Hong Kong: BEPS Legislation working on strengthening transfer pricing enforcement regime
Hong Kong Government proposes a bill, passed on 29th December 2017, with the goals to bring in the transfer pricing principles into a system and to execute the minimum standards released to tackle Base Erosion and Profit Shifting in Hong Kong. The
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreKorea, Republic Of: Redesigning of graphical warnings on cigarette packs
As stated by the Health Minister of the country, South Korea will bring in changes on graphical warnings on cigarette packs commencing from December, South Korea has already been mentioning about graphical warnings to Tobacco companies since 2016.
See MoreAzerbaijan: New system of custom duties
The transformation to a new system of custom duties kick-started from 1st January 2018, where there has been a pretty hefty amount of changes brought in by Azerbaijan. Especially in the custom rates where – previously since 2001 custom rates such
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreThailand launches SMART visa to enhance Thai industries
By mid-January 2018, the Government of Thailand will launch a “Smart Visa” scheme which grants 4 years permission to investors and highly skilled professionals working within 10 specialized fields. The Smart Visa targets foreign entrepreneurs,
See MoreIndia: CBDT signed first bilateral APA with US
On 5 January 2018, the Indian Central Board of Direct Taxes (CBDT) signed the first bilateral advance pricing agreement (APA) with the United States. The CBDT has also indicated that there are many more bilateral APAs with the United States
See MoreMalaysia enacts Finance (No. 2) Act 2017
The Finance (No. 2) Act 2017 has been published in the Gazette on 29 December 2017, effective as of 1 January 2018. The Act includes certain measures of the 2018 Budget. The law introduces new rules requiring companies to inform the tax authority of
See MoreIndia: CBDT relaxed minimum alternative tax provisions for companies
The Central Board of Direct Taxes (CBDT) issued a press release stating that with effect from Assessment Year (AY) 2018-19, in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the
See MoreChina signs FTA with Maldives
On 7 December 2017, witnessed by President Xi Jinping and Maldivian President Abdulla Yameen Abdul Gayoom, China International Trade Representative and Vice Minister of Commerce Fu Ziying and Maldivian Minister of Economic Development Mohamed Saeed,
See MoreChina, Georgia FTA enters into Force
On 1 January 2018, the Free Trade Agreement (FTA) between China and Georgia entered into force and implemented. China-Georgia FTA is the first FTA China has signed with Eurasian countries as well as the first Free Trade Agreement China has initiated
See MoreAustralia: Final guideline on cross-border related-party financing arrangements
The Australian Taxation Office (ATO) has published the final Practical Compliance Guideline PCG 2017/4 on its compliance approach to cross-border related financing arrangements. The guidance explains how taxpayers can price related party loans to
See MoreVietnam considers special tax for sweet drinks
The Ministry of Finance is proposing to levy a special consumption tax of 10% on sweet drinks to combat child and adult obesity rates. It is part of a ministry proposal to revise five tax laws, including a value-added tax (VAT), special consumption
See MorePakistan: Government has withdrawn sales tax and customs duty on cotton imports
On 5 January 2018, the Economic Coordination Committee (ECC) of the Cabinet approved withdrawal of sales tax and customs duty on import of cotton effective from 8 January 2018. The ECC also granted approval for issuance of GoP Sovereign Guarantee
See MoreHong Kong signs AEOI agreement with France
According to an announcement published on 15 January 2018, Hong Kong has signed an agreement with France on the automatic exchange of financial account information in tax matters (AEOI). The Multilateral Convention on Mutual Administrative
See MoreMalaysia: IRBM updates the rules for CbC reporting
The Inland Revenue Board (IRB) has recently published an amendment to the country-by-country (CbC) rules. Among the changes, the amended CbC rules include revised measures regarding entities having cross-border transactions with other constituent
See MoreChina: New incentives for profit reinvestment
On 28 December 2017, The Ministry of Finance, State Administration of Taxation, National Development and Reform Commission and Ministry of Commerce jointly introduced Circular-Caishui 88 and relevant interpretations, which provide foreign investors
See MoreChina updates foreign tax credit rules
The State Administration of Taxation of China has published Circular 84 of 28 December 2017 regarding the determination of foreign tax credits. According to foreign tax credit rules, resident companies and permanent establishments of non-resident
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