Sri Lanka: New income tax law 2017
On 7 September 2017, the Parliament of Sri Lanka has passed the new income tax law. Minister of Finance said all the provisions of the new income tax law will be implemented from the 1st of April 2018. Corporate Tax Rate: Beginning from 1 April
See MoreIndia: Protocol amending DTA with New Zealand enters into force
On 7 September 2017, the amending protocol of Double Taxation Agreement (DTA) between India and New Zealand was entered into force and it was applied from 7 September
See MoreCzech Republic: DTA with Turkmenistan ratifies
On 8 August 2017, the Czech Republic has ratified the Double Taxation Agreement (DTA) with Turkmenistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreIndia introduces CbC reporting requirements
India has included a country-by-country (CbC) reporting requirement in section 286 of the Indian Income-tax Act, 1961, with effect from the financial year 2016-2017. The requirements are principally in line with BEPS Action 13. The first round of
See MoreIsrael: District Court makes a decision on Israeli transfer pricing rules
A decision was made and governed by an Israeli District Court that when an Israeli company gained IP ownership and shortly thereafter its employees and other assets (with IP) to a related party, the transfer should be counted as a sale for whole
See MorePakistan: FBR increases sales tax rates
On July 1, 2017, the Federal Board of Revenue (FBR) amended the rules in SRO 583 (I) / 2017 as regards the payment of increased sales tax by the steel industry. The FBR has increased the sales tax to 10.5% from 9% for the consumption of each
See MoreHong Kong: IRD plans to launch AEOI portal from July 2017
The Inland Revenue Department (IRD) plans to launch an Automatic Exchange of Information (AEOI) portal from 3 July 2017, according to a spokesman for the IRD. The portal would be used for financial institutions to furnish notifications and file
See MoreHong Kong: IRD gazettes orders on treaties with Latvia, Belarus and Pakistan
Three orders made by the Chief Executive in Council under the Inland Revenue Ordinance to implement the Comprehensive Agreements for the Avoidance of Double Taxation (CDTAs) with Latvia, Belarus and Pakistan respectively were gazetted on June 30
See MorePhilippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
See MoreVietnam Joins the Inclusive Framework on BEPS
On 21 June 2017, the OECD published a new list of countries and jurisdictions participating in the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Based on this list, Vietnam has become the 100th jurisdiction to join the Inclusive
See MoreHong Kong: Bill on tax exemption to open-ended fund companies gazetted
On 23 June 2017 the Hong Kong SAR Government published in the Gazette the Inland Revenue (Amendment) (No. 4) Bill 2017 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies
See MoreThailand Joins the Inclusive Framework on BEPS
Thailand has become the 98th jurisdiction to join the Inclusive Framework (IF) on BEPS and will participate at the next plenary session of the IF with the same rights as the all other IF members, which will take place on 21/22. June 2017 in
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreMalaysia plans to impose Tourism Tax from July 2017
The Malaysian government is going ahead with its tourism tax to be imposed from July 1, 2017. Under the new tax, hotel guests will be charged between RM2.50 and RM20 for every night’s stay, depending on the classification of the hotel. According
See MoreIndia: Income Tax Appellate Tribunal rejects internal comparable
The Ahmedabad Bench of Income-tax Appellate Tribunal on 24 may 2017, in the case of Inductotherm (India) Pvt. Ltd. v. DCIT held that "internal costs plus method" do not apply to benchmark exports of finished goods to a related party when there are
See MoreIndia: CBDT notifies rule for secondary adjustments in transfer pricing
The CBDT has notified a new "Income Tax Rule 10CB" which stipulates a deadline for the reimbursement of excess money (90 days) and the applicable interest rate (separate interest rates for transactions in INR / foreign currency) taken into account
See MoreHong Kong signs the Multilateral Convention
On 7 June 2017, the Commissioner of China's State Administration of Taxation (SAT) signed, on behalf of Hong Kong, the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which aims to
See MoreHong Kong: IRD releases notice on tax obligations of property owners
On 15 June 2017, the Hong Kong Inland Revenue Department (IRD) issued a notice on the property tax obligations of property owners. Property tax is charged on property owners by reference to the actual rent receivable (including lease premium) in
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