Bangladesh: Budget measures for FY 2016-17
The Budget for fiscal year 2016-2017 was presented on 2 June 2016. Budget measures relating to corporate taxation, once adopted, will take effect from 1 July 2016. Some of the proposed measures are following: the minimum tax rates will be
See MorePakistan: Publishes Budget for 2016/17
The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures
See MoreBangladesh: Finance Minister Confirms New VAT Regime from July 1
Bangladesh intends to proceed with introducing a uniform 15% rate of value-added tax (VAT) from July 1. The change is to be stimulated together with the implementation of Bangladesh's new value-added tax law, drawn up in 2012. Speaking at a recent
See MoreJapan: The penalty for failure to submit the CbC report or the Master File by the due date
Japan’s 2016 tax reform was enacted on 29 March 2016 and at the end of April 2016, the National Tax Agency posted guidance on its website to help clarify the documentation requirements within Japan. The tax reform also implements penalties for a
See MoreSingapore: Commits to implement CbCR for financial years beginning on or after 1 January 2017
The Ministry of Finance announced on 16 June 2016, that Singapore will join the inclusive framework for the global implementation of the Base erosion and profit shifting (BEPS) Project. Under this framework, all state-and non-state jurisdictions
See MoreIMF report comments on economic and fiscal policy of Sri Lanka
On 14 June 2016 the IMF issued a report following the completion of consultations with Sri Lanka under Article IV of the IMF’s articles of agreement. GDP growth was 4.8% in 2015, generally unchanged from 2014. The economy is however facing an
See MoreVietnam increases penalty for tax fraud and evasion
The General Department of Taxation announced on 6 June 2016, an increase in the maximum penalty that may be imposed for tax fraud and evasion to VND 50 million. Further it announced an increase in the fines for lost or damaged tax invoices
See MoreAustralia: Electronic Local Files template finalized
Taxpayers that fail to adhere to their tax disclosure obligations like submitting local file will be exposed to administrative penalties of AUD 4,500. The Government proposes revised penalties amounting to AUD450, 000 from 1 July 2017 for failure to
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreHong Kong: Amendment ordinance clarifies interest deduction rules and profits tax incentives
The Inland Revenue has gazetted the “(Amendment) (No. 2) Ordinance 2016” on 3 June, 2016. The Amendment Ordinance enables, under specified conditions, the deduction of interest payable on money borrowed by a corporation carrying on in Hong Kong
See MoreOman: Corporate tax rate to be increased for liquefied natural gas and mining companies
The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining
See MoreVanuatu: Abuse of duty free system
The Customs and Inland Revenue Department (DCIR) has published a statement on 26th May 2016 on its website announcing that there has been a number of abuses involving cruise ship passengers who purchase duty free goods to give in exchange for taxi
See MoreSingapore and Cambodia sign Income Tax Treaty
Singapore and Cambodia have entered into a double taxation avoidance agreement, on 20 May 2016, to boost cross-border trade and investment between the two countries The Agreement clarifies the taxing rights of both countries on all forms of income
See MoreChina offers tax incentives for software and IC enterprises
On 4 May 2016, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued a notice (Cai Shui 2016 No. 49)
See MoreKazakhstan: Plans to consolidate Tax Code and Customs Code postponed until 2017
The Prime Minister has made a declaration on 24th May 2016 that the policies to consolidate the Tax Code and Customs Code into one single code will be postponed until
See MoreAxiom Groupe conference on Transfer Pricing Excellence
The Axiom Groupe conference on Transfer Pricing Excellence was held in Barcelona on 19 and 20 May 2016. The conference included a workshop from the World Bank group. Some of the important issues coming out of the sessions are summarized
See MoreMalaysia: Tax incentives regarding ventures capital industry
The Inland Revenue Board of Malaysia has issued Public Ruling No. 2/2016 (PR 2/2016) on 9 May 2016 regarding tax incentives in relation to the venture capital industry in Malaysia. A venture capital company (VCC) that invests in a venture company is
See MoreSri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
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