Japan: 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 MoreHong Kong: Tax Measures Proposed in Budget 2015-2016
The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,
See MoreHong Kong-Vietnam: Protocol To Tax Treaty Enters Into Force
The second protocol to the double taxation agreement between Hong Kong and Vietnam has entered into force, a government spokesman said on 23 February 2015. The second protocol was signed in January last year. It came into force on January 8, 2015,
See MoreJapan: Tax Reform Legislation Introduced
The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts. As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's
See MoreJapan- Qatar: Income Tax Treaty Signed
The Japan - Qatar Income Tax Treaty (2015) was signed on 20 February 2015 in Tokyo. Once in force and effective, the treaty will replace the Japan - Qatar Transport Tax Treaty (2009). Further details of the treaty will be reported
See MoreSingapore: Budget proposals for 2015
The Finance Minister of Singapore presented The Budget for 2015 to Parliament by on 23 February 2015. The proposals include measures regarding: Corporate taxation; Individual taxation; Goods and services tax; and Other taxes and measures. The
See MoreIndia- Trade Agreement With GCC
The Gulf Cooperation Council (GCC) and India are in the process of negotiating a Free Trade Agreement. The Gulf Cooperation Council (GCC) consists of six countries - Kuwait, UAE, Saudi Arabia, Oman, Bahrain and Qatar. The negotiations with all
See MoreBahrain and Pakistan Sign a Protocol to Amend the 2005 Tax Treaty
On January 7, 2015 Bahrain and Pakistan signed a protocol. This is the first protocol to amend the double tax treaty of 2005. It will enter into force after the exchange of the ratification
See MoreQatar Approves Draft Income Tax Treaty with Japan
The Qatari government approved the signature for a draft income tax treaty with Japan on January 14th, 2015. This would be the first Income Tax Treaty between the two countries. However, it must be signed and ratified by both sides before entering
See MoreDTA between Qatar and Bangladesh ratified
On February 4, 2015, Qatar's Cabinet ratified the pending DTA between Qatar and Bangladesh at its meeting for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreSingapore: Research and Development tax incentives
From 2010 the economic policies of the government of Singapore have focused on reducing reliance on foreign workers and encouraging businesses to invest in improving productivity, skills, and innovation. However, recent information shows that
See MoreMyanmar: IMF report refers to tax reform
A statement released at the close of a visit by officials of the International Monetary Fund (IMF) to Myanmar indicates that the outlook for economic growth remains favorable at least in the medium term. There are fiscal risks in the near term as a
See MoreIndia: Amendments to Transfer Pricing Guidelines Issued
The Central Board of Direct Taxes released amendments to the transfer pricing guidelines on 4 February 2015. The “simplified” transfer pricing documentation rules were released by a notification dated 4 February 2015 for domestic transactions of
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