Malaysia: Tax incentives for companies participating in the MY Carbon programme
The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of
See MoreBangladesh: NBR drafts new income tax law
The National Board of Revenue (NBR) of Bangladesh has drafted a new income tax law that seeks to keep corporate tax rates equal for all companies and narrow down the list of tax breaks and exemptions. The drafted new law is expected to replace the
See MoreTaiwan: Simplifies the conditions for the application of advance pricing agreement
The Ministry of Finance has simplified the conditions for the application of an advance pricing agreement (APA) and other procedural rules based on the amendments enacted on 6 March 2015. Accordingly, a taxpayer may apply for an APA if the total
See MorePakistan: IMF paper comments on the tax system
Following consultations with Pakistan under Article IV of its articles of agreement the IMF published a report and a selected issues paper on 12 January 2016. One of the matters examined in the issues paper is how to unlock Pakistan’s revenue
See MoreJapan: Cabinet Approves 2016 Tax Reform Proposal
The Japanese Cabinet approved the 2016 tax reform proposal (2016 Tax Reform) on December 24, 2015. The proposal contains modifications to Japanese transfer pricing (TP) documentation requirements. The modifications are based on recommendations in
See MoreCanada and Taiwan: DTA signed
A Tax Agreement between Canada and Taiwan has been signed on January 13, 2016 in Taipei and on January 15, 2016 in Ottawa. It was initialed on May 1,
See MoreThailand-Tax incentives for targeted industries
The Deputy Prime Minister of Thailand announced on 4 January 2016 some further tax incentives for targeted industries. According to the announcement 10% to 15% income tax exemption will be provided for professionals working in targeted
See MoreSingapore: Changes to Transfer Pricing Guidelines
The Inland Revenue Authority of Singapore (IRAS) published the third edition of the e-Tax Guide on the transfer pricing guidelines on 4 January 2016. The latest changes are summarized as follows: Amended guidance on the cost-plus method (CPM);
See MoreIsrael: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreMalaysia: Thin capitalization rules deferred till 2018
The Ministry of Finance has issued a noticed on 30 December, 2015, regarding the effective date of the Income Tax (Thin Capitalization) Rules. The Rules has been deferred to till 2018 and will take effect from 1 January
See MoreAzerbaijan: Parliament Approves Tax Code Amendments to Introduce Excise Tax
Azerbaijan has introduced excise tax on precious metals, and set new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. Excise on imported diamonds will be set at AZN200 (USD255) per carat, at AZN2 per gram
See MoreIndia: CBDT issues draft guidelines for determination of a company’s place of effective management
India's Central Board of Direct Taxes (CBDT) has issued draft guiding principles for determining if a company is a resident in India or has its place of effective management in India. The Finance Act 2015 amended the provisions of section 6(3) of
See MoreKorea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
See MoreAustralia: Multinational anti tax avoidance bill receives Royal Assent
On 11 December 2015, Further to its passing by Parliament on 3 December 2015 the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent. The Bill implements a new anti avoidance rule designed to counter the
See MoreIsrael: Draft amendment regarding CIT rate approved
The Ministerial Committee on Legislation has approved the proposal of the Prime Minister and Finance Ministry on 6th December 2015 to reduce the corporate income tax rate from 26.5% to 25% with effect from 1st January 2016. This draft amendment was
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreAustralian Senate passes Government’s multinational anti tax avoidance measures
The Turnbull Government has secured the passage of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, a critical piece of legislation, which will ensure major international companies operating in Australia but booking profits
See More