Vanuatu: Abuse of duty free system
The Customs and Inland Revenue Department (DCIR) has published a statement on 26th May 2016 on its website announcing that there has been a number of abuses involving cruise ship passengers who purchase duty free goods to give in exchange for taxi
See MoreSingapore and Cambodia sign Income Tax Treaty
Singapore and Cambodia have entered into a double taxation avoidance agreement, on 20 May 2016, to boost cross-border trade and investment between the two countries The Agreement clarifies the taxing rights of both countries on all forms of income
See MoreChina offers tax incentives for software and IC enterprises
On 4 May 2016, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued a notice (Cai Shui 2016 No. 49)
See MoreKazakhstan: Plans to consolidate Tax Code and Customs Code postponed until 2017
The Prime Minister has made a declaration on 24th May 2016 that the policies to consolidate the Tax Code and Customs Code into one single code will be postponed until
See MoreAxiom Groupe conference on Transfer Pricing Excellence
The Axiom Groupe conference on Transfer Pricing Excellence was held in Barcelona on 19 and 20 May 2016. The conference included a workshop from the World Bank group. Some of the important issues coming out of the sessions are summarized
See MoreMalaysia: Tax incentives regarding ventures capital industry
The Inland Revenue Board of Malaysia has issued Public Ruling No. 2/2016 (PR 2/2016) on 9 May 2016 regarding tax incentives in relation to the venture capital industry in Malaysia. A venture capital company (VCC) that invests in a venture company is
See MoreSri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
See MorePakistan: Foreign tax registration documents mandatory for non-resident companies
The Federal Board of Revenue (FBR) has proposed to make it mandatory for non-resident companies with or without a permanent establishment (PE) in Pakistan to be registered for tax purposes and to provide their company and business details (including
See MoreIndia: The Tribunal held that, no transfer pricing adjustment of AMP expenses
The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: L’Oreal India Pvt. Ltd. v. DCIT , held that the tax officer must prove that the taxpayer’s real intention in incurring an advertising, marketing, and promotion (AMP)
See MoreIndia: Proposes amendments to Finance Bill 2016
The Finance Bill, 2016 (the Bill) was introduced by the Finance Minister on 29 February 2016 in the Lok Sabha. On 5 May 2016, the amendments to the Bill have been proposed by notice of amendments. The Bill has proposes following amendments: -The
See MoreAustralia: Tax incentives for early stage innovation investors
On 6 May 2016, the Tax Laws Amendment Bill 2016 received Royal Assent, enacting additional income tax incentives for new investments in Australian early-stage innovation companies (ESICs). From 1 July 2016, investment in a qualifying early stage
See MoreATO published a Practice Statement for TP penalties in transition period
The Australian Taxation Office published a Practice Statement Law Administration 2016/2 (PS LA 2016/2) to deal with the application of transfer pricing penalties during the transition period between 1 July 2004 and 28 June 2013. During that period,
See MoreIndia: APA for earlier year may apply, determining “tested party”
Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in case of: Ranbaxy Laboratories Ltd. v. ACIT (ITA No. 196/Del/2013), held that overseas Associated Enterprises (AEs) being least complex entities in the transaction,
See MoreAustralia: Amended the Transfer Pricing Rules as per 2015 OECD Transfer Pricing Recommendations
Australia's transfer pricing legislation currently specifies that it be interpreted to achieve consistency with the OECD transfer pricing guidelines as last updated in 2010. The OECD's final report on Action Items 8-10 of the G20/OECD BEPS Action
See MoreAustralia: Reducing the corporate income tax rate
On 3 May 2016, the government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Currently, there is a small business corporate tax rate which is less than the
See MoreVietnam: Corporate tax incentives for regular investment activities
The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular
See MoreIndia: Central Board of Direct Taxes issues draft rules concerning foreign tax credit
India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per
See MorePlatform for Collaboration on Tax set up by OECD, IMF, UN and World Bank
On 19 April 2016 the OECD, IMF, World Bank and UN announced the creation of a Platform for Collaboration on Tax. The Platform will intensify cooperation between these bodies as well as hosting regular consultations on the design and implementation
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