Macau and Portugal have signed a deal allowing the Secretary for Economy and Finance to alter a double taxation law between the two jurisdictions Macau (MNA) – A deal has been signed between the Secretary for Economy and Finance, Lionel Leong Vai Tac, and the Portuguese Government giving Macau the...
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by Saudi Arabian Oil Company held that Aramco India would not create a PE for Saudi Arabian Oil Company as per Treaty b/w India and Saudi Arabia. The applicant is a state owned oil company...
The New Delhi Bench of the Authority for Advance Rulings (AAR) in the application filed by the applicant HM Publishers Holdings Limited held that the receipts arising out of a negative covenant not to carry on a business is taxable as business income under Section 28 (va) of the Income...
NAIROBI, June 12 (Xinhua) — Kenya on Tuesday signed an agreement with Singapore to phase out double taxation and attract investments from the Southeast Asian country in key sectors like agro-processing and financial services. Henry Rotich, the Cabinet Secretary for National Treasury and Planning, said the elimination of double taxation...
Ukraine and Spain will sign an agreement on avoidance of double taxation. The document has already been prepared and agreed. This issue was discussed during talks involving President Petro Poroshenko in Spain, the press service of the head of state reported. “We have clearly raised the issue of speeding up...
The first-time Double Tax Treaty (DTT) between Cyprus and Luxembourg signed on 8 May 2017 is effective as from 1 January 2019 based on a recent update of the Cyprus Ministry of Finance. The DTT provides for a 0% withholding tax (WHT) rate on interest and royalties. For dividends, a...
HONG KONG, May 24 (Xinhua) — The government of China’s Hong Kong Special Administrative Region (HKSAR) on Thursday signed a comprehensive avoidance of double taxation agreement (CDTA) with Finland, further expanding the HKSAR’s tax treaty network. The HKSAR government’s Secretary for Financial Services and the Treasury James Lau and Consul-General...
Agreement first of its kind between two GCC nations The UAE and Saudi Arabia have signed a landmark double income tax treaty, the first such agreement between two members of the GCC, a tweet by the UAE Ministry of Finance confirmed on Thursday. Obaid Humaid Al Tayer, UAE Minister of...
In DCIT vs. M/s. Dominos Pizza International Franchising Inc., the Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that Jubilant Food Works Limited, who holds the Master Franchise for Domino’s Pizza in India is not a Permanent Establishment of the Domino’s Pizza International Franchising Inc. In...
The Minority in Parliament has raised concerns over government’s intention to approve Double Taxation Agreements with the Czech Republic, Morocco, Mauritius and Singapore which they claim were not in the interest of the country. According to the Minority, Ghana would not benefit from the deal since the level of investments...
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations...
President Muhammadu Buhari’s anti-corruption drive moved a notch higher yesterday. Nigeria and the United Arab Emirates (UAE)’s agreement on recovery of assets and cash stashed away in UAE by Nigerians takes off next month. Besides, the collaboration among heads of anti-corruption agencies in Commonwealth (Africa) countries will be stepped up...
In a major setback to Google India, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) held that the payments relating to Adwords made by the Company to its parent firm Google Ireland is subject to TDS provisions in India as the same constitute ‘royalty’ under the Income Tax...
In the wake of Armenia’s peaceful, constitutional political transition – a move broadly welcomed among Washington, DC policymakers as marking a new chapter in U.S.-Armenia relations – the Armenian National Committee of America (ANCA) has renewed its longstanding drive for a U.S.-Armenia Double Tax Treaty, a good-governance accord needed to...
Buenos Aires (VNA) – Brazil and Singapore have signed a double taxation avoidance agreement and are considering the possibility of signing a free trade agreement (FTA) between Singapore and Mercosur, the South America trade bloc. According to a statement released by the Brazilian Ministry of Foreign Affairs on May 8,...
President Muhammadu Buhari move to halt tax evasion signs an agreement with Singapore President Muhammadu Buhari, on Monday 26 March 2018, signed the instrument of ratification of agreement with Singapore against double taxation and fiscal evasion. The President’s assent is pursuant to the approval of the double taxation treaty (DTT)...
HARARE, May 7 (Xinhua) — Zimbabwe and Qatar on Monday agreed to expeditiously negotiate and conclude agreements that protect future investments and avoid double taxation, Finance and Economic Development Minister Patrick Chinamasa has said. Addressing journalists in Doha, Qatar, after the first meeting between Zimbabwean President Emmerson Mnangagwa and Amir...
NEW DELHI, MAY 7 The Central Board of Direct Taxes (CBDT) has notified a protocol to amend the existing double taxation avoidance pact (DTAA) between India and Kuwait. The protocol, which was signed on January 15, 2017, was notified on May 4 this year, an official release said. It had...
Alfi speaks out on the double taxation treaty signed between Luxembourg and France on 20 March 2018. Although it appreciates that it is the product of bilateral negotiation, it calls for more clarity before it is ratified. The Association of the Luxembourg Funds Industry (Alfi) has added its voice to...
The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD’s base erosion and profit shifting multilateral instrument. The new document – Proposed changes to the provisional...
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for...
The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting. Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in...
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect...
On the occasion of the signing of the new double taxation treaty (DTT) between Luxembourg and France on 20 March 2018, the grand duchy’s finance minister, Pierre Gramegna, commented in a government press release that the new DTT is, “…an innovative instrument that will benefit both citizens and business in...
ASTANA, 29 March (BelTA-Kazinform) – The Senate (upper house) of the Parliament of Kazakhstan passed the law on the ratification of the protocol between the Government of the Republic of Kazakhstan and the Government of the Republic of Belarus on amendments and additions to the agreement on the avoidance of...
India has approved amendments to its double tax agreement with Qatar. The amendments update the information exchange provisions between the two countries in line with current international standards. A new Limitation on Benefits (LOB) provision has been introduced, which is designed to prevent “treaty shopping” (whereby companies or transactions are...
Luxembourg and France have signed a new double taxation treaty (DTT), replacing the existing treaty that had been in force since 1958. The accord was inked during the official state visit led by Grand Duke Henri and Grand Duchess Maria Teresa, in Paris, on 20 March 2018. A communiqué released...
President Muhammadu Buhari on Monday signed two agreements with two countries following the approval of the Federal Executive Council (FEC). The agreements, according to a statement issued by the Special Adviser on Media and Publicity to the President, Femi Adesina, include the instrument for ratification of agreement between Nigeria and...
Granting tax relief to Deloitte India, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions relating to Tax deduction at Source (TDS) are not applicable to the professional fee paid by them to its Group Entities in US and Singapore. The division bench of the...
Muscat – The sultanate on Sunday signed a Double Taxation Avoidance Agreement (DTAA) with Slovakia during talks held at the Ministry of Finance to discuss cooperation in the economic fields, investment and the tax field. The agreement was signed by H E Darwish bin Ismail bin Ali al Balushi, Minister...
The Republic of Cyprus and the Government of the United Kingdom of Great Britain and Northern Ireland, signed on March 22, in Nicosia, an updated Convention on the Elimination of Double Taxation with respect to Taxes on Income and on Capital Earnings and the Prevention of Tax Evasion of tax...
Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double...
Cyprus and the UK on Thursday signed an updated agreement on double taxation avoidance on income and capital, which will contribute to further develop commercial and financial relations between the two countries. The agreement, signed in Nicosia by Finance Minister Harris Georgiades and British High Commissioner Matthew Kidd, is based...
The Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval for revision of the Agreement between India and Qatar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The existing Double Taxation Avoidance Agreement (DTAA) with Qatar...
Hong Kong (HKSAR) – The Financial Secretary, Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying...
The governments of Liechtenstein and the United States have recently discussed the possibility of beginning negotiations for a bilateral double tax avoidance treaty. According to a Liechtenstein Government statement issued on March 15, “the fight against financial and tax crime” was the main focus of recent talks between Liechtenstein Foreign...
Royalty taxation shall be set at 5% and 10%. The tax rate is being raised from 2% to 5%, while the zero taxation of dividends and royalty payments are being abolished. Such are the main changes in the Convention between Ukraine and the Kingdom of the Netherlands on double taxation...
Luxembourg Finance Minister Pierre Gramegna has said that any special tax measures against large digital companies should respect European Union law. Gramegna made the comments during an official visit to Paris earlier this month where he held a series of working meetings with French government counterparts. “Pierre Gramegna stressed that...
India and Iran signed a Double Taxation Avoidance Agreement (DTAA) in February, during Iranian President Hassan Rouhani’s official visit to India. The ‘Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income’ aims to encourage the movement of investments and services...
High net worth residents in the UAE are increasingly applying for second passports to avail of maximum visa-free travel opportunities, expand businesses and avoid double taxation, experts have said. According to companies involved in citizenship programmes, most of the demand for second citizenship programmes is coming from Indians, Pakistanis, Syrians...
The Inland Revenue Authority of Singapore (IRAS) on February 23, 2018, released the fifth edition of its Transfer Pricing Guidelines for income tax. During a public consultation held in June 2017, stakeholders asked the Ministry of Finance to provide more clarity and guidance on transfer pricing documentation (TPD) requirements, specifically...
NEW DELHI: The Indian and Kenyan governments have revised their double taxation avoidance agreement (DTAA) to bring down the withholding tax rates, protect treaty from abuse and check tax evasion, an official statement said on Thursday. The revised DTAA was notified on February 19, said a Finance Ministry statement. “The...
The Senate on Monday passed on third and final reading five resolutions concurring the ratification of five treaties, including the Budapest Convention on Cybercrime which would prevent syndicates from making the Philippines a “haven” for their illegal activities. Senators also unanimously ratified four treaties covering the Philippines’ Double Taxation Avoidance...
Switzerland’s Finance Minister Ueli Maurer has signed an agreement with his Saudi Arabian counterpart on double taxation between the two countries, the finance ministry announced on Sunday. The accord finalises negotiations that began back in 2010. In August 2016, Switzerland’s executive body, the Federal Council, had signed off on a...
India and Iran today signed an agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with regard to taxes on income. The agreement is on similar lines as entered into by India with other countries, the Central Board of Direct Taxes (CBDT) said in a statement. “The agreement...
ASTANA. KAZINFORM Kazakhstan has ratified the Protocol between the Governments of Kazakhstan and India on introducing amendments to the Convention on the avoidance of double taxation, the press service of Akorda reports. Head of State Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan “On Ratification of the Protocol...
Secretary Mnuchin Commits During Congressional Testimony to Assign Treasury Department Officials to Work on Bilateral Accord WASHINGTON—Treasury Secretary Steven Mnuchin, during Congressional testimony Tuesday before the U.S. House Financial Services Committee, agreed – in response to direct questioning by Representative Brad Sherman (D-CA) – to commit Treasury Department officials to...
The Netherlands will seek to resume discussions towards double taxation avoidance treaties with several countries in 2018, including the United States, the Government has said. The Dutch Government will attempt to begin tax treaty talks with at least seven countries this year, including Australia, Colombia, Costa Rica, Ecuador, Morocco, Austria,...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
U.S. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not...
