The protocol to treaty between Denmark and India has been approved
Recently, Denmark approved the amending protocol, signed on 10 October 2013, to the Denmark - India Income and Capital Tax Treaty
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreAgreement between France and China approved by French Council of Ministers
The French Council of Minister approved the Agreement between the Government of the French Republic and the Government of the People's Republic of China for the Avoidance of Double Taxation and prevention of avoidance and evasion with respect to
See MoreChina: Transfer pricing application Process
Transfer pricing adjustments may be made in accordance with Circulars 3 and 16 "Internal Working Procedure (Trial) of Special Taxation Adjustment" and "Joint Assessment Procedure (Trial) for Key Cases of Special Taxation Adjustment". Accordance with
See MoreChile-Hong Kong: FTA enters into force
The Free Trade Agreement (FTA) between Chile and Hong Kong will enter into force on 9 October 2014 which was signed on 7 September
See MoreThailand: Reduces tax rate for 2015
The cabinet of Thailand has approved a royal decree reducing corporate and personal income tax for the year 2015. The reduced tax rate for companies having net profit over THB1m (USD31,000) will be 20% for the year 2015 which was 23% in the tax year
See MoreJapan-Sweden Income Tax Protocol enters into force
Japan-Sweden Income Tax Protocol which was signed on 5 December 2013 has entered into force on 12 October 2014. The Protocol will have the following tax effect: With respect to taxes withheld at source, for amounts paid or credited on or after 1
See MoreChinese E-commerce tax plan for 2015
China is assessing the introduction of tax on E-sales (online) of goods in 2015. The new plan would contain a tax system administered through E-commerce platforms in the biggest online shopping economy all over the world. There is wide scale
See MoreDTA between Australia and Switzerland ratified by Australia
On 24th September 2014, Australia completed its domestic ratification procedures with respect to the DTA signed with Switzerland. Once in force and effective, the new treaty will replace with the treaty between Australia and Switzerland Income Tax
See MoreIndia: Decision on whether the Taxpayer could be regarded as an “assesse in default”
Recently, The Supreme Court (SC) of India issued its decision in the case of CIT v. NHK Japan Corp. (SLA No. 24913 of 2012) on 11 August 2014, that a Taxpayer cannot be regarded as an "assesse-in-default" on account of non-withholding of taxes when
See MoreSixth Meeting of China-ASEAN Free Trade Area Joint Committee
The Sixth Meeting of the China-ASEAN Free Trade Area Joint Committee and the First Round of Upgrading Negotiations of the China-ASEAN FTA was held in Hanoi, Vietnam, on September 23-24. The Chinese delegation composed of the Ministry of Commerce,
See MoreChina and South Korea remain divided in Free Trade Agreement negotiations
China and South Korea made some progress in their latest round of negotiations for a FTA but remain divided over the thorniest matter of how soon and how much they will open their markets for sensitive industries, the Seoul government said
See MorePhilippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
See MoreAustralia: Parliament changes thin capitalization rules
The Australian Parliament passed previously announced legislation on 25 September 2014 which includes changes to the thin capitalization rules, a rewrite of the exemption for foreign non-portfolio dividends received by Australian companies, and
See MoreU.A.E-Japan Income Tax Treaty ratified
The Income Tax Treaty between Japan and United Arab Emirates has been ratified by way of Decree No. 70/2014. Further details of the treaty will be reported
See MoreCanada-Korea (Rep.) Free Trade Agreement signs
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) (CKFTA) has been signed on 22 September 2014 that will remove duties on all but all tariff lines. After the CKFTA's entry into force, Korea republic will instantly eliminate duties on
See MoreChina: Bonded treatment for steel imports revoked
Chinese Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued a notice that revokes the bonded treatment for steel materials imported under 78 tariff codes, with an effective date of 1
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