New Zealand to introduce new rules on remote services
A tax bill is to introduce a goods and services tax (GST) on “remote services” and would implement the government’s proposal for a residential land withholding tax on 16 November 2015. The residential land withholding tax rate would apply
See MoreIndia: A taxpayer is entitled to foreign tax credit against the MAT liability
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: DCIT v. Subex Technology Ltd. [ITA No.913 (B) /2013, the court held that, credit for tax paid in a foreign country would be available under Section 90
See MoreIndia: Progressive Refund Process, Exports of services
In India Exporters of services are now entitled to claim a refund of the unused central value added tax credit of service tax / duties paid with respect to the procurement of goods and services that are used for the export of output
See MoreIndia: No Transfer pricing adjustment when tax avoidance not possible
The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: DCIT v. Tata Consultancy Services Ltd. (ITA no. 7513/2010), held that an Assessing Officer cannot “mechanically” refer a taxpayer’s international transaction to a Transfer
See MoreOECD: Harmonizing revenue statistics
Representatives of thirteen Asian Finance Ministries and tax administrations met on 14 and 15 October 2015 to consider a framework to increase the comparability of revenue statistics. The countries involved in the meeting were Cambodia, China,
See MoreIndonesia: Issued Regulation on Fixed Assets Revaluation
The Ministry of Finance (MoF) issued Regulation No. 191/PMK.010/2015 (PMK-191) on the revaluation of fixed assets in order to assist taxpayers when the thin capitalization rules are implemented).This regulation is applicable to those companies that
See MoreDTA between Malaysia and Slovak Republic ratified
The Income Tax Treaty (2015) between Malaysia and the Slovak Republic has been ratified by the Slovak Republic on 4th November
See MoreIMF, OECD, UN and World Bank issue report on use of tax incentives by low income countries
A report on the options for low income countries to use tax incentives has been prepared for the G20 Development Working Group by the IMF, OECD, UN and World Bank. Based on practical experience the report suggests that there is room for the
See MoreKazakhstan: Senate adopts bill introducing mandatory social health insurance
The Senate has adopted a bill on 29th October 2015 that introduces mandatory social health insurance contributions. It was sent to Senate on 8th October
See MoreHong Kong-South Africa tax treaty entered into force
The agreement between Hong Kong and South Africa for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income has entered into force. The agreement was signed in October last year. It came into force on
See MoreIndia Publishes Notification on Use of Arm’s Length Range and Multiple Year Data
Recently, the Central Board of Direct Taxes published 'Notification No. 83/2015' of 19 October 2015 revising the Income-tax Rules, 1962 in relation to the use of range and multiple year data. The Notification amends Rule 10B and introduces Rule
See MoreSingapore publishes e-Tax Guide on tax treatment of gains from the disposal of investments by insurers
Recently, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 27 October 2015, which explains how the rules stated in the case of: Comptroller of Income Tax v. BBO ( SGCA 10) (BBO case) are applied to determine the
See MoreDTA between Czech Republic and Pakistan enters into force
The Income Tax Treaty (2014) between Czech Republic and Pakistan entered into force on 30th October 2015 and it generally applies for the Czech Republic from 1st January 2016 and from 1st July 2016 for
See MoreKazakhstan: Amendment to the deductibility of charitable donations
The Senate has passed a bill on 22nd October 2015 that changes the deductibility of charitable donations. In accordance with the bill, the deduction of charitable donation by companies and individual entrepreneurs will be limited to the following
See MoreSecond round of FTA negotiations between China and Pakistan
The 2nd round of the China-Pakistan free trade agreement (FTA) negotiations was held in Beijing on October 14 to 16. The negotiations were based on tax reduction for trade in goods; further opening of trade in services; Pakistan’s regulation
See MoreIndia: LOB clause under the India-Singapore tax treaty is not applicable to income taxed on an accrual basis in Singapore
Recently the Rajkot Bench of the Income-tax Appellate Tribunal in the case of: Alabra Shipping Pte Ltd, Singapore v. Income Tax Officer- held that the benefit of the India-Singapore income tax treaty was not to be denied to the taxpayer by
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreThailand- Corporate tax rate of 20% becomes permanent
The Royal Cabinet of Thailand ruled on 13 October 2015 that the corporate income tax rate will be permanently kept at 20% effective from 1 January 2016. Previously the rate was reduced to 23% from 30% for the tax year 2012 and temporarily to 20% for
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