Hong Kong- Budget considers Fiscal Sustainability Over Longer-Term
Competitiveness was the theme of Hong Kong’s 2014/15 budget, but a significant portion of the budget speech looked at the maintenance of Hong Kong's healthy public finances in the face of increased spending on education, social welfare and
See MoreDTA between India and Malta enters into force
The new Income Tax Treaty and protocol between India and Malta entered into force on 7 February 2014 and will apply in India as from 1 April 2014 and as from 1 January 2015 in Malta. The new treaty was signed on 8 April 2013 and replaces the old
See MoreNew Zealand: 15 Percent Superannuation Tax Option
New Zealand resident individuals will have increased options if they decide to transfer their foreign superannuation before 1 April 2014. Previous rules enabled a “15% option” for those who made a lump-sum withdrawal or a transfer to another
See MoreSingapore: New guidance on GST and income tax treatment of virtual currencies
The Inland Revenue Authority of Singapore (IRAS) has published guidance on GST and income tax treatment for virtual currencies. For GST purposes, virtual currencies will be treated as a supply of services, which does not qualify for GST
See MoreMorocco & India: Amending protocol of DTA approved
The Moroccan Council of Government approved the amending protocol to the India and Morocco Double Taxation Agreement (DTA) on 20 February 2014 and it was signed on 8 August 2013, . The protocol applies mainly to the exchange of tax information
See MoreVietnam: Individual Income Tax Guidance for 2013
General Department of Taxation in Vietnam has confirmed the guidance in January 2014 on personal income tax for 2013 providing methodologies on how to calculate taxable income and tax liabilities for net and gross employment contracts. Tax
See MoreSingapore – Budget 2014 to be presented on 21 February 2014
Singapore's annual budget is prepared for each financial year, which begins on 1 April of every calendar year and ends on 31 March of the next calendar year. The budget includes the revised government revenue and expenditure projections for the
See MoreRussia and China draft a new DTA
On February 5, 2014, Russia completed the drafting of a new double taxation agreement (DTA) with China to replace their 1994 treaty. The new treaty when finalized is likely to update the provisions to take into account changes in the tax
See MorePhilippines: Importers Require Tax Authority Accreditation
The Philippines' Department of Finance has issued a department order requiring all importers to be accredited by the Bureau of Internal Revenue (BIR) before they can obtain an import permit from the Bureau of Customs (BOC). This measures aims to
See MoreMalaysia: Flat corporate tax rate introduced for SMEs which merge
On 14 February 2014, the International Trade and Industry Minister announced a flat rate of 20% for 5 years for Small-Medium Enterprises (SMEs) which have merged to form larger entities. Currently, SMEs only enjoy the reduced corporate tax rate of
See MoreKazakhstan: Finance Ministry permits to sign DTA with Slovenia
On 3 February 2014, the government of Kazakhstan gave clearance for the Ministry of Finance to sign the income and capital tax treaty with Slovenia. The agreement of the text of the draft double taxation agreement was originally announced on 13 June
See MoreIsrael and Azerbaijan to sign a Double Tax Avoidance Agreement
Azerbaijan and Israel are going to sign a Double Tax Agreement for the avoidance of double taxation. Azerbaijan's State Customs Committee has reported that trade turnover between Azerbaijan and Israel in 2013 reached $1.28 billion. Azerbaijan
See MoreIndia and Croatia Sign bilateral DTA
India and Croatia signed a Double Tax Agreement on 12 February 2014. This move is seen as an important step in the strengthening of the two countries’ economic cooperation. No further details of the agreement are currently
See MoreDTA between New Zealand and Papua New Guinea entered into force
The new double tax agreement between New Zealand and Papua New Guinea entered into force on 21 January 2014. The agreement was originally signed on 29 October 2012. Under the terms of the agreement the maximum withholding tax on dividends is 15%,
See MoreUK announces termination of DTA with Tajikistan
The United Kingdom has announced that it will terminate its double tax arrangements with Tajikistan for profits arising on or after April 1, 2014, in the case of corporation tax; and for income and gains arising on or after April 6, 2014, in the
See MoreDTA between China and France
An income tax treaty, and Protocol, between China and France was signed in late November 2013. The treaty and related Protocol-once ratified and in force-would replace the existing treaty and Protocol originally signed in 1984. If the ratification
See MoreSingapore – Tax proposals in 2014 budget
Singapore’s 2014 budget statement was presented on 21 February 2014. An initial review of tax measures included in the budget statement reveals there are provisions that would achieve the following changes: The budget if passed into law would
See MoreFrance – DTA with China
An income tax treaty, and Protocol, between France and China was signed in late November 2013. The treaty and related Protocol—once ratified and in force—would replace the existing treaty and Protocol (1984). If the ratification processes are
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