Hong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreChina and Switzerland Free Trade Agreement signed
A bilateral free trade agreement was signed on 6 July 2013 between China and Switzerland in Beijing. It is expected to enter into effect in 2014. It contains provisions on the protection of intellectual property rights. In order to combat
See MoreAustralia: Public disclosure of taxable income & tax payments
According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The
See MoreVietnam: Preferential customs treatment made more accessible
Under business policy in force in Vietnam since 2011 companies have had access to preferential customs treatment only if they have annual revenue of at least USD 350 million. A new Circular issued by the Ministry of Finance has lowered this
See MoreHalf-Year Tax Revenues Fall in Taiwan
Taiwan's Ministry of Finance has announced a 5.2 percent fall in revenue in June 2013 due to a fall in receipts from corporate taxes. There has been a decrease in total tax collections in the first half of this year which includes falls in
See MoreNew Zealand sets strategy for ASEAN Trade and Investment
As part of the new ASEAN strategy, New Zealand has made up an aspirant investment, trade and economic goals. Total trade between ASEAN and New Zealand has risen by an average of 9 percent per annum over the past ten years. New Zealand is the fourth
See MoreMalaysia: Deduction for Acquisition of Foreign Owned Company Rules
The Income Tax (Deduction for Cost of Acquisition of Foreign Owned Company) Rules 2013 were published in the official gazette on 4 July 2013. The rules are however deemed to have come into operation on 3 July 2012. The Rules provide that for the
See MoreIndia: Documentation rules for transactions with “notified jurisdictional areas”
Section 94A to the Income Tax Act, 1961 empowers the Indian Government to blacklist certain jurisdictions which do not effectively exchange information with India. Those jurisdictions are classified as “notified jurisdictional areas.” The
See MoreHong Kong: SAR allows to enter into independent tax information exchange agreements
The Legislative Council of Hong Kong SAR passed the Inland Revenue (Amendment) Bill 2013 on 10 July 2013. The Bill allows Hong Kong to enter into tax information exchange agreements (TIEAs). There is an increasing emphasis by the OECD and other
See MoreChina: Selecting the appropriate transfer pricing method in the automotive sector
China’s State Administration of Taxation (SAT) takes the view that locally-based automotive enterprises that are apparently carrying out activities with limited function and risk are in fact performing valuable marketing efforts in China. The tax
See MoreChina: Draft revisions to the tax collection and administration law
China’s Tax Collection and Administration (Law) which is the basic procedural law governs China’s tax administrative matters. It became effective from 1 January 1993. The Legislative Affairs Office of the State Council announced the
See MoreAzerbaijan: Tax authority joins the Executive Board of IOTA
The Ministry of Taxes of Azerbaijan has become a member of the Executive Board of the “Intra-European Organization of Tax Administrations” (IOTA). This was announced at the 17th General Assembly of IOTA. The Ministry of Taxes of Azerbaijan is
See MoreVietnam: Amendments to Corporate Income Tax Law
The general tax rate in Vietnam will be reduced to 22% from 1 January 2014. Also from 1 January 2016 the tax rate will be 20%. This measure was approved by the National Assembly on 19 June 2013. The reduced tax rates are competitive with the
See MoreTreaty between Liechtenstein and Singapore signed
Singapore and Liechtenstein signed an Income Tax Treaty on 27 June 2013. The treaty will come into force after the two countries exchange ratification instruments. The provisions of the treaty will have effect from 1 January of the calendar year
See MoreTreaty between Japan and Portugal enters into force
The governments of Japan and the Portuguese Republic signed an income tax treaty in December 2011. The mutual notifications of the completion of the necessary domestic procedures were completed on 28th June 2013 and in accordance with Article 28 of
See MoreTaiwan: Change to tax on gains from share transfer
Taiwan government passed the amendment to the Income Tax Act on 25 July 2013 about the taxation of gains arising from share transfers by individuals. Under this modification, no income tax will be obligatory on gains from share transfers even if the
See MorePakistan: Supreme Court rules against increase in sales tax
The Supreme Court (SC) ruled on 21 June 2013, that the government was not ratified to impose or increase sales tax from 16% to 17% on the value of taxable supplies by way of declaration under section 3 of the Provisional Collection of Taxes Act 1931
See MoreChina: VAT rate on coalbed methane, shale gas production
The State Administration of Taxation of China has issued guidance according to which oil and gas companies engaging in coalbed methane and shale gas production—or providing production services for coalbed methane and shale gas production are
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