Pakistan: Instigated the alternative dispute resolution committee
On 29 March 2017, the Federal Board of Revenue (FBR) has started the Alternative Dispute Resolution (ADRC) service. The FBR has decided to provide the service in view of the fact that 27,000 complaints are pending before Appellate Tribunal Inland
See MorePakistan: FBR issues a law regarding payment of tax collected or deducted
Pakistan’s Federal Board of Revenue Published a Notification No. S.R.O. 255(I)/2017 of 12 April 2017, which introduced a new provision in Rule 43(b) of the Income Tax Rules 2002 regarding payment of tax collected or
See MoreIndia: CBDT issues PAN and TAN within one day
On 11 April 2017, the Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day to expand the facility of Doing Business for
See MoreIndia: Waiver of interest by financial institutions is treated as income
In a recent judgement in the case of: McDowell & Company Ltd. v. CIT (Civil Appeal No. 3893 of 2006), the Supreme Court of India held that the waiver of interest by financial institutions is assessable from the hands of the Amalgamating Company
See MoreIndia: CBDT publishes a notification on the patent box regime
The Central Board of Direct Taxes (CBDT) released a notification on the patent box regime under section 115BBF of the Income-tax Act, 1961. The new rules deliver additional incentive for companies to retain and develop innovative patented products,
See MoreChina issues new TP and MAP rules
On 1 April 2017, The State Administration of Taxation (SAT) of China published a Bulletin-6 providing new transfer pricing (TP) guidance and strengthening the Mutual Agreement Procedure (MAP) process. Bulletin 6 is effective from 1 May
See MoreVietnam: Imposes anti-dumping tax on steel imported from China
On March 30 2017, the Ministry of Industry and Trade officially decided to levy anti-dumping duties on imported coated steel from mainland China including Hong Kong and the Republic of Korea. Therefore, Bazhou Sanqiang Metal Products will be taxed
See MoreMalaysia: IRB issues guideline for submission on e-Filing of Form CP204 AND CP204A
The Inland Revenue Board of Malaysia (IRBM) has recently announced that mandatory e-filing is required for companies which furnish their estimated tax payable (Form CP204) and Revised Estimation (Form CP204A) for the year of assessment 2018 and
See MoreHong Kong: Inland Revenue Department (IRD) issues tax returns for 2016-17
The Inland Revenue Department of Hong Kong on 03 April 2017 issued about 180,000 profits tax returns, 130,000 property tax returns and 300,000 employer's returns for the year of assessment 2016-17. The IRD encourages taxpayers to take the e-tax
See MoreHong Kong: Government signed AEOI agreement with Portugal and South Africa
The government of Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI). A Government spokesman said on 03 April 2017 that they have been seeking to
See MoreAustralia: GST on low value imported goods
As of 1 July 2017, Subject to Parliamentary approval, overseas businesses with an Australian turnover of A$75,000 or more may need to: register for GST charge GST on low value imported goods that they sell to consumers in Australia, and
See MorePakistan: Publishes guidelines for facilitating foreign investors
On 1 April 2017, Pakistan Government has issued guidelines to the administrative heads of divisions, attached departments and autonomous bodies to facilitate domestic and foreign investment and the setting up of and running businesses in
See MoreIndia: Launches E-filing facility for select Income Tax Returns
The Income Tax department On 1 April 2017, launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18. The two ITRs that are now available for filing on the e-portal of the government. The forms are the ITR-1
See MoreSingapore signs new Double Tax Treaty with Ghana
Singapore and Ghana signed a double tax agreement on 31 March 2017. The treaty provides clarification to the taxing rights of both countries on all types of income flows arising from cross-border business activities, and provides provision to
See MoreIndia: Proposed new income tax slab for 2017-18
On 31 March 2017, Finance minister proposed to reduce the tax rate for individuals in the lowest income tax slab to 5% instead of 10% (Rs 2.5 lakh to Rs 5 lakh). The existing rebate under Section 87A as currently given to people with income up to Rs
See MoreIndia: Introduces new simplified ITR form for assessment Year 2017-18
The government on 31 March 2017 announced that the new Income Tax Return form for Assessment Year 2017-18, has been simplified for filing returns. It will come into effect from 1 April 2017. The new ITR form will have need of the fewer number of
See MoreVietnam: Updates corporate tax incentives schemes
Recently, Vietnam’s tax authorities updates and published following guidance in the “official letters” regarding the corporate tax incentives schemes: -No CIT incentive tax rate applicable for investment projects located in industrial
See MorePakistan: FBR publishes the guideline on withholding taxes
Recently, the Federal Board of Revenue (FBR) has published the guideline on withholding taxes updated up to 22 March 2017. The guideline covers all requirements for both final and non-final withholding taxes under the territory of Pakistani tax
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