Malaysia: increasing scrutiny of transfer pricing
The transfer pricing landscape in Malaysia continues to develop with the Malaysian tax authority becoming increasingly proactive and vigilant in examining the controlled transactions of multinational enterprises (MNEs). The intensity of tax audits
See MoreLuxembourg and Israel sign a DTA
Luxembourg and Israel signed a new double taxation agreement on 11 March 2014. No further details of this new agreement are currently
See MoreJapan: Increased focus on transfer pricing in tax audit
Transfer pricing audits in Japan are conducted separately from the general corporate tax audits, by a specialized transfer pricing audit team within the tax authority .The 2011 revision of the tax system in Japan included changes and clarifications
See MoreIsrael: VAT Position of Foreign E-retailers
Non-resident retailers of goods and digital services to Israeli consumers will remain outside of the Israeli VAT net. This is the result of a decision of the High Court that has struck down a petition from local online retailers that E-retailers
See MoreIndonesia to amend rules concerning tax holidays and allowances for investors
The Indonesian Deputy Minister of Finance has announced that the Government is planning to amend the rules concerning tax holidays and allowances for investors, possibly as early as April 2014. The changes to tax holidays are expected to include
See MoreChina’s Finance Minister considering more tax reforms
At a press conference held at the National People's Congress, China's Minister of Finance suggested that there would be more tax reforms in the following year after the recent expansion of the value added tax pilot scheme. The Finance Minister
See MoreChina-ASEAN FTA Commission Meets
The Fifth Meeting of the Joint Commission of China-ASEAN Free Trade Area (FTA) was held on March 11-13 2014. Delegations from China and the 10 ASEAN countries attended the meeting. The meeting focused on the implementation of the China-ASEAN Summit
See MoreAzerbaijan- Recounts tax reform progress in IMF meeting
On March 11, 2014, there was a meeting between an International Monetary Fund (IMF) delegation and Azerbaijan's deputy minister of taxes. In recent years Azerbaijan’s tax revenues have been increased due to the establishment of a durable,
See MoreAustralian Tax Break for Supporting Mining Activities
The Australian Government has introduced a consultation on plans to provide investors with a refundable tax offset for Greenfield mineral exploration costs incurred from July 1, 2014. Under the proposed program, a tax credit will be provided to
See MoreTaiwan- Proposal to increase business tax rates
Taiwan’s Ministry of Finance (“MOF") has recently spoken about efforts to improve Taiwan’s financial prospects. The proposals include plans to raise business tax rates on the banking and insurance industries, reduce the imputation credit ratio
See MoreSouth Korea: mergers and acquisitions activity and rental market
South Korea’s Deputy Prime Minister and Minister of Strategy and Finance presided over a Ministerial Meeting on the Economy on March 5 that discussed tax measures to stimulate mergers and acquisitions (M&A) in South Korea and to fine-tune
See MoreSingapore – Insurance company’s gain is capital and not taxable
The Court of Appeal in Singapore confirmed a decision of the High Court, finding that shares that an insurance company held in three other entities (i.e., core shares) were capital assets. Thus, the gain on disposal of these shares was capital and
See MoreSingapore: Budget 2014/15 aims to increase tax revenue
Singapore's Minister for Finance has stressed the importance of Singapore balancing its books over the long term, in the 2014/15 Budget speech. Already, with increased social and healthcare spending, the Singapore Government is forecasting a small
See MorePhilippines improves tax collection from large businesses
The Large Taxpayers Service (LTS) of the Philippines' Bureau of Internal Revenue (BIR) has begun the 2014 tax season by praising corporate taxpayers for their contribution to the growth in collected revenue. In 2013 the LTS improved its 2013 revenue
See MorePeru signs DTA with South Korea
Peru completed its domestic ratification procedures on February 27, 2014, in respect of the double taxation agreement (DTA) with South Korea. The treaty was signed on 10 May 2012 and will enter into force when both countries have completed their
See MoreMalaysia – WTO Tracks Malaysian Tax Developments
The World Trade Organization (WTO) has recently stated in its Trade Policy Review of Malaysia that the country needs to implement fiscal consolidation and tax reforms to ensure equitable and sustainable growth. The WTO noted the country's plans for
See MoreMalaysia- issues filing program for calendar year 2014
The Inland Revenue Board of Malaysia has issued the filing program for 2014: Non-corporate entities: Form Deadline period for submission Form E – Return Form of Employer 31 March 2014 hand
See MoreDTA between Laos and Luxembourg enters into force
According to preliminary media reports, the double taxation agreement (DTA) signed between Laos and Luxembourg will enter into force on March 21, 2014. The agreement, which was originally signed on 14 June 2013, will take effect from 1 January
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