Kazakhstan: VAT withdraws
Kazakhstan has accepted plans to withdraw its VAT regime next year and it will be substituted with a simple sales tax. This sales tax will be levied at 12% regarding cash payments. To discourage non-disclosure, there will be a 7% discount on this
See MoreIMF: Policies in support of sustainable development goals
A Staff Discussion Note published by the IMF on 22 September 2015 looks at policies that countries could adopt in pursuing sustainable development goals. The Note entitled From Ambition to Execution: Policies in Support of Selected Sustainable
See MoreDTA between Malaysia and Slovak Republic approved by Slovak Republic
The Income Tax Treaty (DTA; 2015) between Malaysia and the Slovak Republic was approved by the government of the Slovak Republic on 28th August 2015 and has now been submitted for ratification to the National Council. This treaty was signed on
See MoreChina: SAT is Seeking Public Comments on Consultation Draft for Implementing Special Tax Adjustments
On 17 September 2015, China’s State Administration of Taxation released a consultation draft circular concerning implementation measures for special tax adjustments that would replace the existing Guoshuifa No. 2 (Circular 2). Now the SAT is
See MoreIsrael: VAT rate reduced
A Ministerial Order was issued on 10th September 2015 regarding reduction of the VAT rate to 17% from 18%. This new rate will be effective from 1st October
See MoreThailand: New corporate tax rate limits and incentives for SMEs
The Cabinet of Thailand approved certain corporate tax rate limits for small and medium-sized enterprises (SMEs) on 8 September 2015. The corporate tax rate limits are as follows: Annual net profit (THB) Current tax rate (%) Approved tax rate
See MoreSocial security agreement signed between Finland and South Korea
Finland and Korea (Rep.) signed a social security agreement on 9 September 2015, in Seoul. The agreement mainly focuses on pensions and unemployment insurance and includes regulations regarding the so-called posted employees. Under the agreement,
See MoreIndia: High Court Decision on Transfer Pricing Comparability
The High Court of Bombay issued its decision in the case of: CIT v. Garware Polyester Ltd on 23 June 2015. The decision concerns a situation where the scope of work accepted by the associated enterprise (AE) agent is wider than that of a comparable
See MoreOECD: Tax trends in Indonesia, Malaysia and the Philippines
The latest OECD publication on revenue statistics in Asian countries looks at trends in Indonesia, Malaysia and the Philippines from 1990 to 2013 and compares them to two OECD countries (Korea and Japan). The study finds that the tax revenue as a
See MoreASEAN discusses trade with China, Japan and Korea
The economic ministers of the Association of South East Asian Nations (ASEAN) have been meeting their counterparts from China. Japan and South Korea with a view to concluding an economic partnership agreement. China is aiming to conclude an
See MoreDTA between Kazakhstan and Serbia signed
An Income and Capital Tax Treaty between Kazakhstan and Serbia has been signed on 28th August
See MoreIndia: High Court Rules on Use of Multiple Year Data and High-Profit Comparables
Recently, the High Court (HC) issued its decision in the transfer pricing case of Chrys Capital Investment Advisors (India) Pvt. Ltd v. DCIT (ITA No. 417 of 2014) on the usage of multiple year data and high-profit comparables on 27 April 2015. The
See MorePakistan: Compulsory Electronic tax return Filing for Individuals
The Federal Board of Revenue announced via Notification S.R.O. 791 (I) /2015 on 10 August 2015, that all individuals earning taxable salary income must file their income tax returns electronically. This will be effective from tax year 2015
See MoreKorea: Draft law for implementing BEPS-related transfer pricing requirements
The Ministry of Strategy and Finance of South Korea has released draft legislation for amending existing provisions of Korean law. The draft legislation generally follows Action 13 of the OECD/ G20 project on base erosion and profit shifting
See MoreIndia: Interest on tax refund taxable as business income under the India-UK tax treaty
Recently, the High Court in the case of B.J. Services Company Middle East Limited held that the interest earned on an income tax refund is taxable as business income under the India-UK tax treaty where the debt claim in respect of which interest
See MoreVietnam: Publishes Guidance on Tax Administration
Circular 110/2015/TT-BTC was issued on 28 July 2015 and provides guidance on tax administration and compliance by electronic means. The Circular replaces earlier Circulars 35/2013/TT-BTC and 180/2010/TT-BTC, and includes guidance on tax
See MoreChina: Tax incentives for small and low-profit enterprises
On August 19, State Council of China decided to improve the tax breaks available for small and low-profit enterprises. Small and low-profit enterprises can pay their income taxes at the rate of 20% with following conditions: any industrial
See MoreAustralian Taxation Office releases GAAR guidelines
The Australian Taxation Office released for comment a draft practice statement PS LA 2005/24 which deals with the application of the general anti-avoidance rules (GAAR) in Part-IVA of the Income Tax Assessment Act 1936 on 13 August 2015. This Draft
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