DTA between Malaysia and Slovak Republic ratified
The Income Tax Treaty (2015) between Malaysia and the Slovak Republic has been ratified by the Slovak Republic on 4th November
See MoreIMF, OECD, UN and World Bank issue report on use of tax incentives by low income countries
A report on the options for low income countries to use tax incentives has been prepared for the G20 Development Working Group by the IMF, OECD, UN and World Bank. Based on practical experience the report suggests that there is room for the
See MoreKazakhstan: Senate adopts bill introducing mandatory social health insurance
The Senate has adopted a bill on 29th October 2015 that introduces mandatory social health insurance contributions. It was sent to Senate on 8th October
See MoreHong Kong-South Africa tax treaty entered into force
The agreement between Hong Kong and South Africa for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in October last year. It came into force on
See MoreIndia Publishes Notification on Use of Arm’s Length Range and Multiple Year Data
Recently, the Central Board of Direct Taxes published 'Notification No. 83/2015' of 19 October 2015 revising the Income-tax Rules, 1962 in relation to the use of range and multiple year data. The Notification amends Rule 10B and introduces Rule
See MoreSingapore publishes e-Tax Guide on tax treatment of gains from the disposal of investments by insurers
Recently, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 27 October 2015, which explains how the rules stated in the case of: Comptroller of Income Tax v. BBO ( SGCA 10) (BBO case) are applied to determine the
See MoreDTA between Czech Republic and Pakistan enters into force
The Income Tax Treaty (2014) between Czech Republic and Pakistan entered into force on 30th October 2015 and it generally applies for the Czech Republic from 1st January 2016 and from 1st July 2016 for
See MoreKazakhstan: Amendment to the deductibility of charitable donations
The Senate has passed a bill on 22nd October 2015 that changes the deductibility of charitable donations. In accordance with the bill, the deduction of charitable donation by companies and individual entrepreneurs will be limited to the following
See MoreSecond round of FTA negotiations between China and Pakistan
The 2nd round of the China-Pakistan free trade agreement (FTA) negotiations was held in Beijing on October 14 to 16. The negotiations were based on tax reduction for trade in goods; further opening of trade in services; Pakistan’s regulation
See MoreIndia: LOB clause under the India-Singapore tax treaty is not applicable to income taxed on an accrual basis in Singapore
Recently the Rajkot Bench of the Income-tax Appellate Tribunal in the case of: Alabra Shipping Pte Ltd, Singapore v. Income Tax Officer- held that the benefit of the India-Singapore income tax treaty was not to be denied to the taxpayer by
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreThailand- Corporate tax rate of 20% becomes permanent
The Royal Cabinet of Thailand ruled on 13 October 2015 that the corporate income tax rate will be permanently kept at 20% effective from 1 January 2016. Previously the rate was reduced to 23% from 30% for the tax year 2012 and temporarily to 20% for
See MoreMalaysia: Budget 2016
The Malaysian Prime Minister announced Malaysia's 2016 budget on 23 October 2015 highlighting some tax measures including corporate and personal income taxation changes. Corporate taxation A special reinvestment allowance of 60% of qualifying
See MoreHong Kong-Macao begins FTA Negotiations
Hong Kong has started a consultation on Free Trade Agreement on the areas to be covered in a proposed Closer Economic Partnership Arrangement (CEPA) trade treaty with Macao. At present, Hong Kong and Macao have each entered into a separate CEPA
See MoreHong Kong: Government committed to timely implementation of automatic exchange of tax information
In response to input from stakeholders the government will make changes to a legislative proposal to implement the new international standard on automatic exchange of financial account information in tax matters (AEOI). Based on valuable feedback
See MoreKazakhstan: Bill regarding social health insurance sent to Senate
A bill about compulsory social health insurance contributions has been introduced and was sent to Senate on 8th October 2015. This bill is about a new social health insurance system to be launched from 2017. In calculating social health insurance
See MoreKazakhstan: Electronic VAT invoice
The State Revenue Committee has published a press release on 8th October 2015 for describing the system of electronic VAT invoice. A new digital registration system was announced from 1st July 2014 qualifying taxpayers to issue VAT invoices
See MoreKazakhstan: List of representative offices of foreign states and organizations published
Generally, a VAT refund is possible for both resident and non-resident taxable persons registered in Kazakhstan for VAT purposes. There is an exception to this rule in the case of representative offices. Representative offices are only eligible
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