Double tax treaty between Hong Kong and Pakistan enters in to force
On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Pakistan was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 17 February 2017 with providing the
See MoreDouble tax treaty between Hong Kong and Latvia enters in to force
On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Latvia was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 13 April 2016. The treaty provides for reduced
See MoreAustralia releases draft legislation to address hybrid mismatch
24 November 2017, Australia’s Treasurer released exposure draft legislation to address hybrid mismatch arrangements reaffirms the Turnbull Government’s continued focus on strengthening the integrity of Australia’s tax system, and stamping out
See MorePakistan: FBR publishes rules for documentation and CbC reporting requirements
On 16 November 2017, the Federal Board of Revenue (FBR) in Pakistan has published SRO 1191(1)/2017, which includes chapter VIA to the Income Tax Rules of 2002. The new Chapter (VIA) identifies the reporting entities, clarifies the reporting
See MoreAzerbaijan: New customs duties declare for import of wheat, rice and corn
The Cabinet of Ministers approved the “Commodity Nomenclature of Foreign Economic Activity, Rates of Import and Export Customs Duties”. According to that the customs duties for import of wheat, rice and corn will be changed from January 1,
See MoreHong Kong: Chief Executive announces new tax relief for SME & IT sectors
On October 11, 2017, the Chief Executive of Hong Kong proposed a new tax concession for small and medium-sized enterprises (SMEs). According to the proposal, a new two-tier profit tax system that would reduce the corporate income tax rate to 8.25%
See MoreIndia: Government increases import tax on edible oils to highest in a decade
On 17 November 2017, the Indian government increased the import duties on various vegetable oils and soybeans oils through a notifications released on the website of the Central Board of Excise and Customs. The government has introduced these
See MoreChina passed a draft law to reinforce VAT reform
On 30 October 2017, the State Council executive meeting decided to abolish the business tax, which has been in force for over 60 years and decided to put an end to the provisional regulations on business tax and revise the provisional regulations on
See MoreChina: Tax benefits to boost small businesses
On 6 November 2017, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation, tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank
See MoreChina publishes a circular to support technology industry
On 2 November 2017, China's State Administration of Taxation has issued Circular 79 of 2017 to expand tax incentives for advanced technology service enterprises. A 15% special corporate tax rate has been offered in 21 cities since 2014 on a pilot
See MoreHong Kong signs free trade agreement with ASEAN
On 13 November 2017, ASEAN and Hong Kong signed a free trade and investment agreement hoping to strengthen economic cooperation between the two sides and promote development in the region. Both agreements, ASEAN-Hong Kong, China Free Trade Agreement
See MoreTaiwan: MoF announces changes to the transfer pricing documentation rules
The Ministry of Finance (MoF) published the amendment of Transfer Pricing Audit Rules on 13th November 2017. The rules established three-tiered transfer pricing documentation in accordance with the OECD under the base erosion and profit shifting
See MoreSingapore: OECD concludes tax incentives meet international BEPS standards
Singapore is an "associated" jurisdiction under the BEPS (Base Erosion and Profit Shifting) project. Singapore’s available tax incentives were reviewed by the Forum on Harmful Tax Practices and found to be “not harmful” under the peer review
See MorePakistan: Ministry orders compliance with tobacco control laws
On 10 November 2017, the Ministry of National Health Services has requested to all federal secretaries and provincial chief secretaries to take steps for ensuring compliance of tobacco control laws in best public interest. The Secretary Health
See MoreSingapore: Tax exemptions for corporate re-domiciliations
On 11 October 2017, Singapore's Accounting & Corporate Regulatory Authority (ACRA) has immediately adopted the Companies (Transfer of Registration) Regulations 201, which allows eligible foreign companies to relocate their registered offices to
See MoreIndia: GST rate reduced to 18% from 28%
On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly
See MoreThailand: OECD concludes Thai incentives as harmful tax practices
The Thai government upon joining the base erosion and profit shifting (BEPS) inclusive framework, agreed to implement certain minimum standards under Action 5 (harmful tax practices). Part of the minimum standard under Action 5 relates preferential
See MoreThailand: Decree on corporate tax reduction options for SMEs released
On 31 October 2017, Royal Decree (No 647) was published allowing small and medium-sized enterprises (SMEs) to claim a double (200%) corporate tax deduction allowance for expenditure paid out for purchasing or hiring computer software programs
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