New Zealand – New Tax Policy Work Plan
The Inland Revenue of New Zealand released the government’s tax policy work program on 8 November 2013 that sets out the government’s focus for tax reform and development for the next 18 months. Creating further improvements to the tax and
See MoreMalta ratifies Protocol signed with South Africa
Malta finished its domestic ratification of the Protocol signed with South Africa on November 8, 2013 and published the Double Taxation Relief (Taxes on Income) (South Africa) (Amendment) Order, 2013, in its Official
See MoreLuxembourg Considers Tax Rise
The assessment of current negotiations on the formation of a new Government of Luxembourg is that there is a pledge to redressing the public finances if necessary with recourse to tax measures. However Luxembourg is starting from a favorable
See MoreTechnical services fees under treaty between India and Germany
It was held by the Agra Bench of the Income-tax Appellate Tribunal of India that leather testing charges were taxable as “fees for technical services” under the India-Germany income tax treaty. The treaty allows the source state the right to tax
See MoreSigning of Protocol to DTA between Philippines and Italy
The Government of the Philippines confirmed on December 9, 2013 regarding the signing of a Protocol to the double taxation agreement (DTA) with
See MoreIndia: Determines arm’s length price of share transfers
The Income-tax Appellate Tribunal has held that the discounted cash flow method was preferable over the “yield” method or “net asset value” method for purposes of determining the arm’s length price of shares transferred to related parties.
See MoreChina: Financial sector faces issues on transition to VAT
In the transition to a value added tax (VAT) system, the financial services sector in China will need to consider certain issues.China’s Ministry of Finance suggests that- to a VAT system in China, modern principles of VAT would be applied. The
See MoreCyprus – Effort to Resolve India Tax Treaty Suspension
The government of Cyprus is taking the initiative to resolve matters regarding the suspension of provisions within the tax treaty with India. The Indian government suspended the provisions of the 1994 tax agreement on 1 November 2013, with Cyprus
See MoreAustralia: Transfer Pricing being referred as “Profit Shifting”
In Australia, the recent introduction of subdivision 815 has given the Commissioner more extensive powers to transfer pricing adjustments. Subdivision 815 has made a new approach to Australia's transfer pricing analysis which goes beyond the
See MoreAustralia: Carbon tax repeal Bill tabled
The Prime Minister of Australia on 13 November 2013 tabled a bill canceling controversial carbon tax throughout the first session of parliament. The government is hoping to repeal the carbon tax in
See MoreInterest income under the income tax treaty between Vietnam and France
The income tax treaty between Vietnam and France does not provide any provisions for the taxation of interest derived from transactions of loans. Recently Vietnam has provided guidelines on certain tax provisions of the treaty. According to the
See MoreAustralia: The Authority extends review of income tax rules
It was proclaimed by the Assistant Treasurer of Australia that the Australian on 8 November 2013, Board of Taxation will extend its review of income tax rules to permit the board to consider the more extensive tax framework in which private business
See MoreJapan – Early repeal of special reconstruction corporation tax
The Japanese government has announced an economic stimulus package that includes a statement that “special reconstruction corporation tax (i.e., a 10% additional tax imposed on corporation tax liability) would be repealed a year earlier than
See MoreSweden has signed Double Taxation Avoidance Agreement with Georgia
Georgia and Sweden signed an agreement on 6 November 2013, on avoidance of double taxation and the prevention of tax evasion. Georgia’s Finance Minister and the Swedish Ambassador signed the documents. Georgia’s Finance Minister admitted that
See MoreProperty tax cut of South Korea
The government of South Korea has decided that the tax cut on home purchases will become effective from 28 August 2013. The tax cut was previously scheduled to come into effect from 1 January 2014. The government has proposed to permanently reduce
See MoreIncome tax treaty between Luxembourg and Laos
An income and capital tax treaty between Luxembourg and Laos has been ratified, and awaiting the exchange of instruments of ratification before the treaty can enter into force. The Luxembourg and Laos income tax treaty provides withholding tax rates
See MoreKazakhstan to Exempt EXPO-2017 Facilities from Tax
The Economy and Budget Planning Minister said that facilities for EXPO-2017 held in Astana city will be free from tax. The Minister declared that the tax Code is being amended regarding not the liability of national companies from corporate income,
See MoreIndia – GST implementation hits new delays
The Indian government’s plans to introduce a new implementation Bill and to replace the existing Indian VAT and CENVAT regimes with a new Goods & Services Tax (GST) look likely to be delayed again since the States are seeking to re-open
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