Negotiation concluded between China and Ecuador towards DTA
On 11th May 2012, China and Ecuador concluded four days of negotiations towards a double taxation agreement
See MoreTIEA between Hungary and Kazakhstan
On 4th May 2012, Hungary and Kazakhstan signed a Tax information exchange
See MoreIndia- introduction of an APA program
The Finance Minister of India introduced the Finance Bill, 2012, on 16 March 2012 in which with respect to transfer pricing, the introduction of an advance pricing agreement (APA) program as well as other transfer pricing-related items has been
See MoreDTA between China and Ecuador under negotiation
China and Ecuador held the first round of their negotiations towards a double taxation agreement (DTA) during five days of meetings in Beijing, which concluded on May 11,
See MoreHong Kong launches APA programme
On March 29, 2012, the Inland Revenue Department (“IRD”) took an important step forward by formalizing the Advance Pricing Arrangement (“APA”) programme in Hong Kong. The IRD issued Departmental Interpretation and Practice Notes Number 48
See MoreHong Kong Signs DTA with Malaysia
On 25 April 2012, in Kuala Lumpur, Hong Kong’s Financial Secretary, and the Malaysian Minister of Finance, signed a comprehensive double taxation agreement (DTA) between Hong Kong and Malaysia. Under the new agreement, double taxation will be
See MoreHong Kong-Japan DTA Comes Into Effect
It was reported on 6 April 2012 that the governments of Japan and Hong Kong have exchanged notes and the double taxation agreement (DTA) between the two countries entered into force on April 1, 2012. Hong Kong signed the DTA with Japan on November
See MoreNew Zealand Pushes Tax Credits for ‘Payroll Giving’
New Zealand's Revenue Minister has praised the creation of a new website which offers information for employers seeking to establish Payroll Giving schemes in their workplaces. The country's Payroll Giving is a scheme which allows an employee to
See MoreIndia’s Indirect Tax Revenues Peak
India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date. The latest statistics show that indirect tax revenue collections hit INR314bn (USD6.3bn), up 9.6%
See MoreChina to pursue tax reforms
According to a statement by China’s State Council, after a meeting chaired by Premier Wen Jiabao, the government promised to push forward its structural reform programmes, including tax measures, to improve the country’s economic development and
See MoreChina’s Tax Revenues Rise in 2011
Recently released final figures from China’s Ministry of Finance show that, in 2011, its tax revenue reached a total of RMB8.97 trillion (USD1.42 trillion), an increase of more than RMB1.65 trillion or 22.6% over the previous year. The significant
See MoreThailand Increases Bank Tax
From July 31, 2012, all banks in Thailand will have to pay an increased levy to help fund the public debt that arose out of financing their rescue during the 1997 Asian financial crisis. In order that the government will be able to borrow additional
See MoreHong Kong Reduces Taxes to Support Growth
On 2 February 2012 Hong Kong’s Financial Secretary unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown. The Financial Secretary said
See MoreIndian Service Tax regime will change from 1 July 2012
The Indian Service Tax regime will change from 1 July 2012. Currently, Service Tax, part of the Indian VAT CENVAT regime, is charged on services at varying, codified rates. This is now moving to a ‘Negative List’ system, meaning that all
See MoreDTA between Taiwan and Germany Signd
Taiwan’s Ministry of Foreign Affairs announced on 3 January 2012 that Taiwan and Germany have signed a bilateral double taxation agreement (DTA). The DTA, which is subject to ratification procedures in both countries before it enters into force,
See MoreJapan’s Government Agrees Plan for Consumption Tax Hikes
It was reported on 2 January 2012 that Japan’s Prime Minister has been able to fulfill his government’s target to produce a detailed plan for future consumption tax rises, but only after his personal intervention at a meeting of the ruling
See MoreJapan: Raise of consumption tax rate
It was published on 31 December 2011 that, the Japanese coalition government has put forward long awaited plans to raise Japanese consumption tax to 10% by April 2015 in two steps. First there will be an increase from the current 5% consumption tax
See More2012 Budget issued by the Japanese government
The Government of Japan has approved and submitted a JPY90.3 trillion budget for the next fiscal year, beginning on April 1, 2012. The proposed budget will be presented to the country’s parliament early in 2012. The Japanese government has
See More