Azerbaijan: 2013 Tax Revenues
Azerbaijan’s Ministry of Taxes has reported 2013 tax receipts to be AZN6.66bn, an increase from the AZN6.025bn collected in 2012. The greatest contribution came from profit tax (AZN2.37bn), followed by value-added tax (AZN1.72bn), while individual
See MoreVietnam: Corporate income tax rate reductions and rule changes
The Vietnam corporate income tax rate will be reduced to 20% from 1 January 2016 (now 22%). For taxpayers with total revenue lower than VND 20 billion, the will be 17% effective 1 January 2016 (now 20% as of 1 July 2013). New guidelines published as
See MoreJapan-Oman: Sign DTA
Japan has signed a Double Taxation Agreement (DTAA) with Oman on 09 January 2014. The agreement provides a 10% withholding rate on dividends (5% with a 10% shareholding), interest and royalties in the source
See MoreHong Kong: Stamp Duty Increases Affect Property Sales
Increases in the rates of existing ad valorem stamp duty for both residential and non-residential property transactions appear to have cooled the real estate market. The Government increased such taxes from February 23, 2013 for that goal and it
See MoreVietnam: Decree on tax penalties
Vietnam has released a new Decree on 16 October 2013 on tax penalties along with the amended law on Tax Administration, which specifies tax administrative procedures. The Decree becomes effective on 15 December 2013 and applies to any violations
See MoreVietnam: APA regime procedures and rules
Vietnam’s Ministry of Finance has issued detailed guidance in Circular 201/2013/TT_BTC dated 20 December 2013, for the advance pricing agreement (APA) regime, which was added to the income tax law in July 2013. The new guidance is effective from 5
See MoreHong Kong: Court of Final Appeal decision on unrealized revaluation gains
Hong Kong’s Court of Final Appeal (CFA) ruled that year-end unrealized revaluation gains on listed securities held for sale were not taxable in Hong Kong. In a case called Nice Cheer Investment Limited (NCIL), the CFA rejected the CIR’s
See MoreNew Zealand: Non-residents must register for GST from April 2014
The New Zealand Inland Revenue Department has set out mandatory requirement for non-resident taxable persons to register for the Goods and Services Tax (GST) from 1 April 2014 if they provide local taxable supplies. The criteria to meet to register
See MoreHong Kong: Lower Tax for Captive Insurers
The amended Inland Revenue bill (No.3) 2013 has been gazetted by the Hong Kong Government, aiming to reduce by half the profits tax on captive insurers, and to increase the deduction ceiling for retirement scheme contributions by employees or
See MoreIndia and US considering framework for resolving tax rows
India and the US could soon unveil details of a deal designed to resolve more than 100 outstanding tax disputes. The two sides almost finalized the outline of a mutual agreement procedure (MAP). Numerous discussions on the issue are said to have
See MoreTreaty between New Zealand and Japan entered into force
The double tax agreement (DTA) signed between New Zealand and Japan on December 10, 2012, will become effective in New Zealand, for withholding taxes from January 1, 2014, and for income taxes for income years beginning on or after April 1, 2014.
See MoreTaiwan: Worried At Non-Declaration of Property Income
Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any
See MoreSwiss Protocol to DTA with Ireland and Turkmenistan in force
The protocol amending the double taxation agreement (DTA) between Switzerland and Ireland, and with Turkmenistan have entered into force, and will both apply from January 1, 2014. The protocol to the double taxation agreement (DTA) between
See MoreIndividual tax relief measures in China
The Ministry of Finance, the Ministry of Human Resources and Social Security, and the State Administration of Taxation have jointly issued a circular regarding guidance on the collection and administration of individual income tax on enterprise
See MoreKazakhstan – International Convention regarding tax issues signed
The Organization for Economic Co-operation and Development (OECD) has announced that Kazakhstan signed the international convention related to mutual administrative assistance in tax matters on December 23, 2013. According to the OECD release,
See MoreIndia is expected to post a Revenue Service office in Cyprus
India is expected to post a Revenue Service officer in Cyprus early in the new year, just months after it suspended its double tax avoidance agreement (DTAA) with the island. India has set up overseas Tax Units in various countries in an effort to
See MoreIndia – Arm’s length price for sourcing support services
The Delhi High Court has held that the Transfer Pricing Officer’s determination of an arm’s length price based on a 5% markup of the “free on board” (FOB) value of goods sourced for a related party’s contract with third parties was
See MoreIndia signs DTA with Macedonia to prevent income tax evasion
India signed a Double Taxation Avoidance Agreement (DTAA) with Macedonia on Dec 17, 2013, to prevent income tax evasion by entities in both the countries, a move that is also expected to increase economic cooperation. The agreement provides
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