Azerbaijan-Budget Bill for 2017 adopted
The Parliament of Azerbaijan adopted the draft Budget Bill for 2017 on 16 December 2016. The Bill was submitted to the parliament on 15 November
See MoreUS and Taiwan sign Foreign Account Tax Compliance Act (FATCA) Agreement
The United States and Taiwan signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on 22 December 2016. The US-Taiwan intergovernmental agreement (IGA) is based on the Model 2 Agreement which can be implemented where there is no tax
See MoreUS-Cambodia FATCA agreement entered into force
Foreign Account Tax Compliance Act (FATCA) Agreement between United States and Cambodia entered into force on 23 December 2016. The agreement was signed on 14 September 2015 for implementation of the Foreign Account Tax Compliance Act
See MorePhilippines: New tax reform packages presented
The Department of Finance submitted tax reform packages to the Congress on 29th of September 2016. Under the tax reform packages the personal income tax rate decreased from 32% to 25% for taxpayers earning between PHP 500,001 to PHP 800,00; Excise
See MoreDTA between Luxembourg and Brunei expected to be entered into force
The Double Taxation Agreement (DTA) between Luxembourg and Brunei is expected to be entered into force on 26 January 2017. The treaty was signed on 14 July 2015. The agreement will be applicable from 1 January 2018 for both countries. According to
See MorePhilippines passed national budget for 2017
The House of Representatives and the Senate has approved the National Budget for 2017 on 13 and 14 December
See MorePakistan: FBR publishes proposed criteria for listed companies to take advantage of reduced rate
The Federal Board of Revenue (FBR) on 27 December 2016, published proposed criteria for listed Shari'ah-compliant companies to be eligible for a reduction of 2% of the income tax rate. These criteria provided in sub-clause (a) of clause (18B) of the
See MoreTaiwan: Ministry of Finance issues amendment to guidelines on enterprise income tax audit
Ministry of Finance issued an amendment to the guidelines on Enterprise Income Tax Audit (EITAG) on 4 January 2017. According to the amended guideline income tax returns of enterprises of 2016 are required to be submitted before 31 May 2017. The
See MoreAzerbaijan: Published Amendments to Tax Code relatinged to withholding tax regime
In Azerbaijan, Law No. 454-VQD of 16 December 2016 (the Law) introducing certain amendments to the Tax Code has been published in the Official Gazette No. 287 (7431) on 25 December 2016. The Law introduces certain amendments to the withholding tax
See MoreChina, Malaysia exchange of letters to DTA enters into force
On 1 November 2016, the exchange of letters to Double Taxation Agreement (DTA) between China and Malaysia entered into force and this exchange of letters was applied as of 1 November
See MoreProtocol to the treaty between India and Singapore signed
An amending protocol to the India - Singapore Income Tax Treaty (1994) was signed on 30 December 2016. The treaty already had been amended by the 2005 and 2011
See MoreAzerbaijan-Published amendments to the Tax Code related to Transfer Pricing rules
The new amendments to the Azerbaijani Tax Code were published on 25 December 2016. The amendments introduced new Transfer Pricing provisions to the Tax Code. These amendments are effective from 1 January 2017. According to the new rules taxes may
See MoreIndia: Protocol to the treaty with Kazakhstan
India and Kazakhstan signed an amending protocol to the India – Kazakhstan Income and Capital Tax Treaty (1996), in New Delhi on 6 January 2017. The treaty provides for the avoidance of double taxation and the prevention of fiscal evasion with
See MoreKorea- proposed changes to the country-by-country reporting requirements
The Ministry of Strategy and Finance of South Korea published a proposal for detailed procedures of the country -by country reporting requirements on 28 December 2016. The proposal requires the provision of a full report on cross-border transactions
See MoreFinland: Parliament ratified DTA with Sri Lanka
The Finnish Parliament on 16 December 2016 approved the double taxation agreement between Finland and Sri Lanka which was signed on 6 October 2016 in Colombo. The new treaty will be replaced by the existing Income and Capital Tax Treaty (1982)
See MoreFinland: Parliament ratifies income tax treaty with Turkmenistan
The Finnish Parliament on 16 December 2016 approved the income tax treaty between Finland and Turkmenistan. Turkmenistan has informed that it completed its own procedures at the beginning of 2016. The agreement was signed in the capital city of
See MorePakistan: FBR Publishes Audit policy 2016
The new Audit Policy 2016, approved by the Federal Board of Revenue (FBR) on 3 January 2017 for selection of taxpayers for audit, would also include those cases in the parametric selection process which were earlier selected for audit last year.
See MoreIncome tax treaty between Azerbaijan and Sweden enters into force
The income tax treaty between Azerbaijan and Sweden entered into force on 31 December 2016. The convention was signed on February of 2016 and involves the avoidance of double taxation and the prevention of fiscal evasion. In general, the provision
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