Malaysia signs new DTA with Poland
Malaysia has signed a new income tax treaty with Poland on 8 July 2013; the new treaty will replace the current 1977 Malaysia-Poland Treaty. The new treaty will enter into force in the tax year just following the calendar year in which the approval
See MoreKuwait and Hong Kong: DTA entered into force
The Hong Kong Special Administrative Region and Kuwait signed an Income Tax Treaty in May 2010. In a press release it has been announced that the treaty came into force on July 24 after completion of ratification procedures on both sides. The
See MoreDTA between Australia and Mauritius entered into force
The Double Tax Agreement (DTA) between Australia and Mauritius entered into force on 31 May 2013. The treaty will be relevant to persons who are residents of one or both of the Contracting States. For the purposes of the Agreement a person is not a
See MoreHong Kong: Tax laws introduced for Islamic Finance
The Inland Revenue and Stamp Duty Legislation (Alternative Bond Schemes) (Amendment) Ordinance 2013 was gazetted and came into operation on July 19, 2013 in Hong Kong. It amends the Inland Revenue Ordinance and Stamp Duty Ordinance to provide a
See MoreHong Kong: Explanation of IPR, Royalties Taxation
The Inland Revenue Department (IRD) of Hong Kong has issued amended interpretation and practice notes for taxpayers regarding the profits tax deduction for capital expenditure on intellectual property rights (IPR), and the taxation of royalties
See MoreAustralia and Chile: DTA will be applicable after 1 January 2014 in Chile
The Convention between the Republic of Chile and Australia for the Avoidance of Double Taxation was published in Chile’s Official Gazette on 23 July 2013. The treaty was signed on 10 March 2010 and entered into force on 8 February 2013. The
See MoreTIEA between Japan and Guernsey entered into force
The mutual ratification procedures were completed for entry into force of the “Agreement between the Government of Japan and the Government of Guernsey for the Exchange of Information relating to Tax Matters and the Avoidance of Double Taxation
See MoreTreaty between Singapore and Barbados signed
On 15 July 2013, the Income Tax Treaty between Barbados and Singapore was signed, in Singapore. The treaty will enter into force when the ratification procedures have been completed. Under the treaty a permanent establishment will exist if a
See MoreIndia: Treaty between India and Uruguay enters into force
The Income and Capital Tax Treaty between India and Uruguay entered into force on 21 June 2013. The treaty generally applies from 1 January 2014 for Uruguay and from 1 April 2014 for India. This treaty was signed in September 8, 2011. Under the
See MoreSingapore: planning changes on Exchange of Information regime
Ministry of Finance (MOF) of Singapore’s launched a public discussion regarding suggested modifications in the draft Income Tax (Amendment) Bill 2013 relating to the recent changes made to the Exchange of Information (EOI) regime. The Monetary
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreNew Tax Treaty between China and Netherlands
The People’s Republic of China and the Netherlands signed a new tax treaty on 31 March 2013, which is expected to replace the current tax treaty of 1987. Under the new treaty, a building site, or construction, assembly or installation project or
See MoreJapan: Changes in customs Valuation regulations
The customs valuation regulation has been changed in Japan. The valuation is based on the transaction value in line with World Trade Organization (WTO) rules but the change in the regulations clarifies the issue of which particular transaction is to
See MoreIndia: Decision on benchmarking international transactions
Recently the Income Tax Appellate Tribunal (“ITAT”) provides their decision regarding “standard analysis that every international transaction will have to be benchmarked and analyses separately by comparing it with independent uncontrolled
See MoreIncome Tax Treaty between Philippines and Thailand
The governments of Philippines and Thailand signed a new Income Tax Treaty on 21 June 2013. After completing necessary ratification procedures by both countries the treaty will enter into force. After entering into force and becoming effective, the
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreChina and Switzerland Free Trade Agreement signed
A bilateral free trade agreement was signed on 6 July 2013 between China and Switzerland in Beijing. It is expected to enter into effect in 2014. It contains provisions on the protection of intellectual property rights. In order to combat
See MoreAustralia: Public disclosure of taxable income & tax payments
According to the provisions of legislation enacted in late June 2013, the Australian tax authorities will have to disclose publicly certain information relating to companies with a “reported total income” of greater than AUS $100 million. The
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