Hong Kong signs free trade agreement with ASEAN
On 13 November 2017, ASEAN and Hong Kong signed a free trade and investment agreement hoping to strengthen economic cooperation between the two sides and promote development in the region. Both agreements, ASEAN-Hong Kong, China Free Trade Agreement
See MoreTaiwan: MoF announces changes to the transfer pricing documentation rules
The Ministry of Finance (MoF) published the amendment of Transfer Pricing Audit Rules on 13th November 2017. The rules established three-tiered transfer pricing documentation in accordance with the OECD under the base erosion and profit shifting
See MoreSingapore: OECD concludes tax incentives meet international BEPS standards
Singapore is an "associated" jurisdiction under the BEPS (Base Erosion and Profit Shifting) project. Singapore’s available tax incentives were reviewed by the Forum on Harmful Tax Practices and found to be “not harmful” under the peer review
See MorePakistan: Ministry orders compliance with tobacco control laws
On 10 November 2017, the Ministry of National Health Services has requested to all federal secretaries and provincial chief secretaries to take steps for ensuring compliance of tobacco control laws in best public interest. The Secretary Health
See MoreSingapore: Tax exemptions for corporate re-domiciliations
On 11 October 2017, Singapore's Accounting & Corporate Regulatory Authority (ACRA) has immediately adopted the Companies (Transfer of Registration) Regulations 201, which allows eligible foreign companies to relocate their registered offices to
See MoreIndia: GST rate reduced to 18% from 28%
On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly
See MoreThailand: OECD concludes Thai incentives as harmful tax practices
The Thai government upon joining the base erosion and profit shifting (BEPS) inclusive framework, agreed to implement certain minimum standards under Action 5 (harmful tax practices). Part of the minimum standard under Action 5 relates preferential
See MoreThailand: Decree on corporate tax reduction options for SMEs released
On 31 October 2017, Royal Decree (No 647) was published allowing small and medium-sized enterprises (SMEs) to claim a double (200%) corporate tax deduction allowance for expenditure paid out for purchasing or hiring computer software programs
See MoreMalaysia: Prime Minister announces the Budget for 2018
On October 27, 2017, Malaysian Prime Minister Najib Razak presented the budget for 2018, outlining government plans to combat rising costs and limit the country's fiscal deficit. Some of the key fiscal tax measures are summarized as follows: Tax
See MoreLatvia and Pakistan sign an agreement on avoidance of double taxation
Pakistan and Latvia on October 25, 2017, after the second round of negotiations, concluded an agreement on the Avoidance of Double Taxation with regard to income tax and prevention of tax evasion and avoidance (ADTA). Avoiding the double taxation
See MoreKorea: National Assembly set to increase e-cigarette taxes
On 20 October 2017, the Assembly Strategy and Finance Subcommittee of Korea passed a revised bill to increase the excise tax levied on a pack of 20 heat-not-burn (HNB) e-cigarettes sticks to 529 won from the current 126 won. The tax increase will
See MoreTaiwan: The Ministry of Finance publishes the CFC implementation rules
The Ministry of Finance has announced the implementation of CFC (controlled foreign company) rules on September 20, 2017. The main features of the CFC rules are summarized below: CFC definitions: Under the rules, a foreign company located in a
See MoreIndia: CBDT publishes rules for CbC reporting and Master File rule
On 1 November 2017, the Central Board of Direct Taxes (CBDT) has notified rules in respect of Country-by-Country reporting and furnishing of Master File. The significant features of the Country-By-Country Report and Master File rules are: The
See MorePakistan: FBR extends last date for filing tax returns up to November 15
The Federal Board of Revenue (FBR) has issued Circular No. 08 for extension in date of filing of income tax returns to 15 November 2017 from 31 October 2017 for salary persons and business individuals. Similarly, the date of filing of income tax
See MoreIndia: HC declares anti-tobacco Act ultra vires
On 27 October 2017, the Gauhati High Court in a crucial judgment, declared the existing anti-tobacco law in the State as ultra vires. The Court of Justice Ujjal Bhuyan and Paran Phukan struck down the Assam Health (prohibition of manufacturing,
See MoreIndia: CBDT publishes the Final Rules for CbC reporting and the furnishing of the master file
On 31 October 2017, the Central Board of Direct Taxes (CBDT) published the Final Rules for country by country (CbC) reporting and the furnishing of the master file. The Final Rule contain a few administrative changes and clarifications. However, the
See MoreMalaysia introduces tax exemption on payment paid for offshore services
The Income Tax (Exemption) (No. 9) Order 2017 (Exemption Order) was published in the Federal Gazette on 24 October 2017. The Exemption Order excludes non-residents from payment of income tax in respect of certain categories of income derived from
See MoreTaiwan: Cabinet approves draft amendments to Income Tax Act
The Executive Yuan (Cabinet) approved draft amendments to the Income Tax Act on 12 October 2017. The draft proposals include the following: Corporate income tax rate increases from 17% to 20%. Standard dividend withholding tax rate raises from
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