News Asia
Taiwan Updates List Of Jurisdiction For CbC Exchange
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December 6th, 2018
The Taiwanese Ministry of Finance issued a notice on an updated reference list of Jurisdictions with which Taiwan is able to exchange Country-by-Country (CbC) reports effectively in accordance with existing in force agreements. The announcement followed by another declaration on exchange information agreement, in which Japan and Taiwan agreed to automatically exchange the Financial Account Information (CRS) in Tax Matters and of Country-by-Country Reports.
India and China Amend Double Taxation Avoidance Agreement (DTAA)
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November 27th, 2018
The Government of the Republic of India and the Government of the People's Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26 November 2018. The official protocol has not been published yet, but according to the Indian Ministry of Finance, the amendment includes the adoption of the latest standard on EOI and minimum standard on BEPS project.
Hong Kong Published Advance Tax Ruling Case No. 65
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October 4th, 2018
The Hong Kong Inland Revenue Department released Advance Ruling Case No. 65 to deal with tax treatment of assets, liabilities and losses in business combination.
China Expands The Scope Of Withholding Tax Relief On Dividends Of Foreign Investors Used For Direct Investment
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October 2nd, 2018
Chinese State Administration of Taxation (SAT) issued a circular (Circular Cai Shui [2018] No. 102) on 29 September 2018. This circular is retroactively applicable to dividends, bonuses and other equity investment gains received by foreign investors on or after 1 January 2018 and the Circular Cai Shui [2017] No.
China Increases Super Deduction For R&D Activities To 175%
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September 25th, 2018
The Chinese Ministry of Finance, the State Administration of Taxation and the Ministry of Science and Technology issued a circular (Cai Shui [2018] No. 99) about the super deduction for research and development activities (R&D).
India Approves Exemption To Interest Income On Specified Off-Shore Rupee Denominated Bonds
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September 18th, 2018
The Indian Ministry of Finance issued the new incentive measure that interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee denominated bond issued outside India during the period from September 17, 2018 to March 31, 2019 shall be exempt from tax.
Background .
'One Stop' Inbound Investment Service to Europe
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August 17th, 2018
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
Headquartered in Amsterdam, the Netherlands, TPA Global is committed to providing one-stop.
Singapore Releases 3rd Edition Of CBCR Guidance
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August 8th, 2018
The Inland Revenue Authority of Singapore releases the third edition of guidance for Country-by-Country (CbC) Reporting. It is the first time Singapore tax authority amends the guidance since July 11, 2017.
India Signs Three More Unilateral APAs
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July 5th, 2018
On June 4, 2018, the Central Board of Direct Taxes (CBDT) has entered into three Unilateral Advance Pricing Agreements (UAPA) during the past couple of months. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 223, which inter alia include 20 Bilateral APAs.
Singapore Published Guide On IP Rights Valuation Report
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July 3rd, 2018
The Inland Revenue Authority of Singapore (IRAS) published an e-Tax Guide on the Intellectual Property Rights (IPRs) Valuation Report. This Guide is aimed at coaching taxpayers when the taxpayers should submit an independent valuation report on qualifying IPRs for the purposes of Section 19B of the Income Tax Act (ITA).
China Broadens Super-Deduction To R&D Expenses Accrued Overseas
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June 28th, 2018
The Ministry of Finance, the State Administration of Taxation, and the Ministry of Science and Technology in China jointly issued a Circular (Cai Shui [2018] No.64), announcing a broader scope of expenses entitled to the super-deduction incentive for corporate income tax purpose.
Singapore Consults Proposed Changes To Income Tax Act
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June 21st, 2018
The Ministry of Finance of Singapore asked the public for opinions on the draft Income Tax (Amendment) Bill 2018 from June 20 to July 11, 2018.
Key Changes in the Proposed Amendments .
SAT Clarifies Corporate Tax Deduction For Shared Service Among Related Parties
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June 14th, 2018
The State Administration of Taxation issued a Bulletin (SAT Gong Gao [2018] No.28) to clarify what kind of accounting documents may be used for corporate tax deduction purpose.
Japan Comments On Central Corporate Services In New TP Guidelines
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May 31st, 2018
The Japanese Ministry of Finance has revised the administrative instructions on transfer pricing that takes place in, among other things, the central corporate services performances. In principle, these changes are in line with the OECD BEPS reports of October 2015.
Tax Cooperation On “One Belt One Road" Initiative Removes Trade Barriers
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May 24th, 2018
The Conference on Tax Cooperation within the framework of the " One Belt One Road " Initiative was held by the tax agencies of China and Kazakhstan and the OECD from May 14 to 16. Delegates from over 50 countries, regions and international organizations arrived in Astana, the capital of Kazakhstan, to attend the conference.
Pakistan - Senate Approves 5% Tax Tech Giants’ Revenue And CFC Rule
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May 8th, 2018
The Pakistani Senate Standing Committee on Finance approved three revisions suggested by the OECD for revising fiscal laws on digital economy taxation.
Dr Mohammad Iqbal, Policy Member of the Federal Board of Revenue (FBR) announced that the changes would lead Pakistani law to be compliant with OECD regulations.
Hong Kong To Triple R&D Incentives
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April 24th, 2018
The Hong Kong government gazetted the Inland Revenue (Amendment) (No. 3) Bill 2018. The Bill draft provides an enhanced tax deduction for expenditure incurred by enterprises on qualifying research and development (R&D) activities.
China To Levy 187.6% of Anti-Dumping Premium On US-Origin Grain Sorghum
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April 24th, 2018
The Ministry of Finance (MoF) in China recently issued a Circular, announcing to collect anti-dumping duties on the import of grain sorghum with US origin. This Circular follows up of the dumping investigation opened this February, with a preliminary decision provided in the attachment.
India To Enhance Transparency By Exchanging Rulings Under BEPS Action 5
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April 12th, 2018
The Central Board of Direct Taxes (CBDT) announced a proposing amendment to domestic law (rule 44E, Form 34C, 34D and 34DA) based on recommendations in BEPS Action 5. This revamp intends to improve transparency regarding tax rulings.
China Slightly Reduces VAT Rate
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April 12th, 2018
The State Administration of Taxation in China released a Circular (Cai Shui [2018] No.32), announcing a reduction to the current Value Added Tax (VAT) rate since May 1, 2018.
How Is The International Tax And Transfer Pricing Landscape Evolving In India?
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April 11th, 2018
India has an observer status with OECD, represents G20 countries and is an active participant in OECD’s initiatives. India has applied several BEPS recommendations in last few years, namely signing of Multilateral Instruments, introduction of Country by Country Reporting (CbCR), Master file, secondary adjustments, GAAR, thin capitalisation rules, reinforcing substance requirement in the tax statute with inclusion of Significant Economic Presence there.
Singapore Activates AEOI Relationships With Panama, China And Malaysia
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April 10th, 2018
The Ministry of Finance in Singapore has announced that the country has activated three new Automatic Exchange of Financial Account Information (“AEOI”) relationships with China, Malaysia and Panama for exchange in 2018. So far, there are 64 jurisdictions and regions having established the AEOI relationship with Singapore for the first exchange to take place in 2018.
India Budget 2018 – The Road Ahead
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March 22nd, 2018
This informative webinar on major changes proposed in India’s Union Budget 2018 will help you to understand the fine print of some such latest changes and how they could impact your businesses.
Key Highlights of the webinar .
Singapore Updates R&D Tax Treatment Guidance For Pharma Industry
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March 22nd, 2018
The Inland Revenue Authority of Singapore updates the third edition of the Guidance on Tax Treatment of Research & Development and Intellectual Property-Related Expenditure for the pharmaceutical manufacturing industry, with four types of measures regarding deduction being illustrated. The guidance also provides a visualisation of value chain in the pharmaceutical industry in its Annex A.
India Asks Public Feedbacks On Drafting New Direct Tax Law
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March 22nd, 2018
The Ministry of Finance in India announced that the Central Board of Direct Taxes (CBDT) has established a task force to review the Income Tax Act (1961) and a new Direct Tax Law is expected to be drafted. In order to have the draft fit the current and practical economic needs of the country, the CBDT is aware of the importance of taking suggestions and feedback from stakeholders and general public into consultation and is issuing a questionnaire for public views.
China Enhances Favourable Tax Policy to Corporate Tax Payers in 2018
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March 9th, 2018
Premier Li Keqiang presented the Government Work Report on the First Session of the 13th National People’s Congress in Beijing, reviewing the outcome of government work for last five years and providing suggestions for the coming year. During the press conference after Premier Li’s presentation, the Finance Minister Xiao Jie indicated to enhance the beneficial tax policy to both individual and corporate tax payers.
India - Budget Analysis 2018
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February 14th, 2018
These are changing times in India with dynamic change happening in every aspect of Indian economic society and fiscal laws are also evolving around such changes in the economy. This budget 2018 has primarily focused its spending on social economic sector of India.
SAT Clarifies Partnership Treatment And PE Criteria For Tax Treaty Purposes
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February 13th, 2018
The State Administration of Taxation issued a Bulletin (SAT Gong Gao [2018] No.11) to clarify several practical issues in implementing bilateral tax treaty signed by China, including the treatment of partnership, the scope of Artists & Sportsman article.
China SAT Clarifies Beneficial Owner Rules For Tax Treaty Purposes
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February 8th, 2018
The State Administration of Taxation issued a Bulletin (SAT Gong Gao [2018] No.9) to clarify the recognition of “beneficial owners” for bilateral tax treaty purpose.
India Issues FAQ On Long-term Capital Gain Tax Under Finance Bill 2018
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February 8th, 2018
T he Central Board of Direct Taxes(CBDT) in India released announcement, responding to the frequently asked questions regarding taxation of long-term capital gains proposed in the Budget 2018 (Finance Bill 2018). The budget was presented by the Finance Minister Arun Jaitley on February 1, 2018, which proposed several significant changes in the country’s tax scheme.
How to Align the Value Creation Factors on the Rubik’s Cube: Techniques to Excel in Value Chain Analysis
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February 7th, 2018
China has made significant contributions in driving forward the roll-out of the G20/OECD BEPS actions. In the last two years, with the release of Bulletin 42 on transfer pricing documentation, Bulletin 64 (1) on advance pricing arrangements (2) , and Bulletin 6 on further developing its transfer pricing regime (3) by the State Administration of Taxation (SAT), China has entered into a new era for combating base erosion and profit shifting through transfer pricing.
Tax Highlights Of Indian Budget 2018
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February 7th, 2018
The India budget 2018 presented by the Finance Minister Arun Jaitley to the parliament has arisen highly attention due to its radical reforming measures, in particular in the field of direct taxation. Alongside a proposed reduction in corporate income tax to 25% for resident companies , there are other tax proposals worthy to be noted.
India Proposes To Cut Corporate Tax Rate For SME To 25%
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February 1st, 2018
Arun Jaitley, Finance Minister of India, proposed in the 2018 budget that the corporate tax rate for resident enterprises should to be decreased from to 25%, but only companies with annual turnover no more than Rs250 crore (around 31.3million euros) may apply for this policy.
Korean Heavy Cryptocurrency Tax Terrifies The Digital Currency Market
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January 23rd, 2018
The Ministry of Strategy and Finance in South Korea announced to impose tax on cryptocurrency exchange, including a 22 percent income tax in addition to a 2.4 percent local income tax. Consequently, this will give rise to a tremendous amount of tax liability to the digital currency exchanges.
Pakistan Is To Exchange Tax Info With Switzerland
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January 12th, 2018
The Senate Standing Committee on Finance in Pakistan was notified that the country is starting to exchange tax information with Switzerland in January 2018. The process will be carried out under Art.
China’s State Administration of Taxation (SAT) issued Bulletin 46 on Clarifying Country-by-Country Reporting Related Issues and Subsequent Interpretation
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January 11th, 2018
The Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Convention) has been launched officially in China since January 1, 2017. In order to ensure appropriate cohesion between the Convention and Bulletin 42 (*) issued by the SAT in 2016, on 19 December 2017, the SAT issued Bulletin 46 to clarify that Article 7 and Article 8 stipulated in Bulletin 42 will not be applicable to the fiscal year (FY) 2016 Country-by-Country report (CbCR).
SAT Clarification On Credit Policies On Enterprise Income Tax Outside China
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January 4th, 2018
The State Administration of Taxation (SAT) and the Ministry of Finance jointly issued an announcement (Cai Shui [2017] No. 84) clarifying the credit policies on the enterprise income tax paid outside China.
India Signs Three More Advanced Transfer Pricing Agreements
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January 2nd, 2018
During 2017 December, the Central Board of Direct Taxes (CBDT) in India has entered into three more Advance Pricing Agreements (APAs). Up to date, the number of APA entered into force by the CBDT reaches 189, with 173 Unilateral APAs and 16 Bilateral APAs.
Hong Kong Implements BEPS Package To Tackle Tax Avoidance
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January 2nd, 2018
On December 29, 2017, the Inland Revenue (Amendment) (No. 6) Bill 2017 (Amendment Bill) was published in the Official Gazette.
India Signs Bilateral APA With the Netherlands
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December 6th, 2017
The Central Board of Direct Taxes (CBDT) has entered into two Bilateral Advance Pricing Agreements (APAs). These Agreements are the first ever Bilateral APAs with The Netherlands.
Pakistan Clarifies CBCR, Master And Local Files Requirements
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November 22nd, 2017
On November 16, 2017, the Federal Board of Revenue (FBR) in Pakistan has issued SRO 1191(1)/2017, which inserts chapter VIA to the Income Tax Rules, 2002. The new chapter, "Documentation and CbC reporting requirements", identifies the connotation of reporting entities, clarifies the reporting deadlines and gives a brief explanation to the contents of the country-by-country (CbC) reports, master files and local files.
India - Goods & Service Tax (GST) Updates (2)
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July 20th, 2017
GST in the current form has tried to organize the highly fluid space of Indirect taxes which are currently being levied on supply chain both by the central union government and the state government. Some of the central and state indirect taxes currently being subsumed in GST are Central Excise Duty; Service tax; Central State Tax; Value Added tax; Entry Tax; Purchase Tax; Luxury tax etc.

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