Taiwan’s Ministry of Finance, on January 30, advised that deductions or losses from a profit-seeking enterprises’ interest expenditures will be restricted to amounts that are reasonable and necessary, and that loans are not necessary if the company has . . .
China’s State Administration of Taxation (SAT) on August 27 announced revisions to the VAT exemption for cross-border services writes to Dezan Shira & Associates in a Sept. 8 post to the firm’s website. Changes include
. . .
The Indian tax authority may soon sign advance pricing agreements with Japan and India, reports Remya Nair of LiveMint.
Ireland’s Department of Finance has released a technical paper which considers eight approaches to determining the effective tax rate on company profits in Ireland. The paper concludes that the best methods were provided by the Central Statistics Office of Ireland, which determined that average tax rates in Ireland since 2003 were 10.9 percent, and Ireland’s Revenue Commissioners, which pegged the rate at 10.7 percent.
The Indian government has published final transfer pricing rules that allow use of multiple year data for comparability purposes and introduce the use of a range to determine arm’s length . . .
The European Commission on September 25 launched a public consultation seeking stakeholder input on reform of the EU’s VAT system relating to . . .
US Senate Finance Committee Chairman Orrin Hatch (R-Utah) in a July 16 letter requested that the US Government Accountability Office (GAO) conduct an analysis of the impact of the OECD/G20 base erosion profit shifting project (BEPS) on American . . .
The Irish government on January 29 released guidance clarifying a law added in the Finance Act 2013 that provides for an additional foreign tax credit for foreign dividends received . . .
Albania’s Ministry of Finance has issued guidance on new Albanian transfer pricing laws which became effective in June, according to a July 25 report by EY. For a detailed discussion of the new guidance, see EY.
Inland Revenue of Singapore, on May 19, released a tax guide for issuers, investors, and potential investors of hybrid instruments. The guide lists the factors the Comptroller of Income Tax (CIT) considers to determine if an instrument is classified as debt or equity and describes the income tax treatment of such instruments. The guide also clarifies that an advance ruling can be obtained from the CIT on the tax treatment of a hybrid instrument. IRAS e-Tax Guide
Canada’s Federal Court of Appeals has affirmed the Tax Court’s ruling, in Canada v. Lehigh Cement Limited, that a taxpayer’s acquisition of shares in a a non-resident company did not result in avoidance of tax. In so doing . . .
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