Czech Republic-Kazakhstan Signs Protocol To Income and Capital Tax Treaty
The amending protocol of Income and Capital Tax Treaty (1998) between Czech Republic and Kazakhstan that was authorized on 16th October 2013 and has signed on 24th November 2014. Further details will be reported
See MoreAustralia: New Taxation Ruling TR 2014/6 introduced by the Australian Taxation Office (ATO)
Taxation Ruling TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the substance and confirms the ATO's power to disregard and reconstruct transactions that lack economic substance.
See MoreIsrael: Implementation of the automatic exchange of financial account information
The Finance Ministry has introduced on 27th October 2014 that Israel may begin the implementation of the automatic exchange of financial account information by the end of 2018. For the automatic exchange of information, financial institutions will
See MoreAustralia and China confirm FTA agreement
Australia and China has confirmed the conclusion of a free trade agreement (FTA). If the agreement is fully implemented, it will enable a tariff-free access of 95% Australian goods exports to Chinese
See MoreSweden: Ratification of TIEAs with Grenada and Macau
Sweden has ratified its TIEAs with Grenada and Macau on November 5,
See MoreSingapore: E-filing Available for all Companies
From 2015 the Inland Revenue Authority of Singapore (IRAS) will make e-filing available to all companies onwards. Presently, only small companies can file their tax return electronically. The benefits of e-filing include: instant acknowledgement
See MoreSwitzerland- China (People’s Rep.): Treaty enters into force
The China (People's Rep.) - Switzerland Income and Capital Tax Treaty of 2013 enters into force on 15 November and it will be applicable from 1 January 2015.The new treaty will replaces the China (People's Rep.) - Switzerland Income and Capital Tax
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreUS and Hong Kong Sign Model 2 Intergovernmental agreement (IGA)
The United States and Hong Kong signed a Model 2 IGA, on 13 November 2014, to implement the US Foreign Account Tax Compliance Act (FATCA). Under the agreement, Foreign Financial Institutions (FFIs) in Hong Kong will report the information required
See MoreUK-Japan: Protocol to existing treaty enters into force very soon
The existing Income Tax Treaty between Japan and the UK will enter into force on December 12, 2014 followed by an exchange of diplomatic note on November 12, 2014. The protocol was previously signed on December 17, 2013. It includes provisions
See MoreTaiwan: Proposes Tax Breaks In Return for Wage Hikes
A modification to the Statute for Developing Small- and Medium-Sized Enterprises (SMEs) in Taiwan, which will provide corporate income tax breaks to those businesses raising wages for their lower-level employees, has passed its first committee
See MoreIndia: Publishes Circular on authorization of long-term bonds and rate of interest
With effect from 1 October 2014, the Finance (No. 2) Act 2014 has amended section 194LC (i.e. interest on a foreign currency loan paid by an Indian company) of the Income-tax Act 1961. Consequent to the amendment, the concessional rate of
See MoreFuture of the ASEAN Economic Community Discussed in Thailand
The “AEC+3 Summit and Expo” convened in Bangkok on 3 November 2014. The event aimed to encourage Thailand’s businesses to invest more in the other countries of the Association of South East Asian Nations (ASEAN) and to promote Thailand as an
See MoreIndonesia’s Finance Minister Aims to Increase Tax Revenue
The new Indonesian Finance Minister has stated that he is planning to increase the effectiveness of tax collection by increasing the number of people involved in tax collection. Indonesia needs to raise more tax revenues, at a time when the
See MoreProtocol to treaty between- Singapore and UAE
Singapore and the United Arab Emirates signed an amending protocol to the Singapore - United Arab Emirates Income Tax Treaty (1995) on 31 October 2014, in Singapore. Additional information will be informed
See MoreChina signs new tax treaty and protocol with Russia
China signed a new income tax treaty and protocol with Russia on 13 October 2014. The key changes made in the new treaty are: In Article 4, “place of effective management” has been included as a one of the criteria for determining
See MoreItaly: Ratifies its protocol with the Republic of Korea on October 29, 2014
Italy has ratified its tax treaty protocol with the Republic of Korea and it was published in the official gazette on October 29,
See MoreIndia: Simplifies immigration procedures for Japanese nationals
The Government of India has simplified the rules on the validity of residential permits and visa/residential permit extension procedures for Japanese nationals travelling to
See More