Korea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
See MoreAustralia: Multinational anti tax avoidance bill receives Royal Assent
On 11 December 2015, Further to its passing by Parliament on 3 December 2015 the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent. The Bill implements a new anti avoidance rule designed to counter the
See MoreIsrael: Draft amendment regarding CIT rate approved
The Ministerial Committee on Legislation has approved the proposal of the Prime Minister and Finance Ministry on 6th December 2015 to reduce the corporate income tax rate from 26.5% to 25% with effect from 1st January 2016. This draft amendment was
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreAustralian Senate passes Government’s multinational anti tax avoidance measures
The Turnbull Government has secured the passage of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, a critical piece of legislation, which will ensure major international companies operating in Australia but booking profits
See MoreDTA between Germany and Israel ratified
The Income and Capital Tax Treaty (2014) between Germany and Israel has been ratified by Germany on 20th November 2015, by way of publication in the Official Gazette No. 31 of 26th November 2015. Once in force and effective the new treaty will
See MoreNew Zealand: Interest rate on low-interest loans
The Minister of Revenue declared that the approved interest rate will be decrease from 6.22% to 5.99% for calculating fringe benefit tax on low-interest loans. The new rate will be applicable from 23 November
See MoreMalaysia: IRBM highlights key steps in response to BEPS
The Inland Revenue Board of Malaysia (IRBM) has released a statement highlighting the key steps taken by the Government to overcome base erosion and profit shifting (BEPS) and transfer pricing abuse. The statement was released in the Commonwealth
See MoreASEAN and China sign FTA protocol
The Association of South East Asian Nations (ASEAN) and China signed a protocol to upgrade their Free Trade Agreement (FTA) on November 22 2015 in Kuala Lumpur, Malaysia. China is already ASEAN's largest trading partner, accounting for 14.5
See MoreDTA between Japan and Taiwan signed
Japan and Taiwan signed a double taxation agreement (DTA) in Tokyo on 26 November 2015. This DTA is the first agreement regarding taxes between Japan and Taiwan. The agreement provides for a withholding tax rate of 10% on payments of dividends,
See MoreDTA between Kazakhstan and Serbia ratified
The Income and Capital Tax Treaty (2015) between Kazakhstan and Serbia was ratified by Serbia on 16th November 2015. The treaty was signed on 28th August
See MoreHong Kong signed tax treaty with Romania
The Government of the Hong Kong Special Administrative Region signed an agreement on the avoidance of double taxation with Romania on November 18, 2015. Under the agreement, Romania's withholding tax rate on royalties, currently at 16 per cent, will
See MoreIsrael signs convention and protocol in tax matters
Israel joined the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 24th November 2015. The Convention came into existence on 25th January 1988 and the amending protocol was signed on 27th May
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreIndia: Government Press Release on phasing out the plan of deductions under the Income-tax Act
The Finance Minister in his Budget Speech for 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with the corresponding phasing out of exemptions and deductions. The Central Board of Direct
See MoreChina: super deduction regulation update for qualified R&D expenses
On 2 November 2015, China’s State Administration of Taxation, Ministry of Finance and the Ministry of Science and Technology jointly released Cai shui No.119 to provide expanded scope and follow-up guidance of qualified industries and research
See MoreProtocol to a treaty between Russia and Singapore signed
Russia and Singapore signed an amending protocol to the Russia - Singapore Income Tax Treaty (2002) on 17 November 2015, in Moscow. Further details will be reported
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