Pakistan: WTO Conducts Trade Policy Review
The World Trade Organization (WTO) is conducting a trade policy review of Pakistan on 24 and 26 March 2015. The report issued in connection with the review notes that Pakistan’s economy has shown resilience and that real GDP growth averaged 3.2%
See MoreVietnam: Releases Decree on Tax administration
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below: Supporting documents
See MoreVietnam: Publishes Decree No. 12 on corporate income tax
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 dated 26 November 2014 was issued on 12 February 2015. Decree 12, which is effective from 1 January 2015, supplements and amends a number of tax laws. The main
See MoreVietnam: Related party transactions form replaced
As per prior guidance of Ministry of Finance, taxpayers need to use Form 03-7/TNDN to disclose their related-party transactions from the tax period beginning 1 January 2014. Tax authority issued Form 03-7/TNDN as a new form which replaces existing
See MoreTaiwan: Amendments to Transfer Pricing Rules
The Ministry of Finance announced on 6 March 2015 amendments to the transfer pricing rules governing non-arm’s length transactions of profit-seeking enterprises. This amendment coming 10 years after the promulgation of the transfer pricing
See MoreIndonesia: IMF comments on fiscal policy
The IMF has issued a report after its Article IV consultations with Indonesia. The Indonesian economy slowed in 2014 but growth is expected to increase to 5.2% in 2014 with an increase in public investment in infrastructure. Economic risks arise
See MoreDTA between Belarus and Malaysia initialed
Malaysia and Belarus initialed a tax treaty following successful negotiations held from 10 to 13 March 2015 in Malaysia. Once signed, in force and effective, the new treaty will replace the former USSR - Malaysia Income Tax Treaty
See MoreFATCA agreement between US and Singapore entered into force
The United States-Singapore Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 18 March 2015. This was a Model 1 Agreement signed between these two
See MoreIndia: Introduced rollback provisions under the Advance Pricing Agreement
The Finance (No.2) Act, 2014 introduced the rollback provisions under the Advance Pricing Agreement (APA) program. The rules have been notified / SO 758(E)] on 14 March 2015 setting out the applicability and the requirement for applying
See MorePhilippines Updates Withholding Tax Guidance
The Department of Finance has released updated guidance on withholding tax - Revenue Regulations (RR) No. 2-2015. The regulation amends previous rules regarding the process of submitting withholding tax forms to the Bureau of Internal Revenue
See MoreIndia: IMF makes recommendations on fiscal policy
On 11 March 2015 the IMF issued a press release on their consultation with India under Article IV of its articles of agreement. The IMF considers that India’s short term outlook has improved with increased business confidence and several positive
See MoreAustralia: Approval process for application of the reconstruction provisions
The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. This law administration practice statement is issued under the authority of the Commissioner
See MoreJapan: Tax Reform Plan 2015 Submitted to the Diet
The bills for the proposed changes to the tax law as announced on 30 December 2014 were submitted to the Diet on 17 February 2015. The main Proposal for changes is summarized below: Corporation taxation: The corporate tax rate is reduced for
See MoreJapan: Trade review carried out by World Trade Organization
On 9 and 11 March 2015 the World Trade Organization (WTO) is conducting a trade review of Japan. The WTO Secretariat has prepared a report in connection with this review and this has been published on the WTO website. Japan has since 2012 been
See MoreIMF comments on Malaysia’s economic position
On 13 February 2015 the IMF executive board concluded consultations with Malaysia under Article IV of the IMF’s articles of agreement. The report indicates that the Malaysian economy has recently performed well. Economic growth was 5.9% in 2014
See MoreTaiwan: Non-Residents Notified On Tax Compliance
The National Taxation Bureau of Taipei has announced that it is currently assessing a total of 3,253 foreign taxpayers from countries such as the United States, Japan, Hong Kong, Malaysia, and Singapore to ensure their compliance with relevant
See MoreIndia: Finance Minister releases 2015 -2016 Budget
The Honorable Finance Minister of India on 28th February announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Presenting the budget
See MoreTurkey- Korea (Rep.) Free Trade Agreement Signed
A new Free Trade Agreement (FTA) between Turkey and Korea (Rep.) was signed on 26th February 2015. After the FTA enters into force and becomes effective this new agreement will replace the 2012 agreement that entered into force on 1st May
See More