Azerbaijan: Exemption of interest from individual income tax on savings deposits
The Parliament of Azerbaijan approved Law No. 542-IVD on 28 December 2012. According to this law interest paid on saving deposits of individuals in banks and other credit institutions is exempt from individual income tax for the period of one year.
See MorePhilippines: Transfer Pricing Regulations
On 23 January 2013, the Philippines Secretary of Finance issued transfer pricing regulations (Revenue Regulation (RR) No. 02-2013). The regulations provide guidance for applying the arm’s length principle for pricing in related-party transactions
See MoreTax treaty between Hong Kong and Italy has been signed
Hong Kong has signed an agreement on 14 January 2013 with Italy for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The agreement generally follows the provisions of the OECD Model and has
See MorePakistan: the FBR issues a Circular clarifying withholding tax provisions
The Pakistan Income Tax Ordinance 2001 (ITO) was amended by Finance Act 2012 to consolidate all withholding tax provisions regarding non-residents. The Pakistan Federal Board of Revenue (FBR) issued Circular No. 1(31)/WHT/2012 dated 16 November 2012
See MoreChina and Ethiopia income tax treaty enters into force
The income tax treaty between China and Ethiopia, which was signed on 14 May 2009, entered into force on 25 December 2012. The treaty generally follows the OECD Model Convention. According to the treaty the maximum withholding tax rates on dividends
See MoreNew Tax Breaks for SMEs in Thailand
The government of Thailand has reduced the corporate tax rate from 23% to 20% this year. No further help will be provided to SMEs with revenues up to THB 50 million. The Cabinet of Thailand has approved a package of tax measures proposed by the
See MoreMalaysia has passed the budget for 2013
The Government of Malaysia has passed the Budget for 2013, on 10 January as the Finance Act
See MoreMalaysia: Gazette publishes regarding tax deduction at source
Monthly tax deduction at source by the employer on income from employment has been published as gazette on 27 December 2012. The amendment has taken place by the Income Tax Deduction from Remuneration Amendment Rules No. 2 of 2012 which is effective
See MoreTax amendments of Indonesia to be introduced in 2013
Number of tax amendments has been made to the tax system of Indonesia which will be introduced in 2013. One of the amendments is the change of individual income tax threshold which will be increased to IDR 24,300,000 from IDR 15,840,000 as effective
See MoreVietnam: 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
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