Vietnam: Tax authority promotes national online tax refund
Recently, the General Department of Taxation is speeding up the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses. A pilot implementation of online tax refunds
See MoreIndia: Finance Minister presenting the Union Budget 2017-2018
Indian Finance Minister Arun Jaitley presenting his fourth Union Budget 2017-2018 at 11 am
See MoreJapan-Slovak Republic: Social security agreement signed
Japan and the Slovak Republic signed a social security agreement in Bratislava on 30 January
See MoreIndia announces GAAR will be effective from April 1, 2017
On 27 January 2017, the CBDT has issued Circular No. 7 of 2017 and provided important clarifications on the implementation of GAAR which are to come into force from 1 April 2017. The Circular provides clarifications, considering the comments of the
See MoreJapan: Published Frequently Asked Questions regarding transfer pricing documentation requirements
Japan’s National Tax Agency (NTA) has issued Frequently Asked Questions (FAQs) regarding transfer pricing (TP) documentation requirements in Japan. It addresses those questions that are likely to be of most interest to overseas headquartered
See MoreTIEA between Australia and Switzerland enters into force
The Tax Information Exchange Agreement between Australia and Switzerland was concluded through an exchange of notes entered into force on 1 January 2017. Furthermore, this agreement was signed on 14 December 2016 by Australia and on 8 December 2016
See MoreIndia: Union Budget 2017 to be presented on February 1
A senior government official said on 19 January 2017, the Indian Government will present the Union Budget for 2017-18 on February 1, for the financial year starting on 1 April 2017. The first part of the budget session of parliament will start on
See MoreAustralia releases guidance on related-party marketing hubs
On 16 January 2017, the Australian Taxation Office (ATO) issued a Practical Compliance Guideline which sets out the ATO's compliance approach to transfer pricing issues related to the location and relocation of certain business activities and
See MoreChile and Korea (Rep.): Social Security Agreement enters into force
The Social Security Agreement of 2015 between Chile and Korea (Rep.) has to be entered into force on 1st February 2017 and it will be applicable from the same day of its entry into
See MoreIndia: CBDT extends deadline for the dispute resolution scheme
The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017. The Dispute Resolution Scheme, 2016 was
See MoreAustralia releases Q&A of CbC reporting
The Australian Taxation Office (ATO) released a guidance in the form of questions and answers (Q&As) in respect of compliance with country-by-country (CbC) reporting requirements. The guidance reflects the transitional administrative practice of
See MoreTIEA between Denmark and Vanuatu enters into force
The Exchange of Information Agreement regarding tax matters (TIEA) between Denmark and Vanuatu has been entered into force on 9 September 2016. The agreement generally applies from 9 September 2016 for criminal tax matters and from 1 January 2017
See MoreIndia: CBDT Publishes draft guidelines for determination of the POEM
The Central Board of Direct Taxes (CBDT) on 24 January 2017, has issued the guiding principles to be followed for determination of the place of effective management of a company (POEM). The concept of PoEM for deciding the residential status of a
See MoreItaly-the protocol to treaty with Philippines approved
The protocol to the Income Tax Treaty between Italy and Philippines of 1980 was approved by the Italian government on 12 January 2017. The protocol was signed on 9 December 2013. According to the protocol, article 2 of the treaty would be modified
See MoreKorea (Rep.) -Competent authority agreement on automatic exchange of information with Hong Kong signed
Korea (Rep.) has signed the Competent Authority Agreement on Automatic Exchange of Information with Hong Kong on 23 January 2017. The agreement stipulated details about the types of information that will be exchanged and the timing of the exchange
See MorePanama approves TIEA with Japan
On 23 January 2017, the National Assembly of Panama approved the Tax Information Exchange Agreement (TIEA) with Japan. Furthermore, On August 25, the Government of Japan and the Government of the Republic of Panama signed the Exchange of Information
See MorePanama approves DTA with Vietnam
On 23 January 2017, the National Assembly of Panama approved the double tax agreement (DTA) with Vietnam for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreMalaysia: IRBM issues rules on country-by-country reporting rules (CbCR Rules)
The Inland Revenue Board of Malaysia issued the income tax (Country-by-Country Reporting) rules (“CbCR Rules”) on 23 December 2016 which came into effect on 1 January 2017. The CbC rules apply to Malaysian-parented multinational corporate groups
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