India: Income-tax Appellate Tribunal found that no adjustment given taxpayer’s minimal risks, limited functions
Recently, in the case of Marubeni Corp., Japan (ITA No: 5397/Del/2012) The Delhi Bench of the Income-tax Appellate Tribunal held that, a transfer pricing adjustment with respect to a taxpayer performing what were found to be low-end mediation
See MoreCanada -Australia ITT regarding income of employee on a short-term secondment
The Australian Taxation Office has published Interpretative Decision ATO ID 2014/20 on May 30, 2014 regarding the income of a non-resident individual engaged by a resident employer resident in Canada is taxable in Australia despite that the employee
See MoreTaiwan- FATCA Agreement Expected In June 2014
Taiwan is expecting to finalize a FATCA agreement with the US by end of June 2014. The FATCA Act requires the IRS to gain information about accounts of US citizens and residents with foreign financial institutions. To ensure that this can be done
See MoreTaiwan Approves 45 Percent Top Income Tax Rate
Tax reforms passed in Taiwan include a 45% rate of income tax on incomes above TWD 10 million per annum. Also included in the reform is an increase in the basic income tax threshold to TWD 90,000 for single taxpayers and TWD 180,000 for married
See MoreSwitzerland and Singapore sign OECD agreement against tax evasion though banking secrecy
Forty seven countries participated in the Declaration on Automatic Exchange of Information in Tax Matters, adopted by the OECD on 6 May 2014. These countries included Switzerland and Singapore, two financial centers that have in the past been
See MoreSouth Korea Prioritizes FTA Talks with China and Vietnam
South Korea is continuing to discuss free trade agreements (FTAs) with China and Vietnam. In relation to the negotiations with China safety measures are being drafted in respect of fisheries and agriculture which are very sensitive sectors in South
See MoreNew Zealand to increase Tobacco Taxation
New Zealand is to reduce the duty-free allowances for tobacco and raise its excise duty in a move described as an attempt to reduce the amount of smoking. The move will also increase government revenue from excise tax on tobacco, at least in the
See MoreNew Zealand Funding Increased Tax Compliance Drive
The Inland Revenue Department (IRD) is to receive an additional NZD132m in government funding over five years to increase its tax compliance drive. Some of this is for investing in compliance enforcement, while some will cover tax that must be
See MoreJapan Takes Action on Some BEPS Items
Japan’s Cabinet Office Tax Commission has given its attention to four base erosion and profit sharing (BEPS) items, including the controversial Action 13 which relates to transfer pricing documentation. The other items under consideration by Japan
See MoreIndonesia: Copper Miners Hit Back At Export Tax
From the beginning of 2014 the Indonesian government is charging an export tax on mineral concentrates. The aim is to raise the amount of domestic value added and increase domestic economic activity associated with the mineral sector. The government
See MoreChina: Issues circular to clarify corporate income tax incentive
On 25 March 2014, China’s Ministry of Finance and State Administration of Taxation (SAT) jointly issued a circular, Caishui No. 26 (Circular 26) to clarify the criteria for the 15% preferential corporate income tax (CIT). A lower 15% incentive
See MoreHong Kong: FATCA Agreement Nears Conclusion
Hong Kong and the United States are nearing a conclusion to negotiations for an inter-governmental agreement (IGA) to pave the way for Hong Kong financial institutions to comply with the Foreign Account Tax Compliance Act (FATCA). The FATCA is due
See MoreAustralia Confirms Superannuation Tax Changes
A reform is to be undertaken of the taxation of excess superannuation contributions. Some taxpayers are paying contributions at a rate that is considered excessive by many people in Australia. Currently non-concessional contributions exceeding the
See MoreEU and China sign mutual recognition agreement
A mutual recognition agreement signed by the EU and China is to simplify procedures and lower costs for many traders. The two sides agree to recognize their certified safe traders and to permit them to benefit from speedier controls and reduced
See MoreAzerbaijan – Singapore: Approves DTA
Azerbaijan’s lower house of parliament approved a Protocol to the double taxation agreement (DTA) with Singapore on May 14, 2014. No further details of the Protocol are currently
See MoreAzerbaijan -Saudi Arabia: Protocol to DTA
Azerbaijan and Saudi Arabia signed a double taxation agreement (DTA) on May 13, 2014. No further details of the agreement are currently
See MoreVietnam: Expanding Tourist VAT Refund Incentive
Vietnam is widening its special value-added tax (VAT) scheme for exports by temporary visitors to the country. This scheme will enable more temporary visitors to Vietnam to claim refunds in respect of value added tax paid on goods bought during
See MoreSingapore: In Pursuit Of Wider Free Trade Agreements
Singapore’s Minister for Trade and Industry has commented that owing to its network of bilateral and regional free trade agreements (FTAs) Singapore is among the most connected jurisdictions in the world and is therefore a suitable location for
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