Taiwan: Draft amendment to controlled foreign company rules issued
Taiwan’s Ministry of Finance issued Ruling No. 10604557490 on 6 June 2017, providing clarification to the proposed controlled foreign company (CFC) regulations which was issued on 9 November 2016. According to the proposed CFC rules, Taiwanese
See MoreHong Kong: AEOI agreement with Ireland
Hong Kong has signed an agreement with Ireland for conducting automatic exchange of financial account information in tax matters (AEOI) from 2018 onwards, a Government spokesman said on June 8, 2017. The spokesman added that they have been seeking
See MoreRomania: DTA with Uzbekistan signed
The president of Romania signed a law ratifying the amending protocol of Double Taxation Agreement (DTA) with Uzbekistan on 8 May
See MorePakistan: Signs the Multilateral Convention to implement tax treaty related BEPS measures
On 7 June 2017, the OECD announced that Pakistan signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). About 70 countries have signed this Multilateral Instrument (MLI) agreement at the
See MoreIndia: CBDT notifies new safe harbour regime for cross-border transactions
The Central Board of Direct Taxes (CBDT) on 7 June 2017, has issued a new, relaxed, safe harbour regime in order to reduce transfer pricing disputes. The move is aimed at providing certainty to taxpayers, aligning safe harbour margins with industry
See MoreIndia signs the Multilateral Convention to implement tax treaty related BEPS measures
The Finance Minister, Arun Jaitley, on 7 June 2017 in Paris on behalf of India, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. About 70 countries at all levels of development
See MorePakistan: FBR proposes to introduce a Directorate General of Transfer pricing
Federal Board of Revenue (FBR) has proposed through Finance Bill 2017 to establish Directorate General of Transfer Pricing which shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors, Assistant Directors
See MoreAustralia signs MLI to prevent tax avoidance
Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed
See MoreBelarus ratifies tax treaty with Hong Kong
On 3 May 2017, the government of Belarus ratified the agreement with Hong Kong for the avoidance of double taxation. The agreement was signed on 16 January 2017 and was adopted by the Belarus House of Representatives on April 19, 2017. The agreement
See MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
See MoreAustralia: FTA negotiation with Peru
On 24 May, Australia and Peru launched negotiations for a free trade agreement (FTA). A fellow signatory to the Trans-Pacific Partnership (TPP) Agreement, Peru has been one of the fastest growing economies in Latin America. A Peru-Australia FTA
See MoreDTA between Philippines and Bahrain approves
The Council of Ministers of Bahrain approved the amending protocol of Double Taxation Agreement (DTA) with Philippines on 22 May
See MorePakistan: FBR proposes budget for 2017/2018
Pakistan’s Federal Board of Revenue (FBR) on 26 May 2017, presented the budget for 2017/2018 to the parliament. The following tax measures are proposed in the Budget: Corporate income tax rate: Corporate tax rate for companies other than banking
See MoreMalaysia: IRBM issues amended tax audit framework for 2017
The Inland Revenue Board of Malaysia (IRBM) issued an amended tax audit framework on 1 May 2017. The aim the amended framework is to ensure that tax audits are carried out in a fair, transparent and impartial manner. The framework outlines the
See MoreJapan and Iceland agree on a DTA
On 29 May 2017, the Japanese Ministry of Finance announced that the Government of Japan and the Government of Iceland have agreed in principle on the tax convention between Japan and Iceland. This new agreement will be signed after the necessary
See MoreIndia: SC rules that income from the sub-licensing of property is not taxable as business income
The Supreme Court (SC) in the case of Raj Dadarkar and Associates v. ACIT (Civil Appeal No. 6455-6460 OF 2017), decided that the income from the sub-licensing of the property is taxable as house property income and not business income. Simply
See MoreIndia: Reimbursement of costs for training and general insurance not included in fee for technical services
The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: Gemological Institute International Inc v. DCIT (ITA No. 4659/Mum/2014) and (ITA No. 385/Mum/2016) held that, the amounts received by the taxpayer were not taxed as technical
See MoreIsrael: Status updates of automatic exchange of country-by-country (CbC) reports
The Israel Tax Authority declared the signing of a multilateral agreement for the automatic exchange of country-by-country (CbC) reports and of common reporting standard (CRS) information. The Director of tax authority signed the Multilateral
See More