India: CBDT issues Notification on transfer pricing arm’s length tolerance range
On 13 September 2019, the Central Board of Direct Taxes (CBDT) published Notification No. 64/2019, which sets a tolerance range for the variation between the arm’s length price and the transaction price for the 2019-20 assessment year. The
See MoreVietnam clarifies the limitation of the deductibility of loan interest expense for TP purposes
On 11 September 2019, the Department of Taxation of Ha Noi City issued Official Letter No. 71443/CT-TTHT providing clarification on the determination of loan interest costs. Under article 8 (3) of Decree No 20/2017 / ND-CP, the total loan
See MoreHong Kong: IRD updates penalty provisions for international tax
On 4 September 2019, the Hong Kong Inland Revenue Department updated its web page on penalty policies related to international tax matters, including fines and criminal penalties, for noncompliance with international tax obligations. The
See MorePhilippines: House approves CITIRA bill on final reading
On 13 September 2019, the House of Representatives approved House Bill (HB) No.4157, in its final reading, entitled "The proposed Law on Corporate Taxation and Incentive Rationalization (CITIRA)". This bill was officially called the Trabaho bill.
See MoreIndonesia: Finance Minister declares tax reform plan
On 3 September 2019, the Minister of Finance, Sri Mulyani Indrawati, announced Government’s tax reform plan through a draft bill. The draft bill proposed following measures: Gradual decrease in corporate rate from 25% to 20% starting from
See MoreChina introduces several incentives for Lingang in Shanghai FTZ
On 6 August 2019,, China announced that it has added the Lingang area to the China (Shanghai) Pilot Free Trade Zone (FTZ) to enhance investment and advance trade liberalization with plans to replicate the concept nationwide, senior officials said.
See MoreTaiwan: MOF approves regulation on repatriation of offshore funds
On 15 August 2019, Taiwan's Ministry of Finance (MOF) has approved regulations on repatriation, use and taxation of offshore installations in order to guide China's personal and for profit business funds to return to Taiwan to invest in physical
See MoreHong Kong: IRD designs a webpage explaining the requirements of master file and local file
On 28 August 2019, the Hong Kong Inland Revenue Department published a webpage explaining the requirements in relation to master file and local file, and the Department’s approach to ensure compliance with the requirements. The webpage
See MoreMalaysia releases digital services tax guide
On 20 August 2019, the Royal Malaysian Customs Department published a service tax guide on digital services. The purpose of the guide is to provide a general understanding of the relevant treatment under Sales Tax and Services Tax Legislation and
See MoreDTA between Croatia and Japan enters into force
On 5 September 2019, the Double Taxation Agreement (DTA) between Croatia and Japan (2018) will enter into force. The treaty generally applies from 5 September 2019 for the provisions of article 25 (Exchange of Information) and article 26
See MoreHong Kong and Cambodia sign an agreement to eliminate double taxation and prevent tax evasion
On 26 June 2019, the Secretary for Financial Services and the Treasury, Mr James Lau, on behalf of the Hong Kong Special Administrative Region Government, signed a comprehensive avoidance of double taxation agreement (CDTA) with Cambodia, promoting
See MoreUS: Protocol to income tax treaty with Japan enters into force
On 30 August 2019, the U.S. treasury department announced that protocol amending the convention between the government of the United States of America and the government of Japan for the avoidance of double taxation and the prevention of fiscal
See MoreTaiwan: NTBNA issues notice on business tax on e-services purchase
On 26 August 2019, Taiwan's National Taxation Bureau of the Northern Area (NTBNA) has issued a notice for domestic entities to pay business tax on e-services purchased from foreign providers. The notice clarifies about domestic business entity that
See MoreAustralia: ATO compliance approach to the arm’s length debt test
On 28 August 2019, the Australian Taxation Office (ATO) published draft Practical Compliance Guideline PCG 2019/D3, which sets out the proposed compliance approach for the use of the arm’s-length debt test (ALDT) for the purposes of
See MoreSingapore REIT eligible for WHT exemption in Italy
On 26 August 2019, the Italian tax authority has published Ruling No. 345 regarding the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax (WHT) exemption on income derived through a
See MoreBangladesh’s Cabinet approves the signing of a DTA with Czech Republic
On 26 August 2019, Bangladesh’s Cabinet approved the signing of a double taxation agreement (DTA) between Bangladesh and Czech
See MoreSingapore signs DTA with Turkmenistan
On 27 August 2019, Singapore signed a Double Tax Treaty (DTA) with Turkmenistan. The DTA will enhance the cross-border trade and investment between both countries. It lowers the withholding tax rates on income flows arising from cross-border
See MoreIndia: CBDT issues FAQs on filling of ITR forms for AY 2019-20
On 8 August 2019, the Central Board of Direct Taxes (CBDT) has issued Circular No. 18, which includes frequently asked questions (FAQs) on the completion of income tax return (ITR) forms for Assessment Year (AY) 2019-20. The FAQs are aimed
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