ASEAN discusses trade with China, Japan and Korea
The economic ministers of the Association of South East Asian Nations (ASEAN) have been meeting their counterparts from China. Japan and South Korea with a view to concluding an economic partnership agreement. China is aiming to conclude an
See MoreAngola: IMF report comments on fiscal policy
The International Monetary Fund (IMF) issued a report on 25 August 2015 following the conclusion of discussions with Angola under Article IV of the IMF’s articles of agreement. The IMF report notes that Angola’s economy has been hit by the
See MoreRussia: MoF clarifies income tax treatment of remuneration paid to remote employees
The Finance Ministry (MoF) issued letter No. 03-04-06/40525 on 15th July 2015 for clarifying the income tax treatment paid by a Russian employer to employees working on a remote basis abroad. The MoF noted that the income tax treatment
See MoreCanadian non-resident permitted to carry-forward of non-capital losses
The Canadian Tax Court issued a decision regarding a case entitled Hatt v. The Queen (2015 TCC 207) on 19th August 2015. The issue was whether the taxpayer was entitled to deduct a non-capital loss from employment in Canada in the 2010 tax
See MoreUkraine: President sigend the law on amendments to transfer pricing regulations
President of Ukraine has signed the Law No. 609-VIII on 7 August 2015 regarding Amendments to the Tax Code of Ukraine (in respect of transfer pricing)" (the Law). The Law was officially published on August 10, 2015, and came into force from August
See MoreUAE: MoF declares a statement regarding VAT and Corporate tax
The Finance Ministry (MoF) of United Arab Emirates has published an official statement on 18th August 2015 regarding Value Added Tax (VAT) proposal and the possible Corporate Tax (CT) outline. The UAE has completed a treaty to implement VAT with the
See MoreUK: HMRC issues updated guidance on accelerated payments
On 20 August 2015 the UK tax authority HMRC published on its website a fact sheet containing updated information on the requirement to make accelerated payments in connection with tax avoidance schemes. A tax avoidance scheme is defined for this
See MoreSpain: IMF recommends increasing indirect tax to boost the economy
The IMF has recommended that Spain should expand the indirect tax burden to accelerate the economy and reduce debt. The areas of recommendation set out in the report include increasing excise duties and environmental levies as well as gradually
See MoreBulgaria: Tax reform declared
The Finance Ministry has declared a tax reform through a press release on 22nd August 2015. The proposed tax modification would harmonize Bulgarian law with EU law, with the objective of implementing successful control mechanisms and reducing the
See MoreIndia: High Court Rules on Use of Multiple Year Data and High-Profit Comparables
Recently, the High Court (HC) issued its decision in the transfer pricing case of Chrys Capital Investment Advisors (India) Pvt. Ltd v. DCIT (ITA No. 417 of 2014) on the usage of multiple year data and high-profit comparables on 27 April 2015. The
See MorePakistan: Compulsory Electronic tax return Filing for Individuals
The Federal Board of Revenue announced via Notification S.R.O. 791 (I) /2015 on 10 August 2015, that all individuals earning taxable salary income must file their income tax returns electronically. This will be effective from tax year 2015
See MoreCanada: CRA issues 2014-15 APA program report
The Canada Revenue Agency (CRA) has published a report on 17th August 2015 regarding Advance Pricing Arrangement (APA) program for the period from 1st April 2014 to 31st March 2015. This gives an overview of the systems of APA program containing
See MoreKorea: Draft law for implementing BEPS-related transfer pricing requirements
The Ministry of Strategy and Finance of South Korea has released draft legislation for amending existing provisions of Korean law. The draft legislation generally follows Action 13 of the OECD/ G20 project on base erosion and profit shifting
See MoreIndia: Interest on tax refund taxable as business income under the India-UK tax treaty
Recently, the High Court in the case of B.J. Services Company Middle East Limited held that the interest earned on an income tax refund is taxable as business income under the India-UK tax treaty where the debt claim in respect of which interest
See MoreSouth Africa: SARS issues guide on valuation of assets for Capital Gains Tax purposes
The South African Revenue Service (SARS) has recently published an updated guide on the valuation of assets for capital gains tax (CGT) purposes. This guide provides general guidance on valuations. The guide issued by SARS does not go into the
See MoreVietnam: Publishes Guidance on Tax Administration
Circular 110/2015/TT-BTC was issued on 28 July 2015 and provides guidance on tax administration and compliance by electronic means. The Circular replaces earlier Circulars 35/2013/TT-BTC and 180/2010/TT-BTC, and includes guidance on tax
See MoreChina: Tax incentives for small and low-profit enterprises
On August 19, State Council of China decided to improve the tax breaks available for small and low-profit enterprises. Small and low-profit enterprises can pay their income taxes at the rate of 20% with following conditions: any industrial
See MoreUK: Film tax credit gains EU approval
The UK’s enhanced tax relief for film production has gained EU approval under its State aid rules. This enhanced 25% film tax credit was announced in the pre-election budget in March 2015 subject to approval by the EU. A film can claim the tax
See More