TAX

07 May 2018

Providing accounting software for small businesses in more than 40 countries across Asia and over 180 globally, Xero aims to offer an attractive, user-friendly accounting platform that encourages small businesses to make the practice part of their daily day life, says Managing Director Alex Campbell. More

hktdc research

Brazil’s Special Tax on Motor Vehicles Will Likely Be Rescinded by Year’s End

29 September 2017

According to press reports, the Brazilian government has confirmed that the “super IPI” measure that adds 30 percentage points to the federal value-added tax (IPI) on imported light-duty and light commercial motor vehicles sold in Brazil (with the exception of motor vehicles from other Mercosur countries or Mexico) will be eliminated by the end of this year. More

hktdc research

Legislative Efforts to Enact a Border Adjustment Tax Abandoned

18 August 2017

House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Finance Committee Chairman Orrin Hatch, House Ways and Means Committee Chairman Kevin Brady, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn on 27 July issued a joint statement on tax reform. More

hktdc research

WTO Members Applaud Ecuador’s Commitment to Remove Import Surcharge

12 May 2017

WTO members recently welcomed Ecuador’s reiterated commitment to completely remove by this June the import surcharge that has been in place on a range of tariff lines since March 2015. More

hktdc research

Chile Implements Bi-lateral Tax Co-operation Agreement with Mainland China

03 March 2017

The Chilean government has enacted into law the agreement for the elimination of double taxation and the prevention of tax evasion and avoidance with respect to taxes on income that it signed with mainland China on 25 May 2015. More

hktdc research

Import Fee for Organic Products under Consideration

03 February 2017

The U.S. Department of Agriculture’s Agricultural Marketing Service is seeking input by 20 March on a proposal to establish an industry-funded promotion, research and information programme for certified organic products. More

hktdc research

EU Council Agrees on Criteria for Screening of Third Countries with a View to Adopting a Common EU List of Tax Havens

09 December 2016

On 8 November 2016, the EU Council of Ministers for Economic and Financial Affairs, or “Ecofin”, agreed on the broad lines of the criteria to be applied for the screening and selection of third countries for the purpose of establishing a common EU list of non-cooperative third countries in taxation matters. More

hktdc research

European Commission Completes First Step in the Three-Step Process for the Adoption of a Common EU List of Third Country Tax Havens

28 October 2016

On 14 September 2016, the Commission unveiled a “Scoreboard” of third countries whose tax policies may facilitate tax avoidance. This marks the completion of the first step, out of three, towards the adoption of a common EU list of “non-cooperative tax jurisdictions”, i.e. a list of third countries that do not respect tax good governance principles and thereby facilitate tax avoidance to the detriment of the tax base of the EU Member States. More

inside china

Taxing Times for China’s Cross-border e-Commerce Sector

22 September 2016

Haitao is a term frequently used in e-commerce circles. It refers to the growing practice of Chinese mainland consumers who shop from overseas-based websites and receive their goods via cross-border delivery services. More

hktdc research

EU’s Efforts to Clamp Down on Tax Avoidance Strategies Swiftly Advance

02 September 2016

On 16 July 2016, Council Directive 2016/1164 laying down rules against tax avoidance practices that directly affect the functioning of the EU’s internal market was published in the Official Journal. Hong Kong companies may recall that the Directive, also known as the “Anti-Tax Avoidance Directive” forms part of the European Commission’s Anti-Tax Avoidance Package (the Package) that was presented in January 2016. More

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