China-Pakistan FTA negotiations held
The 7th Meeting of China-Pakistan free trade agreement (FTA) negotiation (Phrase 2) was held in Islamabad, Pakistan on December 6 to 7. The two sides negotiated on tax reduction model for trade in goods, Pakistan’s tax regulating and further
See MoreJapan: Government outlined its 2017 tax reform plan
The government released its 2017 tax reform plan on 8 December 2016. A tax reform bill will be prepared based on the Outline. The Bill will be submitted to the Diet and is expected to be enacted by the end of March 2017. According to the plan, the
See MoreJapan: Amendments coming for CFC rules in 2017 tax reform
Japan's tax commission has announced on 8 December 2016, its intention to amend the tax rules regulating CFCs (controlled foreign corporations), which are also known as the Anti-Tax Haven Rules. According to the proposed 2017 tax reform, the
See MoreAzerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
See MoreTaiwan: Individual income tax rates for 2017
The Ministry of Finance declared the allowances, normal inferences, the particular deduction for salary and wages, as well as the individual income tax rates for 2017, on 12 December 2016. Personal exemption will amount to TWD 88,000 for an
See MoreSingapore- Implementation of common reporting standard (CRS) and related guidance issued
In Singapore, the Income Tax Regulations of 2016 (dated 8 December 2016) incorporated the obligations of the common reporting standard (CRS) into the Singaporean domestic legislative framework and direct financial institutions to put in place the
See MoreAustralia and New Zealand sign revised Social Security Agreement
On 8 December 2016, Australia and New Zealand signed a revision to the Social Security Agreement by which pensioners who segregates their lives between Australia and New Zealand will face changes from July 2017. The revised agreement provides for
See MoreAustralia: Exposure Draft issues for imposing GST on low value imports
The Goods and Services Tax (GST) treatment for importing of low value goods (LVG) valued at less than AU$1,000 has led to various reviews over many years but the Government of Australia is now preparing to legislate the “destination principle”.
See MoreIndia and Cyprus signed a revised income tax treaty and Protocol
A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed on 18th November, 2016 in Nicosia, which will replace
See MoreSingapore: Competent authority agreement on automatic exchange of information agreement with Netherlands signed
The Singapore - Netherlands Competent Authority Agreement on Automatic Exchange of Information (2016) was signed on 24 November 2016. The agreement stipulates when and what information will be exchanged, according to the OECD Automatic Exchange of
See MoreHong Kong-Romania tax treaty entered into force
The Income Tax Treaty (2015) between Hong Kong and Romania has been entered into force on 21 November 2016. The agreement was signed in November 18, 2015. The agreement generally applies from 1 January
See MoreDTA between Australia and Germany entered into force
The Income Tax Treaty (2015) between Australia and Germany has been entered into force on 7 December 2016. The treaty generally applies in Germany from 1 January 2017 and in Australia from the following dates: For withholding tax on income that is
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MoreVietnam: Publishes a guidance on corporate income tax, VAT and customs
Vietnam’s tax authorities on 25 October 2016 circulated certain corporate income tax; value added tax (VAT), labour compliance, and customs duty matters. Corporate income tax -An official letter provides the conditions and supporting document to
See MoreTaiwan: Debentures and corporate bonds exemption extends
The Legislative permitted the modification of securities transaction taxation, extending the exemption for further 10 years, which means that the securities transaction tax on bank debentures and corporate bonds will be suspended until 31 December
See MoreKazakhstan: Law introducing tax amendments signed by president
The President of Kazakhstan has signed a Law entitled “Law No. 26-VI” on 30th November 2016 that introduces changes to the tax legislation. The Economic Ministry declared that the Senate had adopted a draft law (in
See MorePakistan: FBR issues income tax return form for companies-tax year 2016
The Federal Board of Revenue (FBR) has published income tax return form for companies for the tax year 2016 on Tuesday. However; according to SRO972(I)/2016, the FBR had issued the draft on September 9, 2016 in which they invited all stakeholders
See MorePakistan: FBR asks taxpayers to file returns for tax year 2016 before deadline
The Federal Board of Revenue (FBR) has asked the taxpayers to file their annual income tax returns for the tax year 2016 as no further extension in date will be given after November 30. On its official website, the FBR asked the taxpayers to file
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