Uzbekistan and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement
Uzbekistan and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement on 3 April 2015. More specifically, Uzbekistan and the United States signed a Model 1 Agreement. Under this agreement, FFIs in Uzbekistan will report the
See MoreHong Kong: Government launches consultation on automatic exchange of financial account information in tax matters (AEOI)
The Government launched a consultation exercise on 24 April 2015, to gauge views on proposals to apply, with adaptations for Hong Kong, the prevailing international standards on the automatic exchange of financial account information in tax matters
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See MoreDTA between Ireland and Pakistan signed
The Income Tax Treaty between Ireland and Pakistan was signed for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Dublin on 16 April 2015. Once in force and effective, the new treaty will
See MoreDTA between Chile and China (People’s Rep.) initialed
The Income Tax Treaty between Chile and China (People's Rep.) has been initialed on 21st April 2015 and is being expected to be signed in May
See MoreHong Kong: IRD Gazettes Inland Revenue (Amendment) (No. 2) Bill 2015
The Inland Revenue (Amendment) (No. 2) Bill 2015 was gazetted on 17 April, 2015. The Bill seeks to amend the Inland Revenue Ordinance (Cap. 112) to implement the concessionary revenue measures proposed in the 2015-16 Budget. These include: (a)
See MoreDTA between Kazakhstan and Vietnam ratified by Kazakhstan
The Income and Capital tax Treaty between Kazakhstan and Vietnam was ratified by the President of Kazakhstan on 15th April
See MoreIndia: High Court Decision on Cross-border Loan Transaction
The Delhi High Court in the case of: CIT v. Cotton Naturals India Pvt. Ltd. [ITA No. 233/2014 (AY 2007-08) (Delhi High Court) concerning the benchmarking of the rate of interest on an inter-company loan made to a foreign related party—held that
See MoreRevision to DTA between New Zealand and Australia
The government of New Zealand announced its plans to update the income tax treaty with Australia of 2009 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreRevision to DTA between China and New Zealand
The government of New Zealand announced its plans to update the income tax treaty with China of 1986, as amended by the 1997
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
See MoreProtocol to treaty between Belgium and Vietnam approved by Belgium
The Belgian Council of Ministers approved the amending protocol to the Belgium-Vietnam double tax agreement on 3 April 2015. The amending protocol was signed on 12 March
See MoreSingapore Updates Rules on Goods and Services Tax
The Inland Revenue Authority of Singapore (IRAS) has updated the rules on de-registration for Goods and Services Tax. There have been broad changes to paragraph 7.7 of the rules concerning de-registration. This section concerns the de-registration
See MoreMalaysia: Government offers tax incentives to MNCs
Malaysian Government issued guidelines on April 6, 2015, regarding tax incentives to Multinational Companies that set up a principal hub in Malaysia. The incentives include low tax rates and customs-free imports that create high paying jobs and
See MoreCyprus and Malaysia: DTA negotiations
Cyprus and Barbados have confirmed that they have agreed to finalize the negotiations for a Double Taxation Agreement (DTA) in the near future. Further details will be reported
See MoreHong Kong and China signed fourth protocol to tax treaty
Hong Kong and China signed the Fourth Protocol to the Arrangement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income on April 1, 2015. According to the provision in the Fourth Protocol, the gains
See MoreDTA between Kazakhstan and Vietnam approved by Senate of Kazakhstan
The Double Tax Agreement (DTA) between Kazakhstan and Vietnam has approved through a law adopting by Kazakhstan's Senate (upper chamber of parliament) on 2nd April
See MoreChina: Tax Authority’s Plans to Review all Outbound Payments to Overseas Related Parties
The State Administration of Taxation (SAT) has released the Public Notice on March 26, 2015 regarding certain corporate Income Tax matters on Outbound Payments to Overseas Related Parties. Public Notice 16 states that outbound payments to overseas
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