India – Cyprus is identified as a “notified jurisdictional area”
The Finance Ministry of India has issued a release in which Cyprus is identified as a “notified jurisdictional area” with respect to transactions entered into by any Indian taxpayer with a person located in Cyprus. A transaction with a person in
See MoreDTA between Thailand and Ireland
The governments of Thailand and Ireland signed a double taxation agreement on 4 November 2013. In Thailand the agreement will apply to income tax and petroleum income tax and in Ireland the agreement will apply to income tax, corporation tax and
See MoreEcuador: China DTA gets Parliament approval
According to media reports published on December 3 2013, Ecuador’s the double taxation agreement (DTA) and an accompanying Protocol the nation signed with China gets parliament
See MoreAustralia: Push for G20 tax action
The Australian Prime Minister has started his nation's G20 Presidency with a call for enhanced international tax arrangements. The G20 presidency goes to Australia from Russia. At the point when leaders met in St. Petersburg in September, they
See MoreJapan: Amendments of Tax Treaty Protocol with Sweden has been Signed
It has been published on 5 December 2013 that the governments of Japan and Sweden have signed a Protocol amending the current tax treaty between the two countries. The main amendments are as follows: ・Expansion of the scope of exemption of taxes
See MoreCyprus and India held negotiations towards a revision of DTA
Cyprus and India held negotiations towards a revision to the countries’ double taxation agreement (DTA), to incorporate provisions on tax information exchange. The discussions continued over three days concluding on November 28,
See MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreAustralia: E-commerce registration threshold for non-resident remain unchanged
The Australian Goods and Services Tax (GST) registration threshold for e-commerce on-line sales to consumers has been kept unchanged by the Australian government. Despite this the government intends to begin a review into the GST threshold for
See MoreIndia: Government will reduce E-Payment Threshold from 2014
The Indian Government decided to reduce the threshold limit of mandatory e- payment from January 1, 2014 with the Notification no. 15/2013-CE (NT) 22.11.13 and 16/2013- Service Tax 22.11.13 . From January 1, 2014 , Companies are essential to
See MoreVietnam – Changes to tax administrative penalty rules
Vietnam’s tax authorities have issued a decree that amends the rules that apply with respect to penalties assessed for tax administrative violations. Decree 129/2013/ND-CP (16 October 2013) revises the tax administrative penalty rules. Among the
See MoreNew Zealand – Supports BEPS Action Plan
The tax department of New Zealand released a report that endorses measures outlined by the Organization for Economic Cooperation and Development (OECD) action plan to deal with the taxation of large multinational corporations and the problems of
See MoreNew Zealand – Increase in the Family Tax Credit
The New Zealand Inland Revenue has announced that the minimum family tax credit will be increased starting from 1 April 2014. Low income families who work the minimum number of hours and who are not receiving a benefit will have an after-tax income
See MoreJapan: tax reform outline announced
The Japanese government has officially decided to increase the rate of consumption tax from the current 5% to 8% with effect from 1 April 2014. It has also delivered a five-trillion yen (US$50B) economic stimulus policy that aims to alleviate
See MoreIndia : Loan simplification services and fees of foreign branches
In a recent decision, the Mumbai Bench of the Income-tax Appellate Tribunal found that: Services provided by a taxpayer bank were “crucial services” and the services were not a “mere facilitation” for concluding or signing of the loan
See MoreChina: VAT reforms for 2014 and 2015
Chinese VAT reforms went national in August 2013 in respect of transport and broadcast services. The first VAT reform pilot started in 2012 in Shanghai and was then rolled out to 11 other provinces. Some more services will become subject to VAT and
See MoreChina: Enterprise income tax treatment from technology transfers
The State Administration of Taxation (SAT) of China issued a bulletin which states that revenues from technical advice, technical services and technical training, in relation to technology transfers will be included under the enterprise income tax
See MoreChina: Circular providing tax breaks for eligible enterprises for Government-led shanty town renovations
The Finance Ministry of China on 28 October 2013 released a circular that announced tax breaks for eligible enterprises that are involved in government-led shanty town renovations. This is part of an effort to encourage participation in the
See MoreAustralia: GST fraud in gold industry is in target
The Australian Tax Office (ATO) on 30 October 2013 announced that it is investigating companies within the gold bullion sector for a total of AU$65 million ($61.5 million) of alleged goods and services tax (GST) fraud. The investigation is a part
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