Bahrain 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
See MoreChina: SAT Standardizes the CIT Administration of Indirect Transfer of Taxable Properties in China by Non-Tax Resident Enterprises (Non-TREs)
Since the ‘Economic Reform and Opening up’, China has maintained an ongoing economic boom which has resulted in the accumulation of a considerable amount of wealth in the value of immovable properties, equity investments and other properties.
See MoreIMF reports on discussions on Pakistan’s economic position
The IMF has held meetings with officials from Pakistan to conduct discussions as part of the sixth review under its Extended Fund Facility and has issued a press release reporting on its preliminary findings. A Memorandum of Economic and Financial
See MoreIndonesia: Releases Regulation on New Advance Pricing Agreement
The Ministry of Finance in Indonesia has released regulation No. 7/PMK.03/2015 (PMK-07) on the implementation of advanced pricing agreements (APAs). The guidance on the processes is provided in PMK-07. PMK-07 states that the Directorate General of
See MorePakistan: Companies operating in Gwadar Free Zone to get 20-year tax holiday
The Pakistan government plans to provide a 20-year tax holiday to companies that want to establish their business in Gwadar Port's Free Zone. The government has also decided to exempt from customs duties, machinery, equipment and other
See MoreThailand: IMF reports on preliminary findings
The IMF has completed a mission to Thailand from 15 to 29 January 2015 to hold discussions in connection with the Article IV Consultation. The IMF is expecting Thailand to continue a gradual economic recovery in 2015 and growth is estimated at 3.5%.
See MoreJapan Publishes New Consumption Tax Plans for Foreign E-services
Japan has published new plans to subject the supply by foreign providers of electronic services to their consumers to 8% Consumption Tax. This should come into place from 1 October 2015. Here is the summary of plans: Changes from the origin to
See MoreSouth Africa and India: Protocol to treaty enter into force
The amending protocol for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income between India and South Africa enters into force entered into force on 26 November 2014. The protocol generally applies
See MoreIndonesia: Plans to Introduce VAT on E-Commerce
The Finance Minister of Indonesia has confirmed their plan to introduce value-added tax (VAT) on e-commerce. In order to implement this plan, the Ministry of Communications and Information Technology has been asked to prepare regulations to tax
See MoreChina: SAT Improves the Enterprise Income Tax Policy for Those Enterprise Involved in the Accelerated Depreciation of Fixed Assets
Recently, the SAT made an announcement on the enterprise income tax policy for those enterprises involved in the accelerated depreciation of fixed assets. For those enterprises in such six sectors as bio-pharmaceutical, special equipment
See MorePakistan: Government states withholding tax rate for non-filers on registration of immovable property
The government announced on 14 January 2015, through Notification No. 30(I)/2015 that any non-filer (i.e. a taxpayer whose name does not appear on the active taxpayers list issued by the Federal Board of Revenue or who is not a holder of a
See MoreHong Kong: IRD Releases Revised Forms To Apply For Resident Status For Tax Treaties
The Inland Revenue Board of Hong Kong on January 29 released revised forms for companies, partnership, trusts, and other entities to apply for a certificate of resident status for purposes of claiming tax treaty benefits. With effect from 1 February
See MoreTaiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
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