Australia: Improving the small business capital gains tax concessions
On 9 May 2017, the Australian Government announced that it would amend the small business capital gains tax (CGT) concessions to ensure that they can only be accessed in relation to assets used in a small business or ownership interests in a small
See MoreAustralia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
See MoreProtocol of DTA between Bahrain and Thailand signed
Bahrain and Thailand has signed an amending protocol of Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income in Manama on 25 April
See MoreChina: reduces value added tax rate on agricultural products
On 3 May 2017, the Ministry of Finance and the State Tax Administration issued a joint announcement listing the categories of goods benefiting from a reduction in the VAT rate from 13% to 11%. The list includes agricultural products, water, natural
See MoreIsrael: BEPS updates
The Ministry of Finance on 1st of May 2017, signed tax regulations for implementing the OECD’s nexus approach. This approach is mainly a BEPS requirement in case of intellectual property (IP) preferential tax regimes. The proposed regulations are
See MoreIndia: CBDT issues first comprehensive report on APA
On May 1, 2017, the first annual report on APA programme was released by the Central Board of Direct Taxes (CBDT) which provides various statistical and qualitative aspects of the Indian APA program to promote discussions and discussions between
See MoreMalaysia: Government releases income tax exemption order for 2017-2018
The government released an Exemption Order (the Order) on 10 April 2017 providing a temporarily reduction in corporate income tax rates based on incremental taxable income compared to the preceding year of assessment. The “Income Tax (Exemption)
See MoreSingapore: Budget for 2017 released
The government of Singapore released Budget 2017 on 20 February 2017, for the financial year 1 April 2017 to 31 March 2018. The Budget bill raised the existing corporate income tax (CIT) rebate cap from SGD 20,000 to SGD 25,000 for the assessment
See MoreDTA between Kenya and Korea (Rep.) enters into force
The Double Taxation Agreement (DTA) between Kenya and Korea (Rep.) was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income on 3 April 2017. This treaty will apply from 1
See MoreJapan and Russia have agreed on a new DTA
On 28 April 2017, Japan’s Ministry of Finance has announced that the two countries have agreed in principle to a new tax convention to replace the existing tax treaty between Japan and the Union of Soviet Socialist Republics, which entered into
See MoreKazakhstan, Ireland sign the DTA
On 26th of April 2017, the Double Taxation Agreement (DTA) between Ireland and Kazakhstan was signed by the Governments of Kazakhstan and Ireland for the avoidance of double taxation and prevention of tax evasion concerning income taxes. From the
See MoreThailand- new tax on e-commerce to be introduced in April 2017
The Revenue Department of Thailand is planning to enforce a new law to tax cross-border e-commerce transactions by April 2017. Currently, a foreign operator which carries on e-commerce business but does not enter Thailand or does not have any
See MoreBulgaria, Pakistan sign avoidance of Double Taxation Agreement
On 26th of April 2017, Pakistan and Bulgaria signed an Agreement on Avoidance of Double Taxation (DTA) and prevention of fiscal evasion with regard to taxes on Income after the conclusion of second round of negotiations in Islamabad. It will also
See MoreIndia: Government increases SIPP scheme for three years
The Indian government has extended the Start-Ups Intellectual Property Protection (SIPP) scheme for three years till March 2020, to support potential entrepreneurs protect their patents, trademark and designs. The Department of Industrial Policy
See MoreLatvia: Government sign a Protocol to amend the double tax agreement
The government signed a Protocol amending the Agreement for the Avoidance of Double Taxation with Singapore on 20 April 2017. The signing took place in Washington D.C. between Senior Minister of State for Finance and Law, Ms Indranee Rajah, and
See MoreUS: Government confirms duty-free access for some goods from Nepal
The US government has confirmed that 66 Nepali goods now eligible for duty-free entry into United Nations through Trade Preferences Act (TPA). The confirmation was made during the third joint council meeting of the Trade and Investment Framework
See MoreIndia: Prime Minister suggests January-December fiscal year
On 23 April 2017, at the Niti Aayog’s governing council meeting, Prime Minister proposed changing to a January-December fiscal year, saying it would to help prepare budgets once agricultural income is determined. Most countries follow the January
See MoreNegotiations to update DTA between Japan and Spain
Japan’s Ministry of Finance announced on 24 April 2017, that the governments of Japan and Spain will begin negotiations to amend their existing tax treaty (1974) for the Avoidance of Double Taxation with respect to Taxes on Income. The first
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