Philippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
See MoreVietnam Joins the Inclusive Framework on BEPS
On 21 June 2017, the OECD published a new list of countries and jurisdictions participating in the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Based on this list, Vietnam has become the 100th jurisdiction to join the Inclusive
See MoreHong Kong: Bill on tax exemption to open-ended fund companies gazetted
On 23 June 2017 the Hong Kong SAR Government published in the Gazette the Inland Revenue (Amendment) (No. 4) Bill 2017 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies
See MoreThailand Joins the Inclusive Framework on BEPS
Thailand has become the 98th jurisdiction to join the Inclusive Framework (IF) on BEPS and will participate at the next plenary session of the IF with the same rights as the all other IF members, which will take place on 21/22. June 2017 in
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreMalaysia plans to impose Tourism Tax from July 2017
The Malaysian government is going ahead with its tourism tax to be imposed from July 1, 2017. Under the new tax, hotel guests will be charged between RM2.50 and RM20 for every night’s stay, depending on the classification of the hotel. According
See MoreIndia: Income Tax Appellate Tribunal rejects internal comparable
The Ahmedabad Bench of Income-tax Appellate Tribunal on 24 may 2017, in the case of Inductotherm (India) Pvt. Ltd. v. DCIT held that "internal costs plus method" do not apply to benchmark exports of finished goods to a related party when there are
See MoreIndia: CBDT notifies rule for secondary adjustments in transfer pricing
The CBDT has notified a new "Income Tax Rule 10CB" which stipulates a deadline for the reimbursement of excess money (90 days) and the applicable interest rate (separate interest rates for transactions in INR / foreign currency) taken into account
See MoreHong Kong signs the Multilateral Convention
On 7 June 2017, the Commissioner of China's State Administration of Taxation (SAT) signed, on behalf of Hong Kong, the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which aims to
See MoreHong Kong: IRD releases notice on tax obligations of property owners
On 15 June 2017, the Hong Kong Inland Revenue Department (IRD) issued a notice on the property tax obligations of property owners. Property tax is charged on property owners by reference to the actual rent receivable (including lease premium) in
See MoreHong Kong: Inland Revenue (Amendment) (No. 2) Ordinance 2017 gazetted
Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) was gazetted June 16 and will come into effect on July 1, 2017. The Amendment Ordinance enables Hong Kong to implement automatic exchange of financial account information in tax
See MoreHong Kong signs AEOI agreement with Indonesia
Hong Kong has signed an agreement with Indonesia for conducting automatic exchange of financial account information in tax matters (AEOI), a Government spokesman said on June 16, 2017. The spokesman added that they have been seeking to expand Hong
See MoreIndia: CBDT publishes a draft notice on special transitional provisions for a foreign company based in India
The Finance Ministry on 15 June 2017, issued a draft notification of transitional provisions for foreign companies in the first year of becoming resident based on their place of effective management. The notification has clarified that the tax on
See MoreNew Zealand: Budget for 2017
The budget for 2017 was passed by Parliament on 26th May 2017. The Budget bill contains changes to tax thresholds and to Working for Families. The changes will come into effect on 1 April 2018. The changes are given below: Income tax thresholds:
See MoreSingapore: Multilateral Convention on BEPS signed
Singapore has signed the multilateral instrument on 7 June 2017, aiming to facilitate the implementation of tax related measures to Prevent Base Erosion and Profit Shifting (MLI). Singapore intends for the Multilateral Instrument to apply to Double
See MoreNew Zealand signs BEPS Multilateral Instrument
On 7th June 2017 the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (referred to as the Multilateral Instrument, or MLI) was signed in Paris. This OECD measure targets base erosion and profit shifting (BEPS). It
See MorePakistan: Proposes documentation and CbC reporting requirements
On June 5, 2017, Pakistan's Federal Board of Revenue has presented a notification (Notification SRO 421 (I) / 2017) regarding Documentation and country-by-country reporting requirements in respect of transfer pricing. The proposed requirements are
See MoreJapan signs the Multilateral Convention to implement tax treaty related BEPS measures
The Minister of State for Foreign Affairs, on 7 June 2017 in Paris on behalf of Japan, signed the Multilateral Agreement on the Implementation of Taxation Related Measures to Avoid Basic Erosion and Profit Shift. The Ministry of Foreign Affairs of
See More