Hong Kong DTAs with Qatar, Canada, Kuwait, Jersey, and Mexico
The double taxation agreements (DTAs) that Hong Kong has signed with Qatar, Canada, Kuwait, Jersey, and Mexico are to take effect in Hong Kong from April 1,
See MoreHong Kong considers how to maintain Low-Tax Regime
According to a recently published report by the Working Group on Long-Term Fiscal Planning the government will need to find additional tax revenue at some point in the future to close a gap in the finances. The government has emphasized that fiscal
See MoreHong Kong and USA working for FATCA IGA
Hong Kong and the United States signed a tax information exchange agreement (TIEA) on March 25 2014. This will provide the legal framework within which an intergovernmental agreement (IGA) can be signed to enable the transfer of information in
See MoreFTA between Canada and South Korea
Canada and South Korea concluded a free trade agreement (FTA) in March 2014. This agreement will reduce or eliminate duties and tariffs on a number of imports and exports between the two countries. Within a three to five year time span Canada is to
See MoreIndia releases revised Direct Taxes Code 2013
The Indian Finance Minister has issued a discussion draft of the Direct Tax Code (DTC), 2013. This draft contains proposals for extra taxes on high net worth individuals, a lower threshold than earlier proposed for imposing tax on the offshore sale
See MoreAustralian Taxation Office Launches Offshore Tax Amnesty
The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as
See MoreVietnam: Changes to VAT rules
Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
See MoreSwitzerland – Upper House passes China FTA
The Free Trade Agreement (FTA) between Switzerland and China has been adopted by the Swiss Council of States. The agreement contains provisions in respect of trade in goods and services, competition, investment promotion, intellectual property
See MoreSouth Korea and US Agree on Text Of FATCA Agreement
South Korea has announced that it has agreed to the regular exchange of information with the US from next year to assist the implementation of the Foreign Account Tax Compliance Act (FATCA). The FATCA legislation in the US aims to ensure that the US
See MoreSingapore- issues e-Tax Guide on GST Advance Ruling System
An updated e-Tax Guide has been published by the Inland Revenue Authority of Singapore (IRAS) to give guidance on aspects of the Goods and Services Tax (GST) advance ruling system and on the relevant application procedures in connection with the
See MoreSingapore Arranges First Wage Credit Payments
Singapore is paying out the first tranche of the payments under the Wage Credit Scheme (WCS) by 31 March 2014. Around 75 percent of the payments are due to small and medium enterprises (SMEs). The payments are intended to help new businesses and low
See MoreRevision to treaty between India and Bulgaria
Bulgaria’s Ministry of Finance has been authorized to begin negotiations for a double tax treaty with India. After it has been signed and has entered into force the new treaty will replace the current treaty signed in
See MoreNew Zealand and China set new trade goals
New Zealand and China have agreed to update their free trade agreement with the objective of increasing mutual trade to reach a value of USD 30 billion by the year 2020. This follows two meetings in the past year between the New Zealand Prime
See MoreIsrael: High Court of Justice rejects petition to deny “foreign resident” VAT status from multinational internet companies
The High Court in Israel has rejected a petition asking the Court to order the Finance Minister and tax authorities to impose VAT on cross border services delivered electronically and on products of foreign companies sold in Israel. The Court
See MoreIndonesian tax office signs an agreement on tax revenues and data sharing
A recent memorandum of understanding (MoU) between the Jakarta city administration and the tax directorate general covers the issue of data swaps and ways to increase tax revenues. The two authorities have reached an agreement on the exchange of
See MoreIndia: Delhi Tribunal rules on transfer pricing aspects of intra group financing transactions
In India many transfer pricing cases are heard in the Courts. These decisions can provide clarification of the operation of the transfer pricing rules in India and can therefore give potential investors more certainty about the transfer pricing
See MoreEuropean law used in Turkish transfer pricing case
Turkey has taken a step towards improving the rights of taxpayers by implementing a decision of the European Court of Human Rights (ECHR) in a transfer pricing ruling. The transfer pricing case involved allegations by the tax administration that a
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