Sri Lanka: IRD declares CbC reporting and notification deadline
On 17 December 2019, the Inland Revenue department (IRD) of Sri Lanka has issued a notice on the filing of Country-by-Country (CbC) reports by MNE groups. According to Regulation 6 of the Extraordinary Gazette No. 2104/4 of 31
See MoreSouth Korea: National Assembly enacts tax reform bill for 2019
On 31 December 2019, South Korea’s National Assembly has enacted tax reform bill for 2019 with a number of new measures added to the existing proposals including changes in transfer pricing measures. The new and amended tax measures are
See MoreDTA between China and New Zealand enters into force
On 27 December 2019, the Double Taxation Agreement (DTA) between China and New Zealand was entered into force and applies from 1 January 2020. From this date, the new DTA will replace the existing DTA of 1986. The DTA contains Dividends rate 5% for
See MoreHong Kong: IRD extends CbC reporting deadline for local filing
On 18 December 2019, Inland Revenue Department announced an extension to the due date for local filing of some country-by-country tax reports. The local filing requirement applies to a relevant accounting period beginning on or after 1 January
See MoreDTA between Ecuador and Japan enters into force
On 28 December 2019, the Double Taxation Agreement (DTA) between Ecuador and Japan was entered into force and applies from 1 January 2020. The DTA contains Dividends rate 5%, Interest rate 10%, and Royalties rate
See MoreKazakhstan: State Revenue Committee clarifies statute of limitation for tax violations
Recently, the State Revenue Committee (SRC) described that the statute of limitations period in case of tax violations is 3 years instead of 5 years as from 1 January 2020. Before 1st January 2020, however, the statute of limitation period remains
See MoreMalaysia: IRB releases Transfer Pricing audit framework for 2019
On 15 December 2019, the Malaysian Inland Revenue Board (“MIRB”) published the TP audit framework (2019). The Transfer Pricing Audit Framework 2019 is effective from 15 December 2019 and replaces the Transfer Pricing Audit Framework 2013 which
See MoreVietnam: MOF publishes draft Decree on deductible interest expenses
On 12 December 2019, the Vietnam Ministry of Finance (MOF) has published the draft Decree amending and supplementing Clause 3, Article 8 of Decree 20/2017/ND-CP to regulated approach on determining the deductibility for interest expense for
See MoreDTA between Estonia and Hong Kong enters into force
On 18 December 2019, the Double Taxation Agreement (DTA) between Estonia and Hong Kong was entered into force and applies from 1 January 2020 for Estonia and from 1 April 2020 for Hong Kong. The DTA contains Dividends rate 0% if the beneficial
See MoreDTA between Czech Republic and Korea (Rep.) enters into force
On 20 December 2019, the Double Taxation Agreement (DTA) between Czech Republic and Korea (Rep.) was entered into force and applies from 1 January 2020. From this date, the new DTA replaces the former DTA of 1992. The DTA contains Dividends
See MoreIndia: President approves the tax amendment bill 2019
On 11 December 2019, the President of India passed the Taxation Laws (Amendment) Bill, 2019 which significantly reduced the corporate income tax rate for certain Indian companies. The main measures of the bill; Currently, domestic companies
See MoreJapan: Government announces tax reform plans for 2020
On 12 December 2019, the Japanese government announced tax reform plans for 2020 providing new tax incentives to promote investment. The tax reform includes incentives to invest in 5G wireless technology, including a 15% tax deduction for
See MoreOECD: Global Revenue Statistics Database
A publication issued by the OECD on 19 December 2019 explains the current scope of the Global Revenue Statistics Database. The database represents the largest public source of tax revenue data, and in 2019 with the addition of more African
See MoreSOUTH KOREA: National Assembly approves Multilateral Instrument (MLI)
On 10 December 2019, South Korea's National Assembly has approved multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (MLI). After the ratification process, South Korea will need to deposit
See MoreDTA between Bangladesh and Czech Republic signs
On 11 December 2019, the Double Taxation Agreement (DTA) between Bangladesh and Czech Republic was signed in Prague. The DTA contains Dividends rate 10% for at least 25% capital holding; otherwise 15%, Interest rate 10%, and Royalties rate
See MoreThailand: 15% withholding tax on interest payment
On 6 December 2019, Thailand has published Ministerial Regulation No. 353 in the Official Gazette regarding withholding tax (WHT) on interest payments to a resident mutual fund that required deducting 15% WHT. The WHT amount should remit to the
See MoreKazakhstan: Government extends deadline for new VAT obligations on digital service
On 6 November 2019, the government announced the extension of the deadline for applying VAT obligations. The new deadline is due on January 1, 2021, instead of January 1, 2020. Recently, the State Revenue Committee has proposed the introduction of
See MoreNew Zealand: Inland Revenue issues updated information on R&D tax incentives
On 29 November 2019, Inland Revenue of New Zealand has issued updated research and development (R&D) information and draft guidance on the latest proposals. The R&D tax incentives are included in the Taxation (KiwiSaver, Student Loans, and
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