Asia-Pacific
The firms made senior hires in Los Angeles and Cleveland respectively; in other news, South Korea reported an 11% rise in tax income, fuelled by a corporation tax boom
The landmark Indian Supreme Court judgment redefines GAAR, JAAR and treaty safeguards, rejects protections for indirect transfers and tightens conditions for Mauritius‑based investors claiming DTAA relief
Partners want to join Ryan because it’s a disruptor firm, truly global and less bureaucratic, Tom Shave told ITR
The Netherlands-based bank was described as an ‘exemplar of total transparency’; in other news, Kirkland & Ellis made a senior tax hire in Dallas
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Sponsored by KPMG ChinaOn June 29 2018, China's Parliament, the National People's Congress (NPC), released the full text of proposed amendments to China's individual income tax (IIT) law (draft IIT bill). Public comments were sought up until July 28 2018. The upshot of the proposed changes is to reduce the tax burden on lower earners, reduce the relative preferences for foreign nationals under the existing IIT law, give greater recognition to personal circumstances and expenses in the IIT calculation, and introduce anti-avoidance provisions. The changes to personal deductions and tax brackets would take effect in part from October 2018, and the rest of the changes from January 2019. -
Sponsored by Russell McVeaghThe New Zealand government is consulting on measures that would require the reporting of details of beneficial ownership of companies and limited partnerships on a public register.
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Sponsored by KPMG ChinaIn recent years the Chinese government has progressively replaced administrative pre-approvals for various tax treatments and regulatory licences with tax authority record filing requirements. This has been coupled with more targeted and effective procedures for follow-up audit and review.
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