Pakistan and Hungary sign an agreement to promote economic cooperation
On 11 April 207, Pakistan and Hungary signed an agreement in Islamabad to enhance economic cooperation and trade ties in various areas including machine industry, electronics industry, food and agriculture, water management, environmental and energy
See MoreVietnam: VECITA requests procedure to review goods on e-commerce websites and applications
The Vietnam E-Commerce and Information Technology Agency ("VECITA") published a notice on 20 April 2017 on its web page aiming to promote the authentication of information on counterfeit, prohibited or restricted infringing goods on e-commerce
See MoreBangladesh signs DTA with Bhutan
On 18 April 2017, the Double Taxation Agreement (DTA) between Bangladesh and Bhutan was signed in
See MoreAustralia publishes CbC reporting, Local and Master files detailed design
The Australian Taxation Office (ATO) has published a Local file / Master file detailed design to serve as guidance for taxpayers regarding the practicalities in completing country-by-country (CbC) reporting by significant global entities. ATO has
See MoreChina plans to cut tax rates
The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the
See MoreHong Kong: Major Changes in 2016/17 Profits Tax Return Form
The Inland Revenue Department of Hong Kong recently published a list of major changes in profit tax return form for the year of 2016/17. Four items are added in the Profits Tax Return this year. Firstly, qualifying corporate treasury centre
See MoreRussia: Negotiations to update DTA with Japan
Russian and Japanese government agents met in Tokyo to begin negotiations on updating their double tax agreement on 27 March 2017. The announcement which notified the beginning of talks with the Japanese Ministry of Finance did not set out what
See MoreAustralia: Diverted profits tax begins from first July 2017
The diverted profits tax (DPT) is one of many new measures introduced to tackle multinational tax avoidance. The DPT aims to ensure multinationals do not avoid their Australian tax obligations by entering into schemes to divert their Australian
See MoreRomania approves DTA with China
On 10 April 2017, the Senate of Romania approved the Double Taxation Agreement (DTA) with China for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MorePakistan: Proposes 5% rebate for timely filing of annual income tax returns
Recently, the Federal Board of Revenue (FBR) has been advised to give the rebate of 5% as an incentive to taxpayers in timely filing of annual income tax returns. As this incentive will significantly improve the number of tax filers and will provide
See MoreIndia: The tribunal removed the transfer pricing adjustment for intra-group services
The Ahmedabad Bench of Income-tax Appellate Tribunal, in the case of: SABIC Innovative Plastics India Pvt Ltd. (ITA No. 1125/Ahd/2014 - Assessment Year 2009-10 and IT (TP) No. 427/Ahd/16 - Assessment Year 2011-12), deleted the adjustment made by the
See MoreNew Zealand: Finance Minister releases BEPS consultation papers
The Revenue and Finance Minister on 3 March 2017 released three BEPS related consultation papers which address the issue of Base Erosion and Profit Shifting (BEPS). The consultation papers proposed new measures to strengthen New Zealand’s rules
See MoreIndia: President signs four GST Bills into law
President Pranab Mukherjee on 13 April 2017 signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform. The President has given his assent to the Central GST
See MorePakistan: Instigated the alternative dispute resolution committee
On 29 March 2017, the Federal Board of Revenue (FBR) has started the Alternative Dispute Resolution (ADRC) service. The FBR has decided to provide the service in view of the fact that 27,000 complaints are pending before Appellate Tribunal Inland
See MorePakistan: FBR issues a law regarding payment of tax collected or deducted
Pakistan’s Federal Board of Revenue Published a Notification No. S.R.O. 255(I)/2017 of 12 April 2017, which introduced a new provision in Rule 43(b) of the Income Tax Rules 2002 regarding payment of tax collected or
See MoreIndia: CBDT issues PAN and TAN within one day
On 11 April 2017, the Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day to expand the facility of Doing Business for
See MoreIndia: Waiver of interest by financial institutions is treated as income
In a recent judgement in the case of: McDowell & Company Ltd. v. CIT (Civil Appeal No. 3893 of 2006), the Supreme Court of India held that the waiver of interest by financial institutions is assessable from the hands of the Amalgamating Company
See MoreIndia: CBDT publishes a notification on the patent box regime
The Central Board of Direct Taxes (CBDT) released a notification on the patent box regime under section 115BBF of the Income-tax Act, 1961. The new rules deliver additional incentive for companies to retain and develop innovative patented products,
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