Japan approves the tax reform plan for 2017
The Government of Japan passed the 2017 tax reform key proposals on 27 March 2017. According to the bill, the following changes are taking place: Tax treatment of board remuneration and old-age provision; Time of the deduction of costs for
See MoreIndia: Higher tax rate not applied when tax is withheld under tax treaty
The Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: Uniphos Environtronic (P.) Ltd. v. DCIT 79, held that where the tax has been deducted on the basis of the beneficial provisions of the tax treaties, the provisions of
See MoreIndonesia: New regulation on exchange of information
The Indonesian Minister of Finance issued Regulation No. 39/PMK.03/2017 of 3 March 2017 on the exchange of information as required under the international agreements entered into by the government including tax agreements, tax information exchange
See MoreTIEA between Anguilla and New Zealand enters into force
The Anguilla - New Zealand Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 6th January 2017 regarding tax matters. The TIEA will be applicable from 1st April
See MoreTax agreements between British Virgin Islands and New Zealand enter into force
The two tax related agreements between the British Virgin Islands and New Zealand was signed on 14 August 2009 and it has been entered into force on 23 December 2016. The effective dates are given below: The British Virgin Islands - New Zealand
See MoreTIEA between New Zealand and Vanuatu enters into force
The New Zealand - Vanuatu Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 27 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MoreTIEA between New Zealand and Turks and Caicos Islands enters into force
The New Zealand - Turks and Caicos Islands Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 23 December 2016 regarding tax matters. The TIEA will be applicable from 1st April
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MoreTIEA between New Zealand and St. Vincent and the Grenadines enters into force
The New Zealand - St. Vincent and the Grenadines Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 17 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreIndia: Payments to Belgian entities not taxable as fees for technical services
Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: ITO v. Cadila Health Care Ltd 78, decided that the payments made to Belgian entities are not taxable as “Fees for Technical Services (FTS)” in view of Most
See MoreBahrain ratifies DTA with Bangladesh
On 21 March 2017, Bahrain ratified the Double Taxation Agreement (DTA) with Bangladesh for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, by way of Law No.
See MoreDTA between Pakistan and Switzerland signed
The Pakistan and Switzerland signed an Income Tax Treaty for the avoidance of double taxation and the prevention of fiscal evasion in Islamabad on 21 March 2017. Once in force and effective, the new treaty will replace the Pakistan - Switzerland
See MoreVietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
See MoreIndia: Delhi High Court removed the penalty assessment for related-party transactions
The Delhi High Court, in the case of: Pr.CIT v. Mitsui Prime Advanced Composites India Pvt. Ltd. (ITA 913/2016, CM APPL.46519/2016), dismissing tax department’s appeal and upheld the Tribunal’s order deleting penalty under Section 271(1)(c) of
See MoreNew Zealand releases consultation paper on interest limitation rules
The Finance and Revenue Minister released a consultation document regarding BEPS – Strengthening interest limitation rules and also inviting public submissions on proposals to improve New Zealand's thin capitalization rules on 3rd March 2017. The
See MoreSingapore, Luxembourg Competent authority agreement on automatic exchange of information signed
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Singapore and Luxembourg was signed on 10 March 2017. The agreement provides details of what types information will be exchanged and when, in accordance with OECD
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