Hong Kong and UAE Sign Comprehensive Double Taxation Agreement
Hong Kong signed a comprehensive double taxation agreement (DTA) with the United Arab Emirates (UAE) in Dubai on December 11, 2014 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. This
See MoreChina: SAT Regulates the Administration of the GAAR
Recently, the State Administration of Taxation (SAT) issued the Administrative Measures on the General Anti-Avoidance Rule (GAAR) to further regulate and clarify various matters, such as applicable scope, judging criteria, adjustment methods,
See MoreHong Kong Exchanges Notes With Japan Regarding Exchange of Information
The Government of the Hong Kong Special Administrative Region (SAR) exchanged notes on 10 December 10 2014, with the Government of Japan regarding the Exchange of Information (EoI) Article in the double taxation agreement between the Hong Kong SAR
See MoreCzech Republic & Pakistan: DTA ratified by Pakistan
The Income Tax Treaty between Czech Republic and Pakistan has ratified by Pakistan on 2nd October 2014. The signing draft of this treaty has approved by the Pakistan’s Cabinet on 29th August 2013. Further details of the treaty will be reported
See MoreFTA between Canada and Korea effective from January 2015
The Free Trade Agreement (FTA) between Canada and South Korea has been ratified by both countries. This treaty will be effective from 1st January 2015. It contains principles for determining the rules of source and other guidance. The agreement also
See MoreUS And Singapore Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Singapore and the United States, on December 9, 2014. FATCA was enacted by the US Congress in 2010 and took effect on
See MoreKazakhstan: President has signed a Law for amending Tax Code
The President of Kazakhstan has signed a Law No. 257-V on 28th November 2014 for introducing amendments to the Tax Code. The following changes will enter into force from 1st January 2015: Due to calculate corporate income tax, withholding tax at
See MoreAustralia & Uruguay: TIEA entered into force
The Tax Information Exchange Agreement (TIEA) (2012) between Australia and Uruguay has entered into force on 1st July 2014. This treaty generally applies from 1 January
See MoreIraq: Income Tax Treaties with Hungary, Sri Lanka, and Turkey
Draft income tax treaties with Hungary, Sri Lanka and Turkey have been approved by the Iraqi cabinet. The treaties will enter into force after they have been signed and ratified by the contracting
See MoreChina: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreSingapore and UAE: amending protocol to DTA signed
On 31st October 2014, Singapore signed an amending protocol to the countries' income tax treaty. This is the first amendment of the 1995 treaty. The protocol will enter into force after the countries exchange ratification
See MoreDubai and China: first Chinese issuer to list a bond on an exchange in the Middle East
China has issued an RMB 1bn three-year bond on NASDAQ Dubai. The Agriculture Bank of China (ABC), China's third largest bank by assets, became the first Chinese issuer to list a bond on an exchange in the Middle East. The Emirate's stylish financial
See MoreDTA between China and France completed ratification stages
On November 26, 2014, the final stages of the ratification of the new double tax treaty between France China were completed. The treaty will become effective on January 1, 2015. This agreement replaces the income tax treaty signed in 1984 and
See MoreSingapore: Plans for 2015 Budget
Singapore's Ministry of Finance (MOF) is looking for ideas and recommendations from individuals and businesses on tax and expenditure policies ahead of the 2015 Budget. The consultation commenced on November 26, 2014, with ideas being accepted
See MoreDTA between Japan and UAE
Japan and United Arab Emirates signed an Income Tax Treaty (2013) on 24 November 2014 and will be applicable from January 1, 2015. Details of the treaty will be reported
See MoreUS Imposes Preliminary Anti-Subsidy Duties On Chinese Tires
The U.S. Commerce Department has set preliminary anti-dumping duties ranging from 12.5 percent to 81.29 percent on tires imported from China. Five years ago, following a previous USW complaint, the US imposed AD and CVD tariffs on similar Chinese
See MoreIndia: Taxpayer’s use of the Resale Price Method for distribution activities Supported by the court
In the case of : CIT v. L’Oreal India Pvt. Ltd. (ITA No. 1046 of 2012 (7 November 2014), The Bombay High Court confirmed a tribunal decision that, the taxpayer’s use of the Resale Price Method (RPM) for purposes of determining the arm’s
See MoreSweden: Ratifies TIEA with Hong Kong
Sweden has ratified its TIEA with Hong Kong on November 19, 2014, which was signed on 22 August
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