Asia-Pacific

The Inland Revenue Authority of Singapore (IRAS) on May 28 announced that it will not adopt several requested changes to the scope of the tax on imported low-value . . .

Asia-Pacific

Cormann takes over at OECD, says global tax deal likely

Mathias Cormann took office June 1 as the sixth Secretary-General of the OECD . . .

Americas

US plans tariffs against six nations as digital tax talks heat up

The US Trade Representative on June 2 announced and then immediately delayed implementation of new tariffs on goods from six countries – Austria, India, Italy, Spain, Turkey, and the UK – in response to . . .

Asia-Pacific

Australia updates and extends through year-end its guidance on whether a PE is created from the presence of employees in Australia due to COVID-19: Australian Taxation Office→

Asia-Pacific

Australia, UK agree on how to apply the arbitration provisions added via the MLI to their tax treaty: Australian Taxation Office→

Asia-Pacific

MLI’s changes to Singapore-Malaysia tax treaty took effect June 1, government notes: Inland Revenue of Singapore→

Asia-Pacific

Glencore prevails in the Cobar copper transfer pricing dispute, but should it have?

New York City Economist Dr. J. Harold McClure discusses Glencore’s transfer pricing dispute with the Australian Taxation Office and assesses whether the courts reached the correct conclusions. . .

Africa

Israel, United Arab Emirates sign tax treaty: Reuters→

Asia-Pacific

South Korea expands R&D tax breaks to bolster semiconductor industry

The Republic of Korea signaled its intention to heavily boost its semiconductor industry with an announcement on May 13 that it will offer up to 50 percent tax credits on research and development (R&D) investment and up to 20 percent . . .

Accounting

Australia’s AASB proposes accounting rules for non-exchangeable currencies

The Australian Accounting Standards Board (AASB) on May 13 proposed to amend AASB 121 “The Effects of Changes in Foreign Exchange Rates” to provide companies guidance on accounting requirements that apply . . .

Accounting

India to launch e-filing taxpayer portal on June 7

May 27, 2021

The Indian government is planning to launch its new e-filing taxpayer portal on June 7, the Finance Ministry announced . . .

India

India disputes media claims regarding actions it allegedly took to avoid payment of arbitration award in Cairn Energy tax dispute, reasserts legal challenges to arbitral decision: Government of India→

Africa

Hungary, Ireland, UK reiterate resistance to global minimum tax while Germany remains optimistic

Hungary, Ireland, and UK officials have again warned that their countries will not accept the global minimum . . .

Americas

Key US Republican draws lines for global tax deal

US Senator Mike Crapo (R-Idaho) sent Treasury Secretary Janet Yellen a letter on May 24 outlining potential terms that he would consider acceptable in a global tax deal . . .

Asia-Pacific

Australia launches R&D tax incentive customer portal

The Australian Tax Office has launched a new customer portal to make it easier for companies to apply for the country’s R&D tax incentive . . .

Asia-Pacific

Taiwan imposes late filing penalties on foreign businesses selling electronic services

Foreign businesses selling cross-border electronic services to individuals in the Republic of China (Taiwan) that fail to timely file required income tax returns for 2020 by June 30 will be subject to . . .

Asia-Pacific

Malaysia tax authority announces changes to country-by-country reporting

The Malaysian government announced on May 25 on its website that taxpayers can now file their country-by-country reporting information using . . .

Asia-Pacific

Australia’s High Court lets Glencore’s transfer pricing win stand

In a significant win for the taxpayer, the High Court of Australia on May 21 refused to hear an appeal of the lower court’s decision in a transfer pricing dispute between Glencore and Australia’s tax authority . . .

Asia-Pacific

Japan enacts corporate, income, inheritance tax reforms

Takato Masuda of Nishimura & Asahi discusses Japanese corporate, income, and inheritance tax reforms enacted March 26 . . .

Estonia

Greece, Hungary, Iceland fall short of tax dispute resolution goals, OECD review finds

Iceland has no bilateral advance pricing agreement (APA) program in place, and Greece, Hungary, and the Slovak Republic are failing to timely resolve mutual agreement procedure (MAP) cases, according . . .

Asia-Pacific

Saudi Arabia merges tax and customs authorities into single agency: Asharq Al-Awsat→

May 25, 2021

Accounting

India government extends tax filing deadlines because of pandemic: Central Board of Direct Taxes→

May 25, 2021

Americas

G7 reportedly close to deal on new rules for taxing multinationals

May 24, 2021

The G7 group of leading economies is getting close to an agreement to shake up the global rules on the taxation of multinational businesses . . .

Accounting

Australia’s AASB surveys literature on financial reporting by non-corporate or small entities

May 24, 2021

The Australian Accounting Standards Board (AASB) in April published Financial Reporting by Non-Corporate or Small Entities, broadly surveys the academic literature available on financial reporting by non-corporate . . .

Americas

New Zealand will levy digital services tax on locally-derived revenues of Google, Facebook if no OECD accord is reached, Revenue Minister says: Jonathan Milne / newsroom.pro→

May 20, 2021

Azerbaijan

Japan, Azerbaijan to begin negotiations May 20 for new tax treaty to replace 1986 treaty: Japan Ministry of Finance→

May 19, 2021

Asia-Pacific

Jordan extends postponement of 2 percent tax on imports: Ministry of Digital Economy and Imports→

May 19, 2021

Asia-Pacific

Australian draft guidance clarifies tax compliance for intangibles arrangements

May 19, 2021

The Australian Taxation Office set out its compliance approach to various international arrangements relating to intangible assets and the associated tax compliance risks in a draft . . .

Asia-Pacific

Sailing Pakistan’s IT exports through the winds of tax credits

May 18, 2021

Muhammad Khurram Shabbir, Ph.D. student, NUML, discusses Pakistan’s Federal Board of Revenue’s revelation of a proposal to give more tax concessions to the IT export sector . . .

Asia-Pacific

China maintains tariff and import tax incentives for certified foreign R&D centers

May 17, 2021

Grace Lin, Cuatrecasas, discusses the Chinese government’s two April notices announcing new tariff and import tax policies to support technology innovation under the 14th Five-Year Plan . . .

Accounting

Australian budget includes patent box, depreciation changes

May 13, 2021

The Australian government’s 2021–2022 budget, released May 11, announces plans to encourage research through a new patent box regime and other measures and to provide broader business investment support . . .

Africa

If US and EU states can convince large emerging economies to adopt GloBE, MNEs will pay double-digit billions more tax, face increased complexity, Professor says: Joachim Englisch / SSRN→

May 13, 2021

Asia-Pacific

Australia amends permanent establishment guidance to address situations where employees are forced to remain in Australia due to COVID-19: Australian Taxation Office→

May 12, 2021

Asia-Pacific

Mongolia rejects mining company’s tax claims in international dispute, seeks damages

The government of Mongolia has filed its defense and counterclaim in a USD 155 million international arbitration tax dispute with the operator of the Oyu Tolgai mine, Oyu Tolgai LLC . . .

Asia-Pacific

Taiwan offers tax “rewards” for businesses filing account documents electronically

Profit-seeking enterprises in the Republic of China (Taiwan) can receive “rewards” for providing all account books and documents electronically using the internet or multimedia, according to a May 6 announcement . . .

Asia-Pacific

India sets thresholds for non-resident tax nexus based on economic presence

Ritu Shaktawat and Sneh Shah, Khaitan & Co, discuss May 3 Indian government guidance clarifying when a non-resident has a “significant economic presence” in India and is thus deemed to have a taxable presence . . .

Asia-Pacific

Indian court rules most favored nation clause triggered in tax treaty with Netherlands