Azerbaijan: approves tax code amendments to introduce excise tax and to set new tax rates
The Parliament of Azerbaijan has approved amendments of tax code introducing excise tax on precious metals, and setting new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. As per legislation, excise on
See MoreMalaysia: IRB Issues Public Ruling On Small Asset Tax Allowance
The Inland Revenue Board of Malaysia (IRBM) has issued a new public ruling providing guidance on the 100 percent special allowance afforded to businesses for capital expenditure incurred on their purchase of small value assets. The objective of this
See MoreChina: Proposes FTA with Bangladesh
China has offered to sign an FTA with Bangladesh to boost trade between both countries and cut the trade gap. This offer was made at the bilateral talks between both countries at the Foreign Ministry. “China wants to begin negotiations on a
See MoreIndia: High Court decision that “royalty” income received under a contract prior to 1 April 1976 is exempt from tax
The High Court (HC) of Mumbai issued its decision on 8 August 2014, in the case of CIT v. Montedison S.p.A. of Italy (ITR 202 of 1993) that "royalty" income arising from contracts for supply of technical know-how prior to 1 April 1976 was exempt
See MoreIndia: Update on GST and management service fees
The Union Cabinet approved the Constitutional Amendment Bill on Goods and Services Tax (GST) on 17 December 2014 and this can be passed to parliament for consideration. The clearance of the Bill by the Cabinet was achieved by a compromise. It was
See MoreAustralia: Practice Statement PS LA 2014/2 released by the Australian Taxation Office
The Australian Taxation Office (ATO) released guidance on what the ATO expects taxpayers to prepare in order to comply with the transfer pricing laws and manage related risks on 17 December 2014. According to guidance 25% penalty applies and
See MoreIndonesia temporarily bans overseas travel by key tax debtors
The Ministry of Finance of Indonesia has banned overseas travel of key tax debtors with total debt amount of IDR3.32 trillion (USD268m) for a temporary period of six months. This step was taken to ensure effective tax administration and compliance.
See MoreChina issues Circular Caishui [2014] No. 59 to extend the current preferential corporate income tax treatment
China’s Ministry of Finance, the State Administration of Taxation, Ministry of Commerce, Ministry of Science and Technology and National Development and Reform Commission jointly issued Circular Cai Shui no 59 On 8 October 2014, has extended the
See MoreKorea signs new Double Taxation Agreement (DTA) with Brunei
The Republic of Korea signed a double taxation agreement (DTA) with Brunei on December 9, 2014. The appropriate legal ratification procedures will need to be completed before the agreement enters into
See MoreAustralia: Taxation Ruling 2014/8 introduces by the Australian Taxation Office (ATO)
Taxation Ruling 2014/8 gives outlines on what needs to be included in the documentation if the taxpayer is to meet the standard of a "reasonably arguable position" and avoid penalties, and sets out five key questions for preparation of
See MoreKorea: Unilateral APA program introduced
A simplified APA (Advance Pricing Agreement) program is to be introduced from 2015 for the conclusion of unilateral APAs by manufacturers, wholesalers, retailers or service providers with revenue under KRW 50 billion. Applicants will be able to
See MoreTIEA between Indonesia and Bermuda ratified by Indonesia
Indonesia has ratified its Tax Information Exchange Agreements (TIEA) with Bermuda and it was published in the official gazette on September 12,
See MoreJapan: Consumption Tax on nonresident providers of electronic services from 1 October 2015
Japan is moving forward with proposals to subject sales by non-resident providers of electronic services to consumers to the 8% Consumption Tax from 1 October 2015. The change comes as a result of pressure by local providers who are penalized by
See MoreExchange of Information on Taxation between Indonesia and Singapore
In a meeting on 15 December 2014, Singapore Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam and Indonesia’s Finance Minister Bambang Brodjonegoro noted the excellent cooperation enjoyed by both the Indonesian and Singapore
See MoreIndia & Japan: First bilateral APA signed
The Central Board of Direct Taxes (CBDT) signed a bilateral Advance Pricing Agreement (APA) with a Japanese company on 19 December 2014. This is India’s first bilateral APA which has been signed for a period of 5 years. Moreover, CBDT was proud to
See MoreDTA between Qatar and Japan initialed
The Government of the State of Qatar and the Government of Japan have agreed in principle on the Agreement between the Government of the State of Qatar and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal
See MoreHong Kong ratifies WTO’s Trade Facilitation Agreement (TFA)
Hong Kong, China has become the first WTO member to formally ratify the WTO’s new Trade Facilitation Agreement (TFA). Hong Kong officials informed the WTO's General Council on December 10 that the territory deposited its instrument of acceptance
See MoreChina signed a protocol to amend its DTA with Estonia
On Tuesday, 9 December 2014, Mr. Xie Xuezhi, Deputy Director of State Administration of Taxation of China and Mr. Veiko Tali, Secretary-General of Ministry of Finance of Estonia signed the Protocol amending the Agreement between the Government of
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