Vietnam: to cut CIT rate in 2014
The Ministry of Finance of Vietnam allotted a draft revision to the Law on Corporate Income Taxation on 12 December 2012. The proposed draft revision emphasized on the corporate income tax rates which will decrease from 25% to 23 % in 2014 also the
See MoreIncome tax treaty between Portugal and Georgia
Georgia and Portugal signed an income tax treaty on 21 December
See MoreAmendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
See MoreTreaty between Georgia and Slovenia signed
Georgia and Slovenia signed an Income and Capital Tax Treaty on 7 December
See MoreHong Kong and Canada sign DTA
An extensive double taxation agreement between the Government of Canada and the Government of the Hong Kong was signed on November 11, 2012 for the avoidance of double taxation. According to agreement, the rate of withholding for dividends paid
See MoreDTA between Taiwan – Germany Enters Into Force
The double taxation agreement (DTA) between Taiwan and Germany entered into force on November 7, 2012. The treaty will be applicable from January 1, 2013. This agreement covers the avoidance of double taxation of dividends and capital
See MoreTreaty between China (People’s Rep.) and Japan applies to new Japanese taxes
The State Administration of Taxation (SAT) stated in Gong Gao No.49, that, Chinese and Japanese tax authorities have agreed after consultation that the taxes to which the China (People's Rep.) - Japan Income Tax Treaty applies include the Special
See MoreImplementation of Malaysian thin capitalization has been deferred
The Ministry of Finance announced on 11 December 2012 that the implementation of the thin capitalization rules has been deferred until the end of December
See MoreIncome Tax Treaty between Poland and Singapore
Poland and Singapore signed an Income Tax Treaty on 4 November 2012. The treaty which is not yet in force was concluded in both the Polish and English languages, each text having equal authenticity. The treaty generally follows the OECD Model, with
See MoreAustralia: New Transfer Pricing Rules
On 22 November 2012, an exposure draft was released introducing new Australian transfer pricing rules with significant self assessment and documentation requirements. Interested parties were invited to comment on the exposure draft. The start date
See MoreVietnam to Cut Corporate Tax Rates in 2014
It was reported on 17 December 2012 that the Ministry of Finance is to place a draft bill before the National Assembly early next year, which would make changes to Vietnam’s corporate income tax code, including a cut in tax rates from 2014. The
See MoreNew Income Tax Treaty between New Zealand and Japan
New Zealand and Japan have recently signed an Income Tax Treaty which will replace the existing Japan-New Zealand Income Tax Treaty that was concluded in 1963. The updated agreement will come into force once both countries have completed
See MoreMeasures on Business Centers passed
The Bill on Measures for Asian Business Centers was passed by the Diet on 27 July 2012. This measure is intended to encourage global companies to establish their R&D centers and Asian headquarters in Japan. The legislation grants incentives
See MoreThe Malaysian Budget for 2013
The Malaysian Budget for 2013 was presented by the Prime Minister (also the Finance Minister) on 28 September 2012 and is generally effective from year of assessment 2013 unless otherwise stated. Key points of the budget are summarized
See MoreIndonesia – Potential changes to the transfer pricing regulations
The Director General of Taxation of Indonesia has recently focused on transfer pricing, proposing some changes to the existing transfer pricing rules. However, these proposals are not yet final and some changes may be made before the final issuance
See MoreIncome Tax Treaty between Turkey and Philippines
Philippines and Turkey signed an Income Tax Treaty on March 2009, for the avoidance of double taxation. The treaty was concluded in both the Turkish and English language with each text having equal authenticity. The maximum withholding tax rate on
See MoreIncome Tax Treaty between Thailand and Taiwan
Thailand and Taiwan signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion on 3 December 2012. An agreement was originally signed by the two countries on 9 July 1999, but the government of Thailand failed to
See MoreIncome Tax Treaty between Philippines and Turkey
The Philippines and Turkey signed an Income Tax Treaty in March 2009. Details of the treaty have become available. The treaty was concluded in both Turkish and English with each text having equal authenticity. The maximum withholding tax rate on
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