DTA between Belarus and Malaysia initialed
Malaysia and Belarus initialed a tax treaty following successful negotiations held from 10 to 13 March 2015 in Malaysia. Once signed, in force and effective, the new treaty will replace the former USSR - Malaysia Income Tax Treaty
See MoreFATCA agreement between US and Singapore entered into force
The United States-Singapore Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 18 March 2015. This was a Model 1 Agreement signed between these two
See MoreIndia: Introduced rollback provisions under the Advance Pricing Agreement
The Finance (No.2) Act, 2014 introduced the rollback provisions under the Advance Pricing Agreement (APA) program. The rules have been notified / SO 758(E)] on 14 March 2015 setting out the applicability and the requirement for applying
See MorePhilippines Updates Withholding Tax Guidance
The Department of Finance has released updated guidance on withholding tax - Revenue Regulations (RR) No. 2-2015. The regulation amends previous rules regarding the process of submitting withholding tax forms to the Bureau of Internal Revenue
See MoreIndia: IMF makes recommendations on fiscal policy
On 11 March 2015 the IMF issued a press release on their consultation with India under Article IV of its articles of agreement. The IMF considers that India’s short term outlook has improved with increased business confidence and several positive
See MoreAustralia: Approval process for application of the reconstruction provisions
The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. This law administration practice statement is issued under the authority of the Commissioner
See MoreJapan: 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 More