Hong Kong: No Tax Cut for SMEs

31 May, 2012

It was reported on 31 May 2012, that the government will not introduce a lower profits tax rate for micro-enterprises. There were about 300,000 small and medium-sized enterprises (SMEs) in Hong Kong by the end of 2011, accounting for more than 98%

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Amendment to DTA between India and Japan enters into force

30 May, 2012

On May 24, 2012, the Indian government published a notification announcing the entry into force of an amendment to the DTA between India and Japan. The revised provisions became effective on April 1,

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Lithuania ratifies the DTA signed with India

29 May, 2012

Lithuania on May 4, 2012 ratified the double taxation agreement (DTA) the nation signed with

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Singapore and Portugal Sign TIE Protocol

26 May, 2012

A protocol to the existing double taxation agreement (DTA) between Singapore and Portugal was signed on May 28, 2012, and will enter into force after the completion of ratification procedures by both countries. The protocol was signed in Singapore

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Negotiation concluded between China and Ecuador towards DTA

23 May, 2012

On 11th May 2012, China and Ecuador concluded four days of negotiations towards a double taxation agreement

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TIEA between Hungary and Kazakhstan

22 May, 2012

On 4th May 2012, Hungary and Kazakhstan signed a Tax information exchange

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India- introduction of an APA program

20 May, 2012

The Finance Minister of India introduced the Finance Bill, 2012, on 16 March 2012 in which with respect to transfer pricing, the introduction of an advance pricing agreement (APA) program as well as other transfer pricing-related items has been

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DTA between China and Ecuador under negotiation

18 May, 2012

China and Ecuador held the first round of their negotiations towards a double taxation agreement (DTA) during five days of meetings in Beijing, which concluded on May 11,

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Hong Kong launches APA programme

18 May, 2012

On March 29, 2012, the Inland Revenue Department (“IRD”) took an important step forward by formalizing the Advance Pricing Arrangement (“APA”) programme in Hong Kong. The IRD issued Departmental Interpretation and Practice Notes Number 48

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Hong Kong Signs DTA with Malaysia

27 April, 2012

On 25 April 2012, in Kuala Lumpur, Hong Kong’s Financial Secretary, and the Malaysian Minister of Finance, signed a comprehensive double taxation agreement (DTA) between Hong Kong and Malaysia. Under the new agreement, double taxation will be

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Hong Kong-Japan DTA Comes Into Effect

06 April, 2012

It was reported on 6 April 2012 that the governments of Japan and Hong Kong have exchanged notes and the double taxation agreement (DTA) between the two countries entered into force on April 1, 2012. Hong Kong signed the DTA with Japan on November

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New Zealand Pushes Tax Credits for ‘Payroll Giving’

15 March, 2012

New Zealand's Revenue Minister has praised the creation of a new website which offers information for employers seeking to establish Payroll Giving schemes in their workplaces. The country's Payroll Giving is a scheme which allows an employee to

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India’s Indirect Tax Revenues Peak

13 March, 2012

India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date. The latest statistics show that indirect tax revenue collections hit INR314bn (USD6.3bn), up 9.6%

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China to pursue tax reforms

20 February, 2012

According to a statement by China’s State Council, after a meeting chaired by Premier Wen Jiabao, the government promised to push forward its structural reform programmes, including tax measures, to improve the country’s economic development and

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China’s Tax Revenues Rise in 2011

16 February, 2012

Recently released final figures from China’s Ministry of Finance show that, in 2011, its tax revenue reached a total of RMB8.97 trillion (USD1.42 trillion), an increase of more than RMB1.65 trillion or 22.6% over the previous year. The significant

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Thailand Increases Bank Tax

16 February, 2012

From July 31, 2012, all banks in Thailand will have to pay an increased levy to help fund the public debt that arose out of financing their rescue during the 1997 Asian financial crisis. In order that the government will be able to borrow additional

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Hong Kong Reduces Taxes to Support Growth

02 February, 2012

On 2 February 2012 Hong Kong’s Financial Secretary unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown. The Financial Secretary said

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Indian Service Tax regime will change from 1 July 2012

12 January, 2012

The Indian Service Tax regime will change from 1 July 2012. Currently, Service Tax, part of the Indian VAT CENVAT regime, is charged on services at varying, codified rates. This is now moving to a ‘Negative List’ system, meaning that all

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