Hong Kong passes bill for amending the foreign-sourced income exemption regime

December 04, 2023

On 29 November 2023, the Legislative Council of Hong Kong announced the passage of the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Bill 2023. The Bill refines Hong Kong's foreign-sourced income exemption (FSIE) regime

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US: IRS issues practice unit on categorization of income and taxes into proper basket for FTC

July 09, 2023

On 15 May 2023, the U.S. IRS published a practice unit regarding Foreign Tax Credit - Categorization of Income and Taxes Into Proper Basket. This Practice Unit is revised to address changes from the implementation of the Tax Cuts and Jobs Act (TCJA)

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Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime

January 13, 2023

On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)

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Hong Kong welcomes passage of bill on foreign-sourced income exemption regime

December 25, 2022

On 14 December 2022, the Hong Kong Legislative Council has passed the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022. The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income

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US: IRS issues guidance related foreign tax credit

November 28, 2022

On 22 November 2022, the U.S. Internal Revenue Service issued a guidance relating to the foreign tax credit, including guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery

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Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022

October 30, 2022

The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong

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Dominican Republic: DGII describes a guide on foreign tax credit

November 04, 2021

The Tax Authority has recently made a clarification through a guide, GLN 25641, regarding foreign tax credit (FTC) as well as unilateral relief methods. The following instructions are effective immediately and have included in the Tax Code: The

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Singapore: MOF responses to public consultations on the draft ITA Bill 2021

September 16, 2021

On 3 September 2021, the Ministry of Finance (MOF) published its responses to feedback provided as part of the public consultation exercise conducted in connection with the draft Income Tax (Amendment) Bill 2021, which proposed a number of

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Colombia: Government submits tax reform bill to Congress after court ruling

October 24, 2019

On 22 October 2019, the Colombian Government submitted a new tax reform bill to Congress that will replace tax reform bill 2019 (Law No. 1943 of 2018). The tax reform bill 2019, which came into force on 1 January 2019, is invalid due to procedural

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Colombia legislates the tax reform Bill for 2019

January 15, 2019

Colombia enacted tax reform (Law 1943-Tax Reform) on 28 December 2018. The Tax Reform makes numerous changes to the Colombian tax rules that generally apply from 1 January 2019. The tax reform includes following changes: Corporate tax: The Tax

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Indonesia approves new foreign tax credits rules

January 14, 2019

On 9 January 2019, Indonesia's Directorate General of Taxation published new regulation (No. 192/PMK.03/2018) regarding foreign tax credits. The new regulations update and replace prior regulations and generally apply in respect of foreign income

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China updates foreign tax credit rules

January 18, 2018

The State Administration of Taxation of China has published Circular 84 of 28 December 2017 regarding the determination of foreign tax credits. According to foreign tax credit rules, resident companies and permanent establishments of non-resident

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US: IRS issues revised guide on foreign tax credits (FTCs) for individual

March 14, 2017

The US Internal Revenue Service (IRS) has released a revised version of its tax guide on foreign tax credits (FTCs) for use by individuals when preparing their 2016 tax returns. The guide provides information on how to choose to take the FTC or the

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India: Foreign tax credit allowed on the basis of gross receipts

January 21, 2017

The Ahmedabad Bench of the Income-tax Tribunal (the Tribunal) in the case of Elitecore Technologies Private Limited, held that the Foreign Tax Credit (FTC) is eligible on ‘income’ and not on ‘gross receipts’. However, based on unusual facts

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India: Central Board of Direct Taxes issues draft rules concerning foreign tax credit

April 24, 2016

India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per

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Uruguay: New rules regarding foreign tax credit

August 01, 2013

The tax authorities of Uruguay issued Resolution No. 1,815/2013 regarding new rules on foreign tax credit on 26 June 2013. The resolution sets out the requirements for benefiting from foreign tax credits under the domestic law or tax treaties.

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