Philippines Business Requests Elimination of Aviation Fuel Tax
The Joint Foreign Chambers of the Philippines (JFC) have requested that the Government cuts the excise tax on aviation fuel for international carriers, after a Supreme Court (SC) decision to cancel refunds had effectively imposed higher taxation. In
See MoreJapan: Confirms Consumption Tax Rate Changes by 2015
From April 1, 2014 to September 30, 2015, the rate of Japanese consumption tax will be increased from the current 5% rate to a higher 8% rate. The government is also considering a further increase from 8% to 10% from October 1, 2015. Also under
See MoreIndia: Finance Minister presents the Interim Budget
India’s Finance Minister presented the Interim Budget for 2014-15 in Parliament on 17 February 2014. In keeping with the convention in presenting an interim budget, amendments have not been proposed to the income tax laws. There have however been
See MoreDTA between New Zealand and Papua New Guinea
The double taxation avoidance agreement between New Zealand and Papua New Guinea entered into force on January 21, 2014. For withholding taxes the agreement takes on effect from March 1, 2014. As far as other provisions of the agreement, in New
See MorePhilippines: Stock Exchange Presses For Tax Reform on REITs
The Philippines Stock Exchanges (PSE) will attempt to persuade the Government to loosen up regulations, most importantly the tax rules that apply to real-estate investment trusts. The tax rules in relation to real-estate investment trusts (REITs)
See MoreUpdate of DTA between Belgium and China
On 27 January 2014, Belgium’s finance ministry announced changes to the effective dates of the Double Tax Agreement (DTA) with China. The finance ministry had previously announced that the agreement would come into effect on Jan. 4, 2014 and
See MoreSingapore: DTA between Singapore and Austria enters into force
The Singapore tax authority announced on February 6, 2014, that the double tax agreement (DTA) signed between Singapore and Austria will enter into force on May 1,
See MoreSingapore: DTA between Poland and Singapore enters into force
The Singapore tax authority announced on 6 February 2014, that the double tax agreement (DTA) signed between Singapore and Poland applies from 6 February 2014 for the mutual agreement procedure and exchange of information provisions and from 1
See MoreRussia’s draft DTAs with Belgium and China
On 5 February 2014, Russia's draft Double Tax Avoidance Agreements with China and Belgium were tabled before Russia's Cabinet for its
See MoreRevised DTA between Poland and Singapore in force
The revised version of the Singapore-Poland avoidance of double taxation agreement (DTA) entered into force on 6 February 2014. It was signed on 4 November 2012. Bottom of Form The revised DTA incorporates the internationally agreed standard for
See MoreMalaysia: New Public Ruling on Withholding Tax on Special Classes of Income
The Inland Revenue Board of Malaysia issued Public Ruling No. 1/2014 (PR No. 1/2014) on Withholding Tax on Special Classes of Income on 23 January 2014. The special classes of income covered by the public ruling include amounts paid in consideration
See MoreTaiwan – Income tax exemption for royalties and technical service fees
Taiwan has introduced an amendment concerning the rules governing taxpayers (including foreign for-profit entities) that apply for an exemption from income tax on royalties and technical service fees related to the manufacturing, technical service,
See MoreIndonesia Considers Tax Breaks for Corporate Bond Investors
Indonesia is considering help for investors in corporate bonds and is also planning to make it easier for local companies to sell shares to the public. Indonesia plans to set up tax incentives for investors in corporate bonds and also plans to
See MoreDTA between New Zealand and Papua New Guinea entered into force
On Monday, February 10, 2014 the New Zealand Revenue Minister announced that a new double tax avoidance agreement between New Zealand and Papua New Guinea is now in force. The agreement contains a provision on the exchange of tax information in
See MoreVietnam negotiates DTA with Cambodia
Officials from Vietnam and Cambodia have expressed their intentions to negotiate a double tax agreement. On 13 January 2014, a conference was held, which provided both nations with an opportunity to discuss measures to further promote cooperation
See MoreSingapore levies Goods and Services Tax on Bitcoin
The Singapore tax authorities have recently issued guidance that the virtual digital currency, Bitcoin, is subject to Singapore goods and services tax (GST) at 7%. Although some financial services are exempt from VAT Bitcoin is regarded as a service
See MoreIndia: Improvements to VAT compliance and administration procedures
Some improvements to the Indian VAT compliance and administration procedures have been announced to help traders. India’s VAT is a state level tax on the sale of goods. The changes include plans to reduce the number of Indian VAT audits, the
See MoreIndia and Fiji sign a DTA
On 30 January 2014 India signed a Double Taxation Avoidance Agreement (DTA) with Fiji for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Indian Finance Minister commented that the need
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