China signs a new tax treaty with Russia
China and Russia entered into a new double taxation treaty which was signed on October 13,
See MoreIndia: Implementation of the new Bill on Goods & Services Tax from 2016
The Indian Goods & Services Tax (GST) implementation plans took a big step forward last week as a new Bill was published included resolutions to many of the issues that have long-held up the reforms to the existing indirect tax regime. The new
See MoreMalaysian Prime Minister Defends the Introduction of a Goods And Services Tax
The Malaysian Prime Minister has defended the introduction of a goods and services tax (GST) in Malaysia with effect from April 2015. The Government has stated that it will bring 300,000 taxpayers out of the income tax base with revenues which will
See MoreKorea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreThe protocol to treaty between Denmark and India has been approved
Recently, Denmark approved the amending protocol, signed on 10 October 2013, to the Denmark - India Income and Capital Tax Treaty
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreAgreement between France and China approved by French Council of Ministers
The French Council of Minister approved the Agreement between the Government of the French Republic and the Government of the People's Republic of China for the Avoidance of Double Taxation and prevention of avoidance and evasion with respect to
See MoreChina: Transfer pricing application Process
Transfer pricing adjustments may be made in accordance with Circulars 3 and 16 "Internal Working Procedure (Trial) of Special Taxation Adjustment" and "Joint Assessment Procedure (Trial) for Key Cases of Special Taxation Adjustment". Accordance with
See MoreChile-Hong Kong: FTA enters into force
The Free Trade Agreement (FTA) between Chile and Hong Kong will enter into force on 9 October 2014 which was signed on 7 September
See MoreThailand: Reduces tax rate for 2015
The cabinet of Thailand has approved a royal decree reducing corporate and personal income tax for the year 2015. The reduced tax rate for companies having net profit over THB1m (USD31,000) will be 20% for the year 2015 which was 23% in the tax year
See MoreJapan-Sweden Income Tax Protocol enters into force
Japan-Sweden Income Tax Protocol which was signed on 5 December 2013 has entered into force on 12 October 2014. The Protocol will have the following tax effect: With respect to taxes withheld at source, for amounts paid or credited on or
See MoreChinese E-commerce tax plan for 2015
China is assessing the introduction of tax on E-sales (online) of goods in 2015. The new plan would contain a tax system administered through E-commerce platforms in the biggest online shopping economy all over the world. There is wide scale
See MoreDTA between Australia and Switzerland ratified by Australia
On 24th September 2014, Australia completed its domestic ratification procedures with respect to the DTA signed with Switzerland. Once in force and effective, the new treaty will replace with the treaty between Australia and Switzerland Income Tax
See MoreIndia: Decision on whether the Taxpayer could be regarded as an “assesse in default”
Recently, The Supreme Court (SC) of India issued its decision in the case of CIT v. NHK Japan Corp. (SLA No. 24913 of 2012) on 11 August 2014, that a Taxpayer cannot be regarded as an "assesse-in-default" on account of non-withholding of taxes when
See MoreSixth Meeting of China-ASEAN Free Trade Area Joint Committee
The Sixth Meeting of the China-ASEAN Free Trade Area Joint Committee and the First Round of Upgrading Negotiations of the China-ASEAN FTA was held in Hanoi, Vietnam, on September 23-24. The Chinese delegation composed of the Ministry of Commerce,
See MoreChina and South Korea remain divided in Free Trade Agreement negotiations
China and South Korea made some progress in their latest round of negotiations for a FTA but remain divided over the thorniest matter of how soon and how much they will open their markets for sensitive industries, the Seoul government said
See MorePhilippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
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