Kazakhstan: Tax treatment liabilities provided by non-resident’s head office
The State Revenue Committee of Kazakhstan has issued a Letter No. КГД-07-3-ЮЛ-Е-14-КГД-14754 on 15th July 2015 regarding tax treatment of bad debts provided by a non-resident company's head office to its Kazakh branch. In accordance with
See MoreKorea- Tax Amendments of 2015 with incentives for foreign investment
The Ministry of Strategy and Finance of Korea announced on 6 August 2015 its proposed tax law amendments for 2015. The proposed tax law amendments of 2015 limit the eligibility for tax reductions for foreign investments. The proposed law excludes
See MoreSingapore: Corporate Tax Filing for 2015
The Inland Revenue of Singapore (IRAS) has reminded all companies to file their income tax returns for the 2015 assessment year by 30 November 2015. This is the first year that all companies in Singapore have the e-filing facility. All companies are
See MoreHong Kong-Italy income tax treaty enters into force
The income tax treaty between Hong Kong SAR and Italy entered into force on 10 August 2015. The treaty was signed on 14 January 2013. The agreement generally applies from 1 January 2016 for Italy and from 1 April 2016 for Hong
See MoreSingapore Publishes e-Tax guide to Mergers and Acquisitions Scheme
The Inland Revenue Authority of Singapore (IRAS) issued a revised e-Tax guide on 13 July 2015 to provide more details on the refinements to the mergers and acquisitions (M&A) scheme as recently stated in the Budget 2015. The complete e-Tax guide
See MoreRussia: Authorization for signature to tax agreement with Hong Kong
The Government of Russia has authorized the Finance Ministry to sign the draft text of the tax agreement between Hong Kong and Russia and it was released on 6th August 2015 for public
See MoreJapan: Introduction of Tax Identification System from 2016
The National Tax Agency (NTA) of Japan has announced that a new tax identification number system ("My Number") will be introduced for both individuals and corporations in October 2015. The NTA will provide the 12-digit number to all relevant
See MoreThailand-Tax incentive for the expenditures of research and development (R&D) of technology and innovation
The cabinet of Thailand has passed a tax incentive for the expenditures occurred in the R&D sector of technology and innovation. The tax incentive has become effective as from 1 January 2015 to 31 December 2019. Accordingly a tax deduction of up
See MoreAustralia: Stronger penalties to fight against multinational tax avoidance
The Government of Australia announced double the maximum administrative penalties that can be applied by the Commissioner of Taxation to large companies that enter into tax avoidance and profit shifting schemes. The increased penalties, under
See MoreCanada-India: Social Security Agreement entered into force
A Social Security Agreement between Canada and India enter into force from 1st August 2015 that was signed on 6th November 2012. It also effects from the same date of entry into
See MoreAustralia: New transfer pricing documentation standards
On 6 August 2015, the Australian Treasury released exposure draft law to implement reporting requirements for large multinational businesses in line with recommendations by the OECD and G20. In the 2015-16 Budget, the Australian government announced
See MoreKazakhstan: President signs a Law on pensions
The President has signed a law on 4th August 2015 to amend the process of obligatory pension contributions and budget funded state pension payments. The main amendments are given below: Employers Employers are obliged to withhold from salary and
See MoreChina: Announcement on Cost Sharing Agreements
Recently, China’s State Administration of Taxation has promulgated the Announcement on Standardizing the Administration of Cost Sharing Agreements (the "Announcement 45") for implementation as of July 16, 2015. This announcement 45 is issued to
See MoreKazakhstan Joins Multilateral Convention on Mutual Administrative Assistance in Tax Matters
The Multilateral Agreement regarding mutual administrative assistance in tax matters has entered into force in respect of Kazakhstan on 1st August 2015 and it was signed by Kazakhstan on 23rd December 2013. The agreement and the amending protocol
See MoreDTA between Singapore and Thailand signed
An Income Tax Treaty between Singapore and Thailand (2015) was signed on 11 June 2015. Once the treaty is in force and takes effect, this new treaty will replace the Singapore - Thailand Income Tax Treaty of
See MoreSingapore: Non-resident individual tax rates to increase from 2017
The Inland Revenue Authority (IRAS) announced on 12 June 2015 that tax rates for non-resident individuals will be increased from the year of assessment 2017 to maintain parity between the tax rates of non-resident individuals and the top marginal
See MoreIndia: Delhi Tribunal allows use of multiple-year data for purposes of determining arm’s length price
In the case of DCIT v. Innodata Isogen India Pvt. Ltd. , the Delhi Bench of the Income Tax Appellate Tribunal upheld a decision of the Commissioner of Income Tax (Appeals) to allow the taxpayer to use multiple-year data in determining the arm’s
See MoreIndia: Transfer Pricing Adjustment For Interest-Free Loan to Related Party
Recently, the Income-tax Appellate Tribunal upheld an interest adjustment on a loan that the taxpayer advanced to a related entity In the case of: Soma Textile & Industries Ltd. v. ACIT. Here the tribunal found that the comparable uncontrolled
See More