Australia: New tax working group has been announced

17 October, 2011

A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and

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Tax Treaty Amended between Mexico and Singapore

29 September, 2011

Amendments in the Mexico-Singapore Tax Treaty has been approved by the Mexican Senate and published in the Federal Official Gazette. It is expected that these amendments will increase cooperation between the two countries for sharing information on

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Corporate Tax Cut in Thailand

23 September, 2011

To cope with the higher costs arising from its policy of increasing the country’s national daily minimum wage the new government of Thailand has re-confirmed its intention to reduce the rate of corporate income tax. The government expressed

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Australia: Introduced Carbon tax bill

15 September, 2011

After months of controversy the Australian government has finally introduced the carbon tax bill into parliament. The legislation will be effective from July 1, 2012. After long scientific research and economic analysis the government has decided

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India-Uruguay: Signed DTA

12 September, 2011

The Government of India has signed an agreement with Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA). According to the DTA the business profits will be taxable in

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Mineral resources rent tax demanded by an Indian state

06 September, 2011

Orissa has more than 35% of India’s iron ore reserves. Considering the potentially huge amount of money to be made not just benefitting a small group of private mining companies, the Chief Minister of Orissa has asked the Indian Prime Minister to

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Tax exemptions for oil and gas projects granted in China

06 September, 2011

Both onshore and offshore oil and gas drilling projects have been granted import duty and value-added tax exemptions by the China’s Ministry of Finance. The exemptions have been granted to the importation, within established quotas, of equipment,

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India signs DTA with Georgia

02 September, 2011

The Indian government has signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA) with the government of Georgia. The DTA ensures that business profits will

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Luxembourg and Hong Kong DTA Protocol Enters Into Force

26 August, 2011

On 26 August 2011 the Hong Kong government announced the coming into effect of the Protocol to the bilateral agreement for the avoidance of double taxation with Luxembourg signed in November 2010. The Protocol had been ratified by Hong Kong on July

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TIEA between Guernsey and China entered into force

24 August, 2011

The tax information exchange agreement (TIEA) between Guernsey and the People’s Republic of China entered into force on August 17, 2011. Incorporating the internationally-agreed Organization for Economic Cooperation and Development (OECD) standard

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Lower Corporate Taxes Committed by the South Korean Government

24 August, 2011

The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable

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New transfer pricing form issued by Malaysia’s tax authority

17 August, 2011

Malaysia’s Inland Revenue Board (IRB) has issued a new form to collect information on transfer pricing compliance, and enforce transfer pricing rules for the corporate taxpayers. The IRB targeted the corporate taxpayers because they have

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Transfer pricing gets intensive focus in Vietnam’s General Department of Taxation

15 August, 2011

During the late July 2011 Vietnam’s General Department of Taxation (GDT) and HCM tax authorities took several activities on transfer pricing (TP) which focused importantly on increasing awareness and strengthening the implementation of TP

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Indian coal mining industry faces tax hit

01 August, 2011

Indian draft Mines and Minerals (Development and Regulation) Act added  new provisions requiring non-coal mining companies to contribute 100% of their royalty to the proposed District Mineral Foundation, and coal mining companies to contribute 26%

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Tax rebate on cotton exports in India

29 July, 2011

Fall in both domestic and international prices of cotton led the Indian government to review the industry which has been in trouble recently. The Govt. has decided to restore tax rebates on raw cotton and cotton yarn for export in this regard . From

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DTA between India and Lithuania

28 July, 2011

In order to avoid the double taxation and prevention of fiscal evasion, an agreement and protocol has been announced by the Indian government with Lithuania with respect to taxes on income and capital. This is the first double tax agreement to be

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Propensity to increase tax revenue: Philippines parliament

27 July, 2011

Instead of enacting new laws, the Speaker of the Philippines House of Representatives, Feliciano Belmonte, urged to prioritize measures that would plug loopholes in the country’s tax system and rationalize the tax incentives law. Bills that would

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Insurance and VAT exemptions are modified in Philippines

14 July, 2011

The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the

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