Category: Thailand

Push to draw up Cambodia-Thai tax treaty

Representatives from the tax authorities of Cambodia and Thailand have agreed in principle to speed up a proposed double taxation agreement that would protect their nationals from dual taxation and encourage bilateral investment. The agreement was made last week during a two-day consultation workshop in Bangkok for tax officials from...

Global transfer pricing standards with local impacts

THE ORGANISATION for Economic Cooperation and Development (OECD) initiated the base erosion and profit shifting (BEPS) project in 2013 to address perceived gaps in international tax rules causing a loss of revenues for governments of about US$100 billion to $240 billion (Bt3.5 trillion to Bt8.4 trillion) annually. The OECD’s BEPS...

The G77 will push for ‘tax justice’ through a UN tax body, says Ecuador’s foreign affairs minister

The creation of a new United Nations tax body to clamp down on tax dodging, which experts say could cost developing countries more than $200 billion a year in missed revenues, will be a key priority of the Group of 77 and China under Ecuadorian leadership, according to the country’s...

Australian Practitioners Urge Zero Withholding for Pooled Funds

Practitioners in the managed funds industry are calling for a zero-rate for withholding tax in Australia amid the government’s proposals for new tax concessions to boost it, saying the proposed measures don’t go far enough. The government released a consultation paper Nov. 3 on non-resident withholding taxes for pooled funds—or...

PH eyes tax treaties with Asean peers

The Philippines is eyeing to seal tax treaties with all nine other Asean member-states, according to the Bureau of Internal Revenue (BIR). The country already has effective double taxation agreements (DTAs) with Indonesia, Malaysia, Singapore, Thailand and Vietnam, BIR Assistant Commissioner Marissa O. Cabreros noted in a presentation at last...

With 42% increase in trade, India-NZ agree to amend Double Taxation Agreement

India and New Zealand also vowed to press for successful negotiations of the Regional Comprehensive Economic Partnership (RCEP). India and New Zealand decided to amend the bilateral tax treaty and expressed commitment to work towards a comprehensive free trade agreement with a view to boost economic ties on Wednesday. The...

Armenia eliminates double taxation of property and income with Serbia and Slovakia

The Armenian Parliament has ratified today two agreements to avoid double taxation and prevent tax evasion with respect to taxes on property and income with Serbia and Slovakia. According to Deputy Minister of Finance Armen Hayrapetyan, the document on the mutual avoidance of double taxation on property and income with...

Chinese dual tax burden relieved

An extensive tax treaty that would shield Chinese businesses operating in the Kingdom from double taxation, and vice versa, has been drafted and is expected to be approved imminently, according to a senior Cambodian tax official. Experts said yesterday the double taxation agreement (DTA) would create a clear legal framework...

How new EU tax laws impact Thai firms

THAI MULTINATIONAL companies will be impacted on their cross-border business activities due to rapidly evolving tax laws in Europe and Asia-Pacific. For instance, the European Union (EU) achieved a groundbreaking result on June 20 by agreeing to a package of tax measures to combat corporate tax avoidance, which will be...

New double tax treaty will help French businesses operating in Singapore, says expert

A new double tax treaty between France and Singapore will be of particular help to French companies operating in Singapore, especially in the construction industry, an expert has said. Franck Lagorce, an expert in French tax at Pinsent Masons, the law firm behind Out-law.com was commenting following an announcement from...

Key features of new Thai-Indian DTA

THE DOUBLE taxation treaty (DTA) between India and Thailand has been successfully renegotiated and agreed to by both states and will come into force in January next year. The key highlights include a reduction of withholding tax on dividends, interest and royalties. Article 10 reduces the dividend withholding tax to...

African nations urged to rethink incentives

African governments should embrace meaningful bilateral investments agreements to foster sustainable economic growth on the continent. The call follows a report by the UN Economic Commission for Africa (ECA) on investment policies and bilateral investment treaties by Africa, indicating a huge gap between most of signed treaties and their actual...

Withholding tax on digital transactions

THE digital economy has increased opportunities for digital commerce companies to reap substantial sales from a country without establishing a taxable presence in that country. Existing permanent-establishment (PE) rules in both domestic laws and tax treaties require some type of physical presence before a PE is established in another country....

Changing landscape of transfer pricing documentation for large Thai MNEs

THAILAND HAS no plan to adopt any time soon the three-tiered approach to transfer-pricing documentation recommended by the Organisation for Economic Cooperation and Development. However, large Thai multinational enterprises (MNEs) with subsidiaries operating in countries that are members of the OECD and/or Group of 20 will find that they will...

The Asia Tax Awards are back: Enter now for 2016

The revived Asia Tax Awards will feature categories for companies, firms and individuals. The Asia Tax Awards are back! More than five years after they last took place in November 2010, the Asia Tax Awards will be held once again on Thursday May 5 2016, following the Asia Tax Forum,...

‘Philippines should demand Thailand’s compliance with WTO cigarette ruling’

The Philippines should compel Thailand to abide by the World Trade Organization’s (WTO) ruling on the cigarette-tax case, after Bangkok slapped tax-evasion charges against Philip Morris Thailand (PMT), a legal expert said over the weekend. Lawyer Anthony Abad, who was part of the Philip Morris Philippines legal team that won...

The hidden wealth of nations

India’s biggest source of FDI is India itself, money departing on a short holiday to a tax haven and then routed back as FDI. Will the government muster up the political will to clamp down on the tax-allergic business elite? This could be a bumper year for the ever-lucrative tax...

Expat eyes drift offshore

Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are...

Out of Bangladesh

According to a research report titled “Illegal Financial Flows from Developing Countries: 2004-2013”, recently published by the Washington based research institute Global Financial Integrity (GFI), Bangladesh stands 26th in the list of 149 developing nations, in terms of flight of capital including money laundering (The Daily Star, December 10, 2015)....

Transfer pricing law in Thailand and the BEPS initiative

Initiated by the Organisation for Economic Cooperation and Development in 2013 and endorsed by the G-20, the OECD’s “Action Plan to Address Base Erosion and Profit Shifting (BEPS)” includes 15 key areas to encourage more transparency, better reporting and more cooperation between countries in which multinational companies operate. On October...

GLOBAL TAXPAYERS CAN EXPECT TO PAY MORE TAX IN THE YEARS AHEAD

Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions...

Malta: Malta’s Double Tax Treaties – November 2015

In order to encourage the growth of international trade including that of financial services, successive Maltese governments have sought to conclude double tax treaties with important trading partners as well as with emerging countries. This policy is expected to continue in the future. To date, treaties are in force with...

HMRC publishes a policy paper setting out planned negotiations on DTAs and TIEAs

On November 13, 2015 the UK HM Revenue & Customs (HMRC) published a policy paper setting out planned negotiations on Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs). According to the policy paper HMRC will begin negotiations on double taxation agreements with: • Nepal • Romania • Trinidad...

HQs wooed with tax incentives

THE CABINET has approved the Finance Ministry’s proposal for more tax incentives to facilitate the creation of International Headquarters and International Trading Centres in Thailand. IHQs and ITCs in the Kingdom currently enjoy both tax and non-tax benefits, including complete income-tax exemption for out-out transactions, while in-out transactions will be...

NBR to sign deal with Bhutan to avoid double taxation

Bangladesh is set to sign an agreement with Bhutan to avoid double taxation to boost investments, trade and facilitate information exchange between the two Saarc nations, the National Board of Revenue said in a statement. A team led by NBR Chairman Md Nojibur Rahman is now in Thimpu to take...

OECD Releases Its Annual Tax Administration Report

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax...

How Singapore succeeds

City-state has long excelled at attracting international headquarters but now it aims to do even better by combining programmes in a more holistic approach. Singapore first established its Operational Headquarters (OHQ) programme in late 1992 to encourage multinational companies to use the city-state as a base for their incursions into...

Singapore’s easiest days as a finance hub are over

SINGAPORE’S easiest days as a financial hub are over. The city remains a gateway to Asia, a great base for basing multinationals, settling lawsuits and parking money. But elsewhere, the city is being sidelined; the worry is that is a sign of things to come. In just 50 years, the...

Cambodia’s Gaming Tax Revenues Surge

Revenues from Cambodia’s gambling taxes increased by 20 percent in the first six months of the year compared with the same period in 2014, thanks partly to players flocking to the country from neighboring Thailand. According to The Cambodian Daily, which cited a finance ministry official, gambling tax revenues reached...