Hong Kong: Lower Tax for Captive Insurers
The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or
See MoreIndia and US considering framework for resolving tax rows
India and the US could soon unveil details of a deal designed to resolve more than 100 outstanding tax disputes. The two sides almost finalized the outline of a mutual agreement procedure (MAP). Numerous discussions on the issue are said to have
See MoreTreaty between New Zealand and Japan entered into force
The double tax agreement (DTA) signed between New Zealand and Japan on December 10, 2012, will become effective in New Zealand, for withholding taxes from January 1, 2014, and for income taxes for income years beginning on or after April 1, 2014.
See MoreTaiwan: Worried At Non-Declaration of Property Income
Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any
See MoreSwiss Protocol to DTA with Ireland and Turkmenistan in force
The protocol amending the double taxation agreement (DTA) between Switzerland and Ireland, and with Turkmenistan have entered into force, and will both apply from January 1, 2014. The protocol to the double taxation agreement (DTA) between
See MoreIndividual tax relief measures in China
The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise
See MoreKazakhstan – International Convention regarding tax issues signed
The Organization for Economic Co-operation and Development (OECD) has announced that Kazakhstan signed the international convention related to mutual administrative assistance in tax matters on December 23, 2013. According to the OECD release,
See MoreIndia is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreIndia – Arm’s length price for sourcing support services
The Delhi High Court has held that the Transfer Pricing Officer’s determination of an arm’s length price based on a 5% markup of the “free on board” (FOB) value of goods sourced for a related party’s contract with third parties was
See MoreIndia signs DTA with Macedonia to prevent income tax evasion
India signed a Double Taxation Avoidance Agreement (DTAA) with Macedonia on Dec 17, 2013, to prevent income tax evasion by entities in both the countries, a move that is also expected to increase economic cooperation. The agreement provides
See MoreChina: Financial policies for Shanghai pilot free trade zone
The People’s Bank of China on 2 December issued opinions regarding financial support for the development of China (Shanghai) pilot free trade zone. The guidance has five areas of focus: Expansion of cross-border use of RMB; Acceleration of
See MoreNew Zealand’s tax developments in 2013
Tax and policy developments in New Zealand for the year of 2013 were: Distributed the OECD tax “action plan” in response to concerns around profit shifting by multinationals, launch of the legislation containing changes to the tax treatment of
See MoreGST in Malaysia supported by the IMF
It was reported on 19 December 2013 that the International Monetary Fund’s (IMF) Mission Chief for Malaysia said at the conclusion of discussions for the 2013 Article IV Consultation that he welcomes the country’s decision to introduce a Goods
See MoreHong Kong: Ensure Support for SMEs
In response to a question in the Legislative Council, Hong Kong’s Secretary for Commerce and Economic Development confirmed that the Government will arrange continued support for small and medium-sized enterprises (SMEs). The numbers of SMEs and
See MoreSwitzerland: Proposals on Multiple Tax Agreements has been Adopted
A number of double tax treaties proposal on tax information exchange has been adopted by the Swiss Federal Council. The Double tax agreements are with Australia, Hungary, and China, currently valid agreements, and containing administrative
See MoreProtocol to treaty between Belgium and Japan
For the entry into force of the Protocol amending the Double Taxation Agreement (DTA) between Japan and Belgium, mutual notification procedures were completed on 27 November 2013. The Protocol will enter into force on December 27, and in the case of
See MoreNew Zealand: Legislation Brings Clarity to Tax Rules
The Government of New Zealand has been published an omnibus tax bill intended to bring significant clarity to the tax rules and make them easier for taxpayers to understand. The changes will restrict how much debt foreign investors are able to place
See MoreRatification of New Zealand-Canada Multilateral Tax Convention
The Multilateral Tax Convention will be entered into force from March 1, 2014 for New Zealand from March 1, 2014 and it qualifies signatories to exchange tax information, and New Zealand's Inland Revenue will be able to find assistance in collecting
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