TIEA between New Zealand and Vanuatu enters into force
The New Zealand - Vanuatu Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 27 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MoreTIEA between New Zealand and Turks and Caicos Islands enters into force
The New Zealand - Turks and Caicos Islands Exchange of Information Agreement (TIEA) of 2009 has been entered into force on 23 December 2016 regarding tax matters. The TIEA will be applicable from 1st April
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MoreTIEA between New Zealand and St. Vincent and the Grenadines enters into force
The New Zealand - St. Vincent and the Grenadines Exchange of Information Agreement (TIEA) of 2010 has been entered into force on 17 October 2016 regarding tax matters. Generally the agreement applies from 1 January
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreIndia: Payments to Belgian entities not taxable as fees for technical services
Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: ITO v. Cadila Health Care Ltd 78, decided that the payments made to Belgian entities are not taxable as “Fees for Technical Services (FTS)” in view of Most
See MoreBahrain ratifies DTA with Bangladesh
On 21 March 2017, Bahrain ratified the Double Taxation Agreement (DTA) with Bangladesh for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, by way of Law No.
See MoreDTA between Pakistan and Switzerland signed
The Pakistan and Switzerland signed an Income Tax Treaty for the avoidance of double taxation and the prevention of fiscal evasion in Islamabad on 21 March 2017. Once in force and effective, the new treaty will replace the Pakistan - Switzerland
See MoreVietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
See MoreIndia: Delhi High Court removed the penalty assessment for related-party transactions
The Delhi High Court, in the case of: Pr.CIT v. Mitsui Prime Advanced Composites India Pvt. Ltd. (ITA 913/2016, CM APPL.46519/2016), dismissing tax department’s appeal and upheld the Tribunal’s order deleting penalty under Section 271(1)(c) of
See MoreNew Zealand releases consultation paper on interest limitation rules
The Finance and Revenue Minister released a consultation document regarding BEPS – Strengthening interest limitation rules and also inviting public submissions on proposals to improve New Zealand's thin capitalization rules on 3rd March 2017. The
See MoreSingapore, Luxembourg Competent authority agreement on automatic exchange of information signed
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Singapore and Luxembourg was signed on 10 March 2017. The agreement provides details of what types information will be exchanged and when, in accordance with OECD
See MoreSingapore, Denmark Competent authority agreement on automatic exchange of information signed
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Singapore and Denmark was signed on 13 March 2017. The agreement provides details of what types information will be exchanged and when, in accordance with OECD
See MoreChina concludes first cost sharing agreement APA
The State Administration of Taxation (SAT) of China recently concluded the first advance pricing agreement (APA) for a cost sharing agreement (CSA) with a Fortune 500 enterprise in Guangdong Province. The CSA-APA focuses on international R&D
See MoreLatvia: Parliament approves the treaty signed with Japan
The parliament of Latvia on 2 March 2017 approved the Japan-Latvia income tax treaty. The agreement was signed on 18 January 2017. According to the agreement, royalties will be exempt from withholding tax and would lower withholding tax on interest
See MoreHong Kong signs agreements on automatic exchange of financial account information in tax matters with 6 jurisdictions
Hong Kong has signed agreements with six jurisdictions for conducting automatic exchange of financial account information on tax matters. They are Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands. A Government spokesman said on 17 March
See MorePanama, Vietnam DTA enters into force
On 14 February 2017, the Double Taxation Agreement (DTA) between Panama and Vietnam was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from
See More