India: Budget introduces the digital permanent establishment rule
On 1 February 2018, the Finance Minister has released India’s 2018-19 budget and finance bill. The 2018 budget proposed to amend the definition of a permanent establishment for the taxation of non-resident digital companies operating in India.
See MoreIndia: Finance Minister presents Budget for the year 2018-19
Indian Finance Minister Arun Jaitley today disclosed its budget 2018-2019 for the fiscal year starting from 1 April 2018. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in
See MoreIndia: Finance Minister presenting the Union Budget 2018-2019
Indian Finance Minister Arun Jaitley presenting his fifth Union Budget 2018-2019 to the parliament at 11 am today. This will be the Narendra Modi government’s last budget before the 2019 general elections. It comes in the wake of several
See MoreIsrael: DTA with Austria will enter into force on March 1, 2018
On March 1, 2018, the Double Taxation Agreement (DTA) between Austria and Israel will enter into force .This will be applicable from January 1, 2019. From this date, the new DTA replaces the existing DTA of
See MoreCroatia: Parliament ratifies DTA with Kazakhstan
The parliament ratified the Double Taxation Agreement (DTA) on January 26, 2018, with Kazakhstan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. It was signed on October 12,
See MoreKazakhstan: Senate approves protocol to DTA with India
On January 25, 2018, the upper chamber of the parliament or the Senate of Kazakhstan approved the amending protocol of Double Taxation Agreement (DTA) with India. It was approved by the lower chamber of parliament on December 20,
See MoreTaiwan: Parliament enacts tax reform bill
The Legislative Yuan has approved amendment to the tax reform bill that were announced on 1st September 2017. The measures applies retroactively for taxable years beginning as from 1 January 2018. Key features of the tax reform include: •
See MoreCzech Republic: DTA signs with Korea (Rep.)
A treaty was signed on January 12, 2018, between Czech Republic and Korea (Rep.) for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion. It will replace the existing double tax agreement after being
See MoreMalaysia signs the BEPS multilateral instrument
On 24 January 2018, Malaysia signed the OECD Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”). At the beginning of 2017, Malaysia announced its
See MoreJapan: DTA with Iceland signed
On 15 January 2018, the Japanese Ministry of Finance issued a press release announcing that the Government of Japan and the Government of the Republic of Iceland signed the Convention between Japan and Iceland for the Elimination of Double Taxation
See MoreTaiwan: MoF announces Safe harbor exemption
Taiwan's Ministry of Finance (MoF) announced a “safe harbor” exemption with respect to Master file and country-by-country (CbC) reporting On 11th December 2017. Transfer pricing guidance issued in November 2017 (and known in English as
See MoreIndonesia: CbC Reporting implementing regulations
The Director General of Taxation (the DGT) of Indonesia issued DGT Regulation 29/PJ/2017 (PER-29) concerning implementing regulations on Country-by-Country (CbC) Reporting requirements, effective as of 29 December 2017. PER-29 provides some clarity
See MoreTaiwan approves the third income tax optimization plan for 2018
Taiwan's legislative Yuan approved the third income tax optimization plan regarding changes for both corporate and individual taxpayers on 18 January 2018. Corporate taxation: The corporate tax rate is raised from 17% to 20% in 2018; Where a
See MoreHong Kong: BEPS Legislation working on strengthening transfer pricing enforcement regime
Hong Kong Government proposes a bill, passed on 29th December 2017, with the goals to bring in the transfer pricing principles into a system and to execute the minimum standards released to tackle Base Erosion and Profit Shifting in Hong Kong. The
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreKorea, Republic Of: Redesigning of graphical warnings on cigarette packs
As stated by the Health Minister of the country, South Korea will bring in changes on graphical warnings on cigarette packs commencing from December, South Korea has already been mentioning about graphical warnings to Tobacco companies since 2016.
See MoreAzerbaijan: New system of custom duties
The transformation to a new system of custom duties kick-started from 1st January 2018, where there has been a pretty hefty amount of changes brought in by Azerbaijan. Especially in the custom rates where – previously since 2001 custom rates such
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See More