contains Dividends rate 5% for
See MoreDTA between Ecuador and Japan enters into force
On 28 December 2019, the Double Taxation Agreement (DTA) between Ecuador and Japan was entered into force and applies from 1 January 2020. The DTA contains Dividends rate 5%, Interest rate 10%, and Royalties rate
See MoreDTA between Estonia and Hong Kong enters into force
On 18 December 2019, the Double Taxation Agreement (DTA) between Estonia and Hong Kong was entered into force and applies from 1 January 2020 for Estonia and from 1 April 2020 for Hong Kong. The DTA contains Dividends rate 0% if the beneficial
See MoreDTA between Czech Republic and Korea (Rep.) enters into force
On 20 December 2019, the Double Taxation Agreement (DTA) between Czech Republic and Korea (Rep.) was entered into force and applies from 1 January 2020. From this date, the new DTA replaces the former DTA of 1992. The DTA contains Dividends
See MoreTax treaty between Colombia and the UK enters into force
On 16th December 2019, the Double Taxation Agreement (DTA) between Colombia and the United Kingdom (UK) was entered into force and applies from 1 January 2020. The DTA contains Dividends rate 0% if the beneficial owners is a pension fund or scheme,
See MoreDTA between Bangladesh and Czech Republic signs
On 11 December 2019, the Double Taxation Agreement (DTA) between Bangladesh and Czech Republic was signed in Prague. The DTA contains Dividends rate 10% for at least 25% capital holding; otherwise 15%, Interest rate 10%, and Royalties rate
See MoreAmending protocol to the Nordic tax treaty enters into force
On 28 November 2019, the amending protocol to the Nordic tax treaty (Denmark, the Faroe Islands, Finland, Iceland, Norway, and Sweden) was entered into force in respect of Norway and applies from 1 January
See MoreIreland: Revenue publishes eBrief No. 203/19 on dividend withholding tax
On 5 December 2019, Revenue published eBrief No. 203/19 regarding the public consultation reminder of Dividend Withholding Tax (DWT). On 8 October 2019, the Finance Minister, announced a new process for applying and collecting Dividend
See MoreOECD: AEOI report for 2019
On 24 November 2019 the OECD’s Global Forum released its third annual AEOI implementation report. The Standard on Automatic Exchange of Information (AEOI) outlines the procedure for the automatic exchange of pre-defined financial information
See MoreSouth Africa: SARS publishes list of jurisdiction with effective CbC report exchange agreements
The South African Revenue Service (SARS) published a latest list of jurisdictions. These listed jurisdictions have CbC report exchange agreements with South Africa from 18 October 2019. The list is intended to assist members of the MNE groups
See MoreEstonia publish law to implement EU Directive on Dispute Resolution
On 6 November 2019, Estonia has published Law in the Official Gazette, which includes measures for the implementation Council Directive (EU) 2017/1852 of 10 October 2017. The Directive includes provisions to ensure effective resolution of disputes
See MoreChile: Finance Ministry and Finance Committee modifies tax reform packages
On 5 November 2019, the Finance Ministry and Senate Finance Committee made an announcement that they have come up with an agreement regarding important changes on tax reform package, which was approved by the Chamber of Deputies on 23 August 2019.
See MoreHong Kong publishes an order to implement the tax agreement with Estonia
On 9 October 2019, the Hong Kong’s Chief Executive in Council made an order under the Inland Revenue Ordinance (Cap. 112) to implement the Comprehensive Avoidance of Double Taxation Agreement with Estonia (Estonia CDTA) that was signed on 25
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