Chinese SAT announces new plans for the future
In a video conference held by the State Administration of Taxation (SAT) on 18 March 2014 the current work on international taxation and future plans were outlined. China has improved the legal framework within which its international tax work takes
See MoreChina relaxes company registration procedure
With effect from 1 March 2014 China’s company law has been updated with the aim of streamlining the registration procedures and making the minimum capital requirements less stringent. China’s Company Law gives considerable discretion to
See MoreAustralia considers GST rise
The rate of GST in Australia is currently 10%, however the possibility of raising the rate has been under consideration for some time. An increase in the GST rate could be used to fund reductions in tax on labor and in corporation tax, helping to
See MoreTreaty between Indonesia and Latvia under negotiation
Indonesia and Latvia have announced that they intend to intensify negotiations for a double taxation agreement. No details of the likely content of the agreement are currently
See MoreDTA between China and Ecuador enters into force
The double tax agreement (DTA) between China and Ecuador which was signed in 2013 entered into force on 6 March 2014 and will apply as from 1 January 2015. When it is in effect, the agreement will establish maximum withholding tax rates on
See MorePhilippines Legislates To Cut Back Income Tax Relief
In the Philippines there is some concern in the Department of Finance (DOF) that tax relief is being granted to applicants without sufficient consideration of their entitlement. The Department is therefore keen for legislation to be passed to
See MoreSouth Korea to Rein In Tax Relief to Fund Welfare Reform
Under the Framework Plan for Tax Expenditures for the year 2014 South Korea is committed to amending the system of tax relief. This could result in the abolition of some tax incentives and taxpayers need to keep a close eye on developments as they
See MoreSingapore – 2014 budget analysis published
Following the Singapore’s 2014 budget statement (presented 21 February 2014), Singapore has prepared an analysis of changes and initiatives in the 2014 budget. This will help taxpayers to digest the changes announced in the budget and allow them
See MoreSouth Korea – Seeks Tax from Gold Trading
South Korea is launching the first spot market for gold, in an effort to eliminate underground transactions in gold and boost revenue from tax. The spot market is open to any qualified gold dealer such as an importer or a wholesale or retail
See MoreUS-Iraq Hold First TIFA Meeting
A joint council set up under the Trade and Investment Framework Agreement (TIFA) between the two countries has held its first meeting. The joint council provides a forum for discussion in relation to trade issues such as the rights of employees,
See MoreTreaty between India and Romania enters into force
The treaty between India and Romania which was signed on 8 March 2013 generally applies from 1 January 2014 for Romania and from 1 April 2014 for India. From this date, the new treaty generally replaces the India - Romania Income Tax Treaty in
See MoreThailand: Tax Revenue deficit
Ongoing political unrest in Thailand could lead to a fall in tax collection and missed targets, according to the Fiscal Policy Office. Collections in the opening months of 2014 have however risen a little above the predicted amounts. The Fiscal
See MoreTaiwan: Committee approves Luxury Tax on residential properties
The Finance Committee of Taiwan’s legislature has given its approval to amendments of the luxury tax imposed on residential property. The luxury tax imposes a 15 percent tax on the sale price of property sold less than one year after it was
See MoreSouth Korea Looks to FTAs to Support SMEs
A recent ministerial meeting has considered new measures to help small and medium enterprises (SMEs) that are becoming involved in markets in the South East Asia region. The support would involve regional agreements to lower tariffs and facilitate
See MoreSingapore: Income tax treatment of limited partnerships
The Inland Revenue Authority of Singapore (IRAS) has published an e-tax guide outlining the tax treatment of limited partnerships (LPs). An LP is a partnership that does not have a separate legal personality. It must have at least one general
See MorePhilippines achieves Higher Tax Ratio In 2013
The fiscal deficit in the Philippines decreased in 2013 as there was a rise in the tax to GDP ratio in that year. The ratio of tax to GDP increased by 0.4 percent as compared to the previous year and reached a ratio of
See MoreNew Zealand: Plans for an active income exemption for branches are to be deferred
On 14 March 2014, New Zealand’s Minister of Revenue stated that consideration of an active income exemption for branches is to be deferred for the time being. The reason for the deferral is to allow the government's main tax policy focus to be
See MoreNew Zealand: Changes to Financial Reporting Requirements
The Financial Reporting Act, which changes financial reporting obligations for most companies, comes into effect on 1 April 2014. Small and medium-sized companies in New Zealand will need to make sure they understand how the changes made by the
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