EU and China sign mutual recognition agreement
A mutual recognition agreement signed by the EU and China is to simplify procedures and lower costs for many traders. The two sides agree to recognize their certified safe traders and to permit them to benefit from speedier controls and reduced
See MoreAzerbaijan – Singapore: Approves DTA
Azerbaijan’s lower house of parliament approved a Protocol to the double taxation agreement (DTA) with Singapore on May 14, 2014. No further details of the Protocol are currently
See MoreAzerbaijan -Saudi Arabia: Protocol to DTA
Azerbaijan and Saudi Arabia signed a double taxation agreement (DTA) on May 13, 2014. No further details of the agreement are currently
See MoreVietnam: Expanding Tourist VAT Refund Incentive
Vietnam is widening its special value-added tax (VAT) scheme for exports by temporary visitors to the country. This scheme will enable more temporary visitors to Vietnam to claim refunds in respect of value added tax paid on goods bought during
See MoreSingapore: In Pursuit Of Wider Free Trade Agreements
Singapore’s Minister for Trade and Industry has commented that owing to its network of bilateral and regional free trade agreements (FTAs) Singapore is among the most connected jurisdictions in the world and is therefore a suitable location for
See MoreSingapore- US: Reach FATCA Agreement
The US and Singapore have completed their negotiations in respect of an intergovernmental agreement (IGA) to allow institutions in Singapore to carry out the provisions of the Foreign Account Tax Compliance Act (FATCA). The FATCA requires the IRS to
See MorePakistan Warns Banks to Register For FATCA
The State Bank of Pakistan has issued advice to financial institutions to ensure that they register with the US IRS in respect of the Foreign Account Tax Compliance Act (FATCA). They have given this advice because the intergovernmental agreement
See MoreMalaysia – Transfer pricing documentation required for 2014 tax return
The Malaysian transfer pricing rules imposing the arm’s length principle are contained in section 140A of the Income Tax Act. The Inland Revenue Board has been increasing its scrutiny of the transfer pricing issues of large taxpayers and is
See MoreKazakhstan Announces Tax Breaks For Investors
The Kazakhstan government is introducing some new incentives for investors. These are reported to include a ten year corporate tax holiday for certain investments. The measures would also include a visa concession under which some investors could
See MoreJapan Planning Corporate Tax Cut Next Year
There are plans to lower the corporate tax rate following the work of the Tax Commission appointed by the Japanese government. The Commission suggested an eventual reduction of the corporate tax rate to around 25 percent, and the Deputy Economy
See MoreHong Kong Ensures Low-Tax Policies
The Financial Secretary has said that spending will be limited to 20 percent of the GDP so that the low tax regime may be retained without problems in balancing the budget. The Working Group on Long Term Fiscal Planning which was set up in June 2013
See MoreDTA between New Zealand and Vietnam enters into force
A new double tax agreement (DTA) has been signed by New Zealand and Vietnam. The agreement which came into force on May 7, 2014 is part of a plan to increase the trade between the two countries. The agreement is designed to encourage cross-border
See MoreChina: Announces the extensionof employment-boosting tax breaks
The Ministry of Finance and the State Administration of Taxation (SAT) has jointly issued an announcement that tax breaks to increase employment are to be extended until 31 December 2016. The tax relief applies to companies that increase employment
See MoreThailand may face VAT rate increase
The VAT rate in Thailand may need to be increased from 7 percent to 10 percent as the economic growth slows down. The 7 percent rate was intended as a temporary measure but has continued for some time. The measure had been extended by a government
See MoreJapan – Possible BEPS-related implications under foreign dividend exclusion rule
In Japan the Cabinet Office has published a discussion paper setting out current tax issues for consultation. This paper concerns the developments in respect of base erosion and profit shifting (BEPS) and the implications of the issues for the
See MoreHong Kong Reviews Efficacy of New Stamp Duties
The Legislative Council in Hong Kong recently requested information to enable it to assess the effect of tax changes that were brought in to ensure that the housing market did not overheat. These measures included the Special Stamp Duty (SSD)
See MoreUS and Hong Kong- tax information exchange agreement (TIEA)
On April 25 2014 Hong Kong gazetted the tax information exchange agreement (TIEA) with the United States. The agreement will take effect after the relevant legislative procedures have been completed. The OECD has been encouraging the conclusion of
See MoreSingapore – GST rules affecting funds management industry
The Inland Revenue Authority of Singapore (IRAS) and the Monetary Authority of Singapore have finalized a set of rules relating to the impact of the goods and services tax (GST) on the funds management industry. Rules are laid down to establish the
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