Philippines: Government seizes illicit cases of cigarettes without tax stamps
According to the Department of Finance (DoF) The Bureau of Internal Revenue (BIR) and the National Bureau of Investigation (NBI) on 16th October 2017 banned hundreds of mastercases of illicit cigarettes in Nueva Ecija. The DoF said, “The warehouse
See MoreIndia: Clarification guidelines for establishing place of effective management
The Central Board of Direct Taxes recently issued a circular (No. 25 of 2017) on 23 October 2017. This circular clarifies that, as long as the regional headquarter operates for subsidiaries/group companies in a region, within the general and
See MoreNew Zealand: The Council strengthens smokefree policy
Auckland Council has strengthened their Smokefree Policy to make all al fresco dining on footpath and Beaches areas smokefree. The new policy, which will come into effect from November 2017, requires all cafés and restaurants with licenses to
See MoreIndia extends due date for filing of CbC report for the accounting year 2016-17 to 31.03.2018
On 25 October 2017, the Central Board of Direct Taxes (CBDT) has issued Circular No. 26/2017 of 25 October 2017 stated that it will extend the due date for multinationals to furnish a country-by-country (CbC) report for the accounting year 2016-17
See MoreLatvia and Vietnam sign an agreement for the avoidance of double taxation
On October 19, 2017, an intergovernmental agreement on the elimination of double taxation and the prevention of fiscal evasion with respect to income tax was concluded between the Republic of Latvia and the Socialist Republic of Vietnam. The
See MorePakistan: SME and export sectors are exempted from regulatory duty
On 16 October 2017, the Federal Board of Revenue (FBR) has said that Small and Medium Enterprises (SMEs) and export-oriented units are exempted from paying regulatory duty levied through SRO 1035(I)/2017 on the import of raw material and
See MoreBelgium approves DTA with Japan
On 19 October 2017, the Cabinet of Belgium approved the Double Taxation Agreement (DTA) with Japan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Once in force and effective, the new treaty
See MorePakistan: Ministries of the NHS directs government to make cigarettes inaccessible to the citizens
Recently, the ministries of national health services (NHS) and the finance department have been asked to implement the World Health Organization (WHO) Framework Agreement on Tobacco Control (FCTC) to make cigarettes inaccessible to citizens by
See MoreKazakhstan: 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
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