Kazakhstan: DTA signs with Croatia
On 12 October 2017, the Double Taxation Agreement (DTA) between Croatia and Kazakhstan was signed for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in
See MoreUAE: DTA signs with Maldives
The Maldives and United Arab Emirates (UAE) have a long history of bilateral ties, based on friendship, common understanding and mutual benefits for the progress and prosperity of both countries and peoples. An Agreement was signed on October 17,
See MoreHong Kong signs AEOI agreement with Switzerland
Hong Kong has signed an agreement with Switzerland on the automatic exchange of financial account information in tax matters (AEOI), a government spokesman said on 14 July 2017. The spokesman added that they are trying to expand the Hong Kong AEOI
See MoreBusiness Council: Australia must cut company tax rate to boost up economy
Ms Jennifer Westacott, the chief executive of the Business Council of Australia warns, “Australia is at imminent risk of having the 3rd highest company tax rate in the developed world if the Parliament leaves the top rate frozen in time at
See MoreChina: New CIT rate for TASCs
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. To make China more appealing to foreign talent, the government will put in place a work permit system for
See MoreAustralia announces R&D activities registration deadline
The deadline for registration of research and development (R&D) activities are 31 October 2017 and companies that commence R&D activities need to consider the following in preparing for R&D registration like documentation, payments to
See MoreIndia: CBDT signs two new APAs
On 6 October 2017, the Ministry of Finance issued a press release announcing that the Central Board of Direct Taxes (CBDT) has signed two more advance pricing agreements (APAs) in September 2017 with Indian taxpayers. These two latest APAs relate to
See MoreSingapore: Income Tax (Amendment) Bill 2017 approved
The Income Tax (Amendment) Bill 2017 was approved by the Singaporean lawmakers on 2 October 2017.The amendments to the Income Tax Act comprise of tax changes announced in the 2017 Budget. According to the approved Bill existing corporate income tax
See MorePhilippines: Tax reform bill expected to be approved before year end
According to Filipino tax experts, the tax reform program of the tax administration may be passed into law before this year ends after it got the Senate's approval. The Tax Reform for Acceleration and Inclusion Act (TRAIN) Bill is the first tax
See MoreJapan: DTA with Denmark signed
On 11 October 2017, the Japanese Ministry of Finance issued a press release announcing that the Government of Japan and the Government of the Kingdom of Denmark signed the Convention between Japan and the Kingdom of Denmark for the Elimination of
See MorePakistan approves updating tax treaties with Sri Lanka, Nepal, France, Tunisia, Morocco, and Portugal
On 10 October 2017, the federal cabinet has granted approval to amend existing conventions on avoidance of double taxation treaties with Sri Lanka, Nepal, France, Portugal, Tunisia and Morocco for avoiding double taxation and the prevention of
See MoreChina, EEU complete negotiations on economic and trade cooperation agreement
China and the Eurasian Economic Union (EEU) have finished substantial negotiations on an economic and trade cooperation agreement, the Ministry of Commerce said on Oct 1 in a statement. Zhong Shan, China’s commerce minister, signed a joint
See MoreChina: Draft of tobacco leaf tax law submitted to NPC for review
On 28 August 2017, the Law of the People's Republic of China on Tobacco Leaf Tax (Draft) was submitted to the 29th Session of the 12th Standing Committee of the NPC with the current tax rate of 20% to remain unchanged. According to the Third Plenum
See MoreIndia: CBDT releases CbC reporting and Master file documentation rules for public comment
The Central Board of Direct Taxes (CBDT) published a draft guideline for framing Rules in respect of Country-by-Country reporting and furnishing of master file on 6 October 2017. The comments and suggestions on the draft rules can be submitted by 16
See MoreLuxembourg and Uzbekistan sign a protocol to amend the DTA
On 18 September 2017, the amending protocol of Double Taxation Agreement (DTA) between Luxembourg and Uzbekistan was signed for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The protocol
See MoreKazakhstan: New Tax Code submits to Parliament
The First Vice-Minister of National Economy, Ruslan Dalenov, submitted the draft of the new tax code to the finance and budget committee of the lower house of the Kazakh parliament (the Mazhilis) on September 21, 2017 for consideration. It was
See MoreJapan publishes guidance for taxpayers on the MAPs
Recently, the National Tax Agency of Japan has released a guidance on mutual agreement procedures (MAP) on their website. This guidance has been prepared based on the recommendation 2.1 indicated in the final report on Action 14 (Making Dispute
See MoreHong Kong adopts a new intragroup tax loss transfer regime
According a proposal from high level government advisory panel, Hong Kong adopts a new intragroup tax loss transfer regime. If adopted, these new tax rules would have significant impact on business and investment decision-making in Hong Kong,
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