Vietnam negotiates DTA with Cambodia
Officials from Vietnam and Cambodia have expressed their intentions to negotiate a double tax agreement. On 13 January 2014, a conference was held, which provided both nations with an opportunity to discuss measures to further promote cooperation
See MoreSingapore levies Goods and Services Tax on Bitcoin
The Singapore tax authorities have recently issued guidance that the virtual digital currency, Bitcoin, is subject to Singapore goods and services tax (GST) at 7%. Although some financial services are exempt from VAT Bitcoin is regarded as a service
See MoreIndia: Improvements to VAT compliance and administration procedures
Some improvements to the Indian VAT compliance and administration procedures have been announced to help traders. India’s VAT is a state level tax on the sale of goods. The changes include plans to reduce the number of Indian VAT audits, the
See MoreIndia and Fiji sign a DTA
On 30 January 2014 India signed a Double Taxation Avoidance Agreement (DTA) with Fiji for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Indian Finance Minister commented that the need
See MoreHong Kong: Negotiations for DTA with Romania
On 29 January 2014, the Romanian government authorized the start of negotiations for the conclusion of a Double Tax Agreement (DTA) between Hong Kong and
See MoreEstonia – Six new DTA in effect
From 1 January 2014, six new Double Tax Treaties (DTA) were added to Estonia’s income tax treaty network. The treaties are with Bahrain, Thailand, Cyprus, Mexico, Turkmenistan, and
See MoreVietnam – Tax forms and VAT methods
According to Decree No. 156/2013/TT-BTC, in effect from 1 January 2014, new tax forms are to be used by organizations and entities in Vietnam. Enterprises are to pay trade union dues at a rate of 2% of total salary amounts used to compute social
See MoreVietnam releases circular on treaty benefit application
Recently, Vietnam issued Circular 205 providing rules on the applicability of tax treaty benefits and general anti-abuse provisions (GAAR) which will become effective 6 February 2014. The main changes in Circular 205 from the previous circular are
See MoreVietnam – detailed guidance on APA process effective 5 February 2014
Following the introduction of Advance Pricing Agreements (APA) in the Revised Law on Tax Administration, Vietnam’s Ministry of Finance (MoF) issued Circular No. 201/2013/TT-BTC (Circular 201) providing detailed guidance on the APA application
See MoreSweden: Protocol to DTA with Japan signed
The Policy Research Institute of Japan's Finance Ministry confirmed on December 5, 2013 that the governments of Japan and Sweden have signed a Protocol amending the current tax treaty. The main changes are: expansion of the scope of exemption of
See MoreMalaysia Confirms Change of Policy on Vehicle Excise Tax Cut
Despite last year's election manifesto promise, and persistent calls for a reduction in Malaysia's high car prices, the International Trade and Industry Minister has confirmed that the Government has no plans to reduce vehicle excise duties at the
See MoreJapan Studies Corporate Tax Rate Cut for Growth Strategy
Japan's Prime Minister is looking again at lower corporate taxes to provide a new impetus to growth in the economy. The Finance Minister has however again cast doubt on whether such a policy is viable at the present time. In a meeting of the
See MoreHong Kong: Tax concession for captive insurance companies
On 8 January 2014 legislation was introduced into the Legislative Council to provide a profits tax concession to captive insurance companies for profits from their business of insurance of offshore risks. These profits are to be chargeable to
See MoreDTA between Luxembourg and Kazakhstan entered into force
Luxembourg ratified the first Income and Capital Tax Treaty with Kazakhstan on 16 May 2013. The treaty was signed on 3 May 2012 and entered into force on 10 December 2013. The provisions of the treaty will be applicable from 1 January 2014
See MoreChina and Liechtenstein sign a TIEA
China and Liechtenstein signed a Tax Information Exchange Agreement (TIEA) 27 January 2014. The agreement is consistent with the OECD’s international standard. The TIEA will enter into force after ratification by both parties, and the possible
See MoreAustralian Government restates commitment to lower taxes
The Australian Prime Minister has reiterated his election pledge for “lower, simpler, fairer taxes,” and the new government will draw up a tax reform white paper within two years. Recommendations in the white paper shall be part of the platform
See MoreMalaysia: Audits process
Under the transfer pricing audit framework for transfer pricing audit effective from 1 April 2013, a taxpayer may be selected for audit based on the significance of its controlled transactions before taking into account other risk analysis. The time
See MoreIndonesia: VAT registration threshold increased
Indonesia has increased its VAT registration threshold from IDR 0.6bn to IDR 4.8bn per year in taxable turnover with effect from 1 January 2014. The stated goal is to reduce the VAT compliance burden for small and medium sized businesses. The
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