News Asia
India - Government Tax Update
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June 6th, 2019
Herewith we provide you with the latest tax updates of the Indian Government:
Amendment in form no. 15H in notification no. 41/2019
India Publishes Notification On CbC Exchange Agreement With The U.S.
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April 30th, 2019
India published Notification No. 37/2019 from the Department of Revenue in an extraordinary version of the Official Gazette.
India and US Filling
Indian Court Strucks Down Tax The Incentive Plan for Tax Appeal Orders
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April 25th, 2019
In Chamber of Tax Consultants v. Central Board of Direct Taxes, W.P. No. 3343-18/P.I.L. No. 144-18, released April 23, the High Court of Bombay declared invalid an incentive scheme that awarded additional performance credits to commissioners of income tax (appeals) for “quality appellate orders.”
Background .
China Establishes Multilateral Tax Cooperation Mechanism Under The Belt And Road Initiative Tax Administration
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April 23rd, 2019
China has launched the Belt and Road Initiative (BRI) Tax Administration Cooperation Mechanism, intended to facilitate cross-border trade and investment along BRI routes by helping resolve tax disputes, increasing transparency, streamlining compliance, digitizing filing and building a growth-friendly tax environment which fully respects the sovereignty, territorial integrity, and tax laws of each participating jurisdiction.
Chinese Ministry Of Finance Introduces Tax Breaks For Innovative Companies Depository Receipts
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April 19th, 2019
China's Ministry of Finance announced the launch of a pilot program providing new tax incentives to support China innovative-driven strategy, which includes incentives for investments in Chinese Depository Receipts (CDRs) issued by innovative Chinese enterprises. CDRs are similar to American Depositary Receipts (ADRs), which are negotiable securities that represent shares of a foreign company.
Malaysian Parliament Approves Bill To Impose Service Tax On Digital Services
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April 10th, 2019
The Malaysian government approved the Service Tax (Amendment) Bill 2019, which provides for the taxation of digital services. The service tax applies to foreign service provider making supplies to Malaysian consumers (B2C) which starts from 1 January 2020.
Japan’s Parliament Passes 2019 Tax Reform Bill
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April 5th, 2019
Japan's National Diet (parliament) reportedly approved the legislation for the government's tax reform proposals for 2019. The amendments with regard to corporate taxation encompass transfer pricing, earning stripping rule, and Controlled Foreign Corporation (CFC) rules.
Indonesia Cracks Down On Digital Transactions By Issuing Rules Governing Taxation of E-Commerce
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January 18th, 2019
The Indonesias government has issued regulations requiring small to medium-size online businesses to pay tax at a rate of 0.5 npercent of sales, while larger e-commerce companies need to pay a higher corporate income tax rate of 25 percent.
South Korea Boosts Its Economic Growth By Adopting BEPS Measures And Incentivizing Certain Sector
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January 14th, 2019
South Korea in its press release will reportedly implement the tax reform to boost the economic growth by implementing the Base Erosion and Profit Shifting (BEPS) measures and incentivizing certain business sector.
The Favorable Incentives .
Japan’s 2019 Tax Reform Proposal Updates Transfer Pricing Rule
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December 20th, 2018
Japan’s coalition leading parties released the 2019 tax reform proposal. The proposal includes some important items following the base erosion profit shifting (BEPS) plans recommendations to counter multinational tax avoidance.
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).

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