Pakistan: FBR extends the deadline for digital payments by corporate sector
On 1 November 2021, the Federal Board of Revenue (FBR) has extended the deadline for digital payments by the corporate sector up to 30 November 2021. In this regard, the FBR has issued an income tax circular 9 of 2021, on the extension in deadline
See MoreJapan signs exchange of notes on arbitration with Denmark
On 5 November 2021, the Japanese Ministry of Finance announced an exchange of notes with Denmark regarding the entry into force of the arbitration provisions in the 2017 income tax treaty between the two countries. Due to the exchange of notes, the
See MoreSingapore: IRAS updates e-Tax Guide on DTA to address arbitration procedure
On 23 October 2021, the Inland Revenue Authority of Singapore (IRAS) issued an updated edition of its e-tax guide on “avoidance of double taxation agreements” to add guidance on arbitration provisions in Singapore’s double tax
See MoreThailand introduces CbC reporting
On 15 October 2021, the Thai Revenue Department released guidance concerning the transfer pricing requirements with regard to country-by-country (CbC) reporting for accounting periods beginning on or after 1 January 2021. The guidance is referred
See MoreIndia: CBDT exempts certain non-residents from furnishing ITR
On 11 October 2021, the Central Board of Direct Taxes (CBDT) published Notification No. 119/2021, providing an exemption to certain nonresidents from filing income tax returns in India as from assessment year (AY) 2021-22, subject to the
See MoreIndonesia: Parliament passes the harmonized taxation bill
On 7 October the House of Representatives passed the harmonized taxation bill with aiming to support tax reforms and provide a fair, prudence, effective, and accountable tax system. The bill contains the following key income tax changes: The
See MoreThailand: New documentation requirement introduces Local file
On 30 September 2021, the Director-General of the Thai Revenue Department issued guidance Notification No. 407 regarding transfer pricing (TP) documentation requirements for the information and documentation for the Local file and exemption from
See MoreVietnam publishes special investment incentive policy
On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels as
See MoreSingapore: IRAS simplifies CIT filing 2021
The Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. With the new initiatives, companies and tax agents can further reduce the
See MoreIndia extends the validity of transfer pricing safe harbor rules
On 24 September 2021, the CBDT issued a new Notification No. 117/2021, to extend the applicability of the transfer pricing safe harbor rules. The extension applies for the 2020-21 and 2021-22 assessment years. Taxpayers opting for safe harbor rules
See MoreSri Lanka declares final tax payment deadline for AY 2020-21
On 29 September 2021, the Inland Revenue Department (IRD) of Sri Lanka published a notice regarding the final income tax payment deadline for the assessment year (AY) 2020-21, which is due on 30 September 2021. The payments can be made through
See MoreIndia: SC finds Mitsubishi is not liable for interest on late advance tax
On 17 September 2021, in the DIT vs Mitsubishi Corporation case, the Supreme Court ruled that a taxpayer should not liable for interest on late tax advances prior to fiscal 2012/2013 if the income payer failed to deduct the tax at source. The
See MorePhilippines: House of Representatives approves digital service tax
On 21 September 2021, the House of Representatives approved on final reading a proposal imposing a 12% value-added tax (VAT) on digital transactions in the country to generate new funding sources for the country's Covid-19 response efforts. The
See MoreThailand extends tax refunds deadline in MAP cases
On 23 August 2021, the Ministry of Finance of Thailand has issued a notification that provides an extension of the deadline to request a corporate or individual income tax refund for certain eligible persons whose standard time to request a tax
See MoreSingapore: MOF responses to public consultations on the draft ITA Bill 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
See MoreIndia further extends due dates of ITR for FY 2021-22
On 9 September 2021, the Central Board of Direct Taxes (CBDT) has issued a press release announcing the deadline extensions for filing income tax returns and various audit reports for the 2021-22 tax year due to some difficulties reported by
See MoreThailand reduces WHT for payments made via electronic system
The Thai Revenue Department has issued instruction no. Taw.Paw. 336/2564 to extend withholding tax (WHT) reductions on certain types of income for payments made via the electronic withholding tax system. The reduction time was due to run from 1
See MoreMalaysia: IRBM releases updated FAQs providing new CbCR submission requirement
On 13 September 2021, the Inland Revenue Board of Malaysia (IRBM) has published the updated “frequently asked questions on tax matters during the national recovery plan”. Accordingly, companies in Malaysia responsible for filing the CbCR report
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