Uruguay- DTA with Singapore approved
The Parliament of Uruguay accepted the treaty with Singapore for the avoidance of double taxation on 24 November 2016 through Law No. 19,457. The treaty contains a provision on exchange of information which will enter into force within 15 days after
See MoreUS-Macau signed FATCA agreement
Macau and the United States signed an intergovernmental agreement on 14 December 2016 to improve international tax compliance with respect to the US Foreign Account Tax Compliance Act (FATCA). The details of agreement will be reported
See MoreUK ratified DTA with Turkmenistan
On 14 December 2016, the United Kingdom ratified the double tax treaty (DTA) with Turkmenistan by way of the Double Taxation Relief and International Tax Enforcement Order 2016, as published in Official Gazette No. 1217 of 14 December 2016. Once in
See MoreCyprus-India tax treaty entered into force
The Income Tax Treaty between Cyprus and India entered into force on 16 December 2016. The agreement was signed in November 18, 2015. The treaty generally applies from 1 January 2017 for Cyprus and from 1 April 2017 for
See MoreIndia: Publishes goods and services tax rates
India has published the following Goods and Services Tax (GST) rates into the future of the implementation of the new consumption tax in 2017: 0% (essentials) 5% (basic goods) 12% 18% (principle rate) 28% (luxury goods) The central
See MoreNew Zealand: New GST refund procedure
The Tax Administration Order 2016, which specifies that, goods and services tax (GST) refunds must be paid by direct credit to a taxpayer's identified bank account from 7 February 2017, on 14 December 2016.GST refunds will be given by cheque only if
See MoreTaiwan: Finance minister announces pension income
The Ministry of Finance declared modification to the amounts of exempt pension income in 2017 on 12 December 2016. The taxable pension income is considered as follows: Pension income up to TWD 180,000 multiplied by the number of years of service is
See MoreTaiwan: Proposes revisions to the VAT
Ministry of Finance proposed revisions to the value added tax (VAT) provisions and to make foreign e-commerce enterprises outside Taiwan but selling e-commerce services to individuals in Taiwan subject to VAT on 9 December 2016. If the procedures
See MoreChina: New accounting treatments related to VAT
On 3 December 2016, the Ministry of Finance of China issued accounting rules on value added tax (VAT). The Rules address the different aspects of recording VAT in accounting records and aligning accounting rules with VAT regulations in the aftermath
See MoreChina-Pakistan FTA negotiations held
The 7th Meeting of China-Pakistan free trade agreement (FTA) negotiation (Phrase 2) was held in Islamabad, Pakistan on December 6 to 7. The two sides negotiated on tax reduction model for trade in goods, Pakistan’s tax regulating and further
See MoreJapan: Government outlined its 2017 tax reform plan
The government released its 2017 tax reform plan on 8 December 2016. A tax reform bill will be prepared based on the Outline. The Bill will be submitted to the Diet and is expected to be enacted by the end of March 2017. According to the plan, the
See MoreJapan: Amendments coming for CFC rules in 2017 tax reform
Japan's tax commission has announced on 8 December 2016, its intention to amend the tax rules regulating CFCs (controlled foreign corporations), which are also known as the Anti-Tax Haven Rules. According to the proposed 2017 tax reform, the
See MoreAzerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
See MoreTaiwan: Individual income tax rates for 2017
The Ministry of Finance declared the allowances, normal inferences, the particular deduction for salary and wages, as well as the individual income tax rates for 2017, on 12 December 2016. Personal exemption will amount to TWD 88,000 for an
See MoreSingapore- Implementation of common reporting standard (CRS) and related guidance issued
In Singapore, the Income Tax Regulations of 2016 (dated 8 December 2016) incorporated the obligations of the common reporting standard (CRS) into the Singaporean domestic legislative framework and direct financial institutions to put in place the
See MoreAustralia and New Zealand sign revised Social Security Agreement
On 8 December 2016, Australia and New Zealand signed a revision to the Social Security Agreement by which pensioners who segregates their lives between Australia and New Zealand will face changes from July 2017. The revised agreement provides for
See MoreAustralia: Exposure Draft issues for imposing GST on low value imports
The Goods and Services Tax (GST) treatment for importing of low value goods (LVG) valued at less than AU$1,000 has led to various reviews over many years but the Government of Australia is now preparing to legislate the “destination principle”.
See MoreIndia and Cyprus signed a revised income tax treaty and Protocol
A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed on 18th November, 2016 in Nicosia, which will replace
See More