Thailand Government agrees to keep 7% VAT rate for one more year
The government of Thailand has announced to keep the country’s VAT rate on 7% for one more year. The Previous Thai governments had planned to raise the VAT to 10% but now this has been postponed for one more
See MoreJapan: Corporate tax rate will be lowered below 30%
Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan's corporate tax rate from 35% to below 30 %. The Government targets to return to a principal fiscal balance in 2020. However the final corporate tax rate
See MoreKazakhstan – Singapore DTA ratified by Kazakhstan
The upper house of parliament in Kazakhstan has ratified the Double Taxation Agreement (DTA) with Singapore on June 19,
See MorePakistan: Budget for 2014-2015 has been presented to the parliament
The Pakistan Government has presented to parliament the nation's 2014-2015 Budget, which includes proposals aimed increasing tax compliance rates, increasing progressive direct taxes, and lowering the burden of indirect taxes. The 2014 budget set
See MoreSingapore agrees with WTO’s Trade Simplification Inventiveness
Under a statement from the Ministry of Trade and Industry Singapore has informed the World Trade Organization (WTO) that it will implement all the operational provisions of the WTO's Agreement on Trade Facilitation (ATF) immediately when the ATF
See MoreKazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MoreHong Kong emphasis to conclude ASEAN FTA
Hong Kong is planning to give emphasis on finalizing the proposed Hong Kong-Association of Southeast Asian Nations (ASEAN) free trade agreement (FTA) as quickly as possible. The Secretary for Commerce and Economic Development Gregory So announced
See MoreSingapore: Extended fund management tax incentives
Singapore’s 2014 budget proposed for the extension and enhancement of a tax incentive program for qualifying funds. Following changes are occurred on tax incentive program: -Lengthen the expiration date of the tax incentive program to 31 March
See MoreSwitzerland–Australia: approved double taxation agreements
The lower house of parliament approved the nation’s double taxation agreement on 4 June 2014. The DTA will enter in to force after both countries have completed their respective domestic requirements and ratification by both
See MoreCanada confirming South Korean FTA Terms
The Canadian Government has arranged the final text of its Free Trade Agreement (FTA) with South Korea and upon its entry into force; South Korea will immediately exclude 81.9 % tariff lines duties. Once whole implementation, South Korea will have
See MoreIndia: Refurbish Tax Treaty with Cyprus
India is seeking an amendment to its 1994 double tax agreement with Cyprus before the territory can be out as a notified jurisdictional area. From November 2013, the Indian Government raised powers under Section 94A of the Indian Income Tax Act
See MoreTaiwan: Recommends Tax Cuts for SMEs to raise wages
Taiwan's Cabinet agreed an amendment to the draft law that would give corporate tax deductions to small and medium businesses that raise pay for their lower-level employees. The amendment suggests a 130% tax deduction for small- and medium-sized
See MoreChina to cut VAT Rate to 3%
The Ministry of Finance and the State Tax Administration jointly released the “Announcement on Policy for Simplifying and Unifying VAT Rate” on June 13, 2014. From July 1, 2014, a uniform VAT Levy rate of 3% will be implemented for enterprises
See MoreJapan: From 2015 Corporate Tax rate will decrease
From 2015, Japan's corporate tax rate will be reduced from its current rate 36% to below 30%. Corporate tax cuts will now form a major part of the Government's 2015 policy framework, which will concentrate on PM’s promised growth strategies. This
See MorePakistan: Budget 2014/15 introduces GST and excise changes
With the Budget 2014/15 Pakistan is introducing a number of minor changes to the Goods & Services Tax (GST) and Excise Duty regimes from July 2014. Following changes will take place: Simplified GST regime introduced for the retail
See MoreIndia: Businesses Meeting held For Tax Certainty
India's Finance Minister, held a discussion meeting with representatives from trade and industry bodies before the budget, which pressed the Government to familiarize expectable tax policies to adoptive greater confidence in India as a place to
See MoreIndia: Mumbai Tribunal settles charge of penalty in case of a transfer pricing adjustment
Recently in the case of Deloitte Consulting India Pvt Ltd (Taxpayer) regarding levy of penalty in the case of a transfer pricing (TP) adjustment. Here is the summary of the case and decision: The Taxpayer, an Indian company, had entered into a
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