Israel: Tax provisions in proposed budget plan for 2017-2018
The budget plan proposal for 2017-2018 announces significant changes in accordance with international taxation, and would be appropriate for individuals, multinational corporations operating in Israel and Israeli corporations operating abroad. The
See MorePhilippines: Presents budget for 2017
The National Budget 2017 was submitted to the House of Representatives on 15 August 2016. According to the budget proposal the income tax rates will be decrease at rate: for corporations: from the current maximum amount of 30% to 25%; for
See MorePakistan: Changes capital gains tax and immovable property
The President of Pakistan has circulated the Income Tax (Amendment) Ordinance, 2016 to further amend the provisions regarding valuation of immovable properties under the Income Tax Ordinance 2001 (the Ordinance). Main features of the Amendment
See MoreIsrael: Tax benefits in draft Budget Law
The Finance Ministry has declared a draft proposals as part of the proposed Economic Arrangements Law 2017–2018 on 31st July 2016 that includes an expansion of tax benefits for hi-tech companies, at the same time further aligning Israel's tax
See MorePakistan: Government has decides to apply 0% sales tax on five export sectors
The government has decided to zero-rate for the local suppliers of textile, leather, carpets, surgical and sports sectors from 2016-17. According to the meeting between textile sector and Finance Minister, Five Export Sectors'' Associations,
See MoreIndia: The tribunal held the Comparable Uncontrolled Price is the most appropriate method
The Delhi Bench of the Income-tax Appellate Tribunal upheld the decision in the case of: Liugong India Private Ltd. v. ACIT (ITA No. 1482/Del/2015) and decided that when comparable are available, the CUP method is the best method to use in
See MoreDTA between Czech Republic and Iran enters into force
The Income Tax Treaty (2015) between Czech Republic and Iran has been entered into force on 4th August 2016 and it generally applies from 1st January
See MoreChina issued new rules on TP documentation requirement
China issued Bulletin 42 to introduce a requirement for a master file for MNC group resident in China if their annual inter-company transaction amount exceeds RMB 1 billion. The master file requirement is effective from fiscal year 2016. A master
See MoreKorea: Revised draft legislation on transfer pricing and country-by-country reporting
The South Korean Ministry of Strategy and Finance has recently released a draft legislation which would amend the existing provisions of Article 11 of the Korean Law which is known as the “Law for the Coordination of International Tax Affairs”
See MoreIndia: Tribunal held that Transfer Pricing Officers have the authority to determine the arm’s length price
The Delhi Bench of the Income-tax Appellate Tribunal in the case of: Nikon India Pvt. Ltd. v. DCIT (ITA No. 6314/Del/2015), held that Transfer Pricing Officers have the authority to determine the arm’s length price of any international transaction
See MoreIndia: CBDT amends rules relating to GAAR effective date
The Central Board of Direct Taxes (CBDT) issued Notification No. 49/2016 (the Notification) dated 22 June 2016 on the effective date of the general anti-avoidance rules (GAAR). According to the Notification, the amendments to the Income Tax Rules,
See MoreJapan: Publishes guidance under new transfer pricing documentation rules
Japan's national tax agency has released guidance concerning new transfer pricing documentation rules. The guidance released on 30 June 2016 and under Japan's 2016 tax reform, amendments were made to the Japanese transfer pricing documentation
See MoreTaiwan : Implements CFC, place of effective management concepts
Taiwan’s Legislative Yuan amended the Income Tax Act (ITA) on 12 July 2016, and introduced the controlled foreign company (CFC) rules, incorporating some of the recommendations provided in the Organization for Economic Co-operation and
See MoreSingapore: Publishes E-Tax Guide on General anti-avoidance rule
The Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 11 July 2016, clarifying the general anti-avoidance rule and its application. IRAS issues the Guide with the following purposes: -To explain IRAS's approach to
See MoreIsrael: Announcement of corporate tax rate cut
On 19th of July 2016, the government and finance minister of Israel declared that the corporate income tax rate will be reduced by 2% in the next two years. Currently, the corporate income tax rate is 25%. As per declaration, the rate will be 24% in
See MoreIndonesia announced tax incentives for apparel, leather and footwear industries
A government regulation No. 9, 2016 increases the locations where tax incentives are available for investments. According to this regulation, tax incentives previously either not available or limited to investments in certain regions and are being
See MoreBangladesh: Budget measures for FY 2016-17
The Budget for fiscal year 2016-2017 was presented on 2 June 2016. Budget measures relating to corporate taxation, once adopted, will take effect from 1 July 2016. Some of the proposed measures are following: the minimum tax rates will be
See MorePakistan: Publishes Budget for 2016/17
The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures
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