Hong Kong: Inland Revenue (Amendment) (No. 2) Ordinance 2017 gazetted
Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) was gazetted June 16 and will come into effect on July 1, 2017. The Amendment Ordinance enables Hong Kong to implement automatic exchange of financial account information in tax
See MoreHong Kong signs AEOI agreement with Indonesia
Hong Kong has signed an agreement with Indonesia for conducting automatic exchange of financial account information in tax matters (AEOI), a Government spokesman said on June 16, 2017. The spokesman added that they have been seeking to expand Hong
See MoreIndia: CBDT publishes a draft notice on special transitional provisions for a foreign company based in India
The Finance Ministry on 15 June 2017, issued a draft notification of transitional provisions for foreign companies in the first year of becoming resident based on their place of effective management. The notification has clarified that the tax on
See MoreNew Zealand: Budget for 2017
The budget for 2017 was passed by Parliament on 26th May 2017. The Budget bill contains changes to tax thresholds and to Working for Families. The changes will come into effect on 1 April 2018. The changes are given below: Income tax thresholds:
See MoreSingapore: Multilateral Convention on BEPS signed
Singapore has signed the multilateral instrument on 7 June 2017, aiming to facilitate the implementation of tax related measures to Prevent Base Erosion and Profit Shifting (MLI). Singapore intends for the Multilateral Instrument to apply to Double
See MoreNew Zealand signs BEPS Multilateral Instrument
On 7th June 2017 the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (referred to as the Multilateral Instrument, or MLI) was signed in Paris. This OECD measure targets base erosion and profit shifting (BEPS). It
See MorePakistan: Proposes documentation and CbC reporting requirements
On June 5, 2017, Pakistan's Federal Board of Revenue has presented a notification (Notification SRO 421 (I) / 2017) regarding Documentation and country-by-country reporting requirements in respect of transfer pricing. The proposed requirements are
See MoreJapan signs the Multilateral Convention to implement tax treaty related BEPS measures
The Minister of State for Foreign Affairs, on 7 June 2017 in Paris on behalf of Japan, signed the Multilateral Agreement on the Implementation of Taxation Related Measures to Avoid Basic Erosion and Profit Shift. The Ministry of Foreign Affairs of
See MoreTaiwan: Draft amendment to controlled foreign company rules issued
Taiwan’s Ministry of Finance issued Ruling No. 10604557490 on 6 June 2017, providing clarification to the proposed controlled foreign company (CFC) regulations which was issued on 9 November 2016. According to the proposed CFC rules, Taiwanese
See MoreHong Kong: AEOI agreement with Ireland
Hong Kong has signed an agreement with Ireland for conducting automatic exchange of financial account information in tax matters (AEOI) from 2018 onwards, a Government spokesman said on June 8, 2017. The spokesman added that they have been seeking
See MoreRomania: DTA with Uzbekistan signed
The president of Romania signed a law ratifying the amending protocol of Double Taxation Agreement (DTA) with Uzbekistan on 8 May
See MorePakistan: Signs the Multilateral Convention to implement tax treaty related BEPS measures
On 7 June 2017, the OECD announced that Pakistan signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). About 70 countries have signed this Multilateral Instrument (MLI) agreement at the
See MoreIndia: CBDT notifies new safe harbour regime for cross-border transactions
The Central Board of Direct Taxes (CBDT) on 7 June 2017, has issued a new, relaxed, safe harbour regime in order to reduce transfer pricing disputes. The move is aimed at providing certainty to taxpayers, aligning safe harbour margins with industry
See MoreIndia signs the Multilateral Convention to implement tax treaty related BEPS measures
The Finance Minister, Arun Jaitley, on 7 June 2017 in Paris on behalf of India, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. About 70 countries at all levels of development
See MorePakistan: FBR proposes to introduce a Directorate General of Transfer pricing
Federal Board of Revenue (FBR) has proposed through Finance Bill 2017 to establish Directorate General of Transfer Pricing which shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors, Assistant Directors
See MoreAustralia signs MLI to prevent tax avoidance
Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed
See MoreBelarus ratifies tax treaty with Hong Kong
On 3 May 2017, the government of Belarus ratified the agreement with Hong Kong for the avoidance of double taxation. The agreement was signed on 16 January 2017 and was adopted by the Belarus House of Representatives on April 19, 2017. The agreement
See MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
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