India: GST Council approves draft CGST and IGST Bills
The GST Council approved the draft Central Goods and Services Tax (CGST) Bill and Integrated Goods and Services Tax (IGST) Bill on 4 March 2017. Some of the significant points of the CGST and IGST Bills are summarised below: A State-wise single
See MoreIndia: Related-party Relationship Upheld by The Tribunal
Recently, the Chennai Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: Hospira Healthcare India Private Limited v. DCIT (ITA No. 821/Mds/2016 - AY 2011-12), held that under a provision of India’s tax law, “influence”
See MoreSingapore, Belgium Competent authority agreement on automatic exchange of information signed
The Competent Authority Agreement on Automatic Exchange of Information (2017) between Singapore and Belgium was signed on 10 March 2017. The agreement provides details of what types information will be exchanged and when, in accordance with OECD
See MoreBelgium and India signed a protocol to DTA
On 9 March 2017, Belgium and India signed an amending protocol to Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in New
See MoreIndia signs fifth bilateral advance pricing agreement with Japan
On 6 March 2017, India has signed a bilateral advance pricing agreement with the Indian subsidiary of a Japanese company, India's Central Board of Direct Taxes (CBDT) has announced. With this agreement, India and Japan have concluded five bilateral
See MoreTaiwan explains deductibility of interest on tax payments and penalties
The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an
See MoreTaiwan passes draft amendment to tobacco and alcohol tax law
The draft amendment to the tobacco and alcohol tax law has been passed at a joint meeting of the Finance Committee and the Social Welfare and Environmental Health Committees of the Legislative Yuan on 13th March 2017. The main provisions of the
See MoreProtocol to Income Tax Treaty between Singapore and India enters into force
The third protocol amending the India-Singapore Income Tax Treaty of 1994 (as previously amended by the 2005 and 2011 protocols) entered into force on 27 February 2017. The protocol is applicable from 1 April
See MoreAustralia releases guidance on IRP agreements
The Australian Taxation Office (ATO) released guidance on providing international related-party agreements (IRPA) as part of Part B of the local file for country-by-country reporting (CbCR), on 3 March 2017. The taxpayer is required to provide
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
See MoreChina: Up to 12% profits are deductible for charitable donations
The Standing Committee of the People's Congress of China passed the decision on the amendment to article 9 of the Enterprise Income Tax Law regarding the deductibility of charitable donations, on 24 February 2017. In accordance with the amendment,
See MoreCabinet of Bangladesh authorized to sign a DTA with Qatar
On 27 February 2017, the cabinet of Bangladesh authorized the signing of a Double Taxation Agreement (DTA) with Qatar for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreCabinet of Bangladesh authorized to sign a DTA with Bhutan
On 27 February 2017, the cabinet of Bangladesh authorized the signing of a Double Taxation Agreement (DTA) with Bhutan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreKazakhstan: Decree No. 56 amends to specific customs levies
The Governmental Decree No. 56 of 13th February 2017 amends provisions on the specific customs levies that apply in addition to customs duties. For the first customs declaration, specific customs duties of KZT 25,000 apply and then KZT 11,000 for
See MoreCanada, Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Canada and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Canada and Singapore will be able to begin from 2018, the
See MoreKorea (Rep.), Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Korea (Rep.) and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Korea (Rep.) and Singapore will be able to begin from
See MoreAustralia: ATO releases PCG on simplified transfer pricing record-keeping
On 22 February 2017 the Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2017/2 dealing with simplified transfer pricing (TP) record-keeping options and assisting taxpayers in complying with relevant tax laws. The PCG
See MoreSingapore: Competent authority agreement on automatic exchange of information with Australia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Australia entered into force on 27 February 2017. According to the agreement, the Inland
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