Dbriefs Bytes

1. BEPS • OECD Washington conference - Multilateral instrument - Intangibles - Hybrid mismatch arrangements - Digital economy - CbC reporting - Post-implementation monitoring - Timing • Criticism of BEPS project by senior U.S. Republicans • Ireland: BEPS consultation - To obtain a copy of the consultation document and our Tax Alert, visit www.deloitte.com/ap/dbriefs/bepscentral#5 - For information: Declan Butler (Dublin): debutler@deloitte.ie • UN: BEPS consultation - To obtain a copy of the responses, visit www.deloitte.com/ap/dbriefs/bepscentral#5 2. China • Jiangsu provincial SAT - To obtain a copy of the English language document, visit www.deloitte.com/ap/dbriefs/bepscentral#5 • Director Liao: deductibility of cross-border service fees - 6 tests • China / Hong Kong double tax arrangement - Use of GAAR to defeat fragmentation strategy • For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 3. Australia • Draft legislation to correct technical error: retrospective • Three rulings on double tax treaties • For information: David Watkins (Sydney): dwatkins@deloitte.com.au 4. In brief • Singapore: 10% tax rate for fund managers - For information: Rohit Shah (Singapore): roshah@deloitte.com • U.S. ratification of protocol to Japan / U.S. treaty • New Zealand consultation on 4 tax avoidance scenarios - For information: Teresa Farac (Auckland): tfarac@deloitte.co.nz - To obtain a copy of the consultation document, visit www.deloitte.com/ap/dbriefs/bytes

1. BEPS • OECD BEPS webcast - Some “gold nuggets” in regard to + Action 6 (prevent treaty abuse) + Action 8 (intangibles) + Action 13 (TP documentation and CbC reporting) + Action 15 (multilateral instrument) - To access a recording of the webcast, visit BEPS Central at www.deloitte.com/ap/dbriefs/bepscentral • Action 13 public consultation meeting - Language for files and reports • EU: digital economy report - To obtain a copy of the report, visit www.deloitte.com/ap/dbriefs/bytes 2. Cases • India: MSM Satellite - Application of “arising” definition in Article 12 (royalties) of India / Singapore treaty - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com • Korea: Dividend case - Denial of “beneficial ownership” status, for the purposes of the dividend article in Korea / UK treaty - For information: Gyung Ho Kim (Seoul): gykim@deloitte.com 3. Japan • BEPS - Cabinet Office discussion paper on BEPS - Japan / Australia redeemable preference shares - To obtain a copy of the report (Japanese language), visit www.deloitte.com/ap/dbriefs/bytes • Corporate tax rate reduction • Increase in highest marginal tax rate for individuals - To obtain a copy of our News Flash, visit www.deloitte.com/ap/dbriefs/bytes • IBM • For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp 4. Indonesia • Electronic VAT invoices • Exchange of information • For information: Nazly Siregar (Jakarta): nsiregar@deloitte.com 5. In brief • New Zealand - Public rulings on foreign tax credits - For information: Teresa Farac (Auckland): tfarac@deloitte.co.nz • Myanmar - Changes to commercial tax on services - To obtain a copy of our Alert, visit www.deloitte.com/ap/dbriefs/bytes - For information: Anthony Loh (Bangkok): aloh@deloitte.com • India - Speculation that new government might repeal retrospective Vodafone legislation - For information: N.C. Hegde (Mumbai): nhegde@deloitte.com • Vietnam - Circular 39: invoicing - To obtain a copy of our Alert, visit www.deloitte.com/ap/dbriefs/bytes - For information: Tom McClelland (Ho Chi Minh): tmcclelland@deloitte.com • China - Jiangsu provincial SAT: Administrative Measures on international tax matters and BEPS topics - To obtain a copy of the Administrative Measures (Chinese language), visit www.deloitte.com/ap/dbriefs/bytes - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn

1. BEPS • OECD BEPS webcast - Some “gold nuggets” in regard to + Action 6 (prevent treaty abuse) + Action 8 (intangibles) + Action 13 (TP documentation and CbC reporting) + Action 15 (multilateral instrument) - To access a recording of the webcast, visit BEPS Central at www.deloitte.com/ap/dbriefs/bepscentral • Action 13 public consultation meeting - Language for files and reports • EU: digital economy report - To obtain a copy of the report, visit www.deloitte.com/ap/dbriefs/bytes 2. Cases • India: MSM Satellite - Application of “arising” definition in Article 12 (royalties) of India / Singapore treaty - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com • Korea: Dividend case - Denial of “beneficial ownership” status, for the purposes of the dividend article in Korea / UK treaty - For information: Gyung Ho Kim (Seoul): gykim@deloitte.com 3. Japan • BEPS - Cabinet Office discussion paper on BEPS - Japan / Australia redeemable preference shares - To obtain a copy of the report (Japanese language), visit www.deloitte.com/ap/dbriefs/bytes • Corporate tax rate reduction • Increase in highest marginal tax rate for individuals - To obtain a copy of our News Flash, visit www.deloitte.com/ap/dbriefs/bytes • IBM • For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp 4. Indonesia • Electronic VAT invoices • Exchange of information • For information: Nazly Siregar (Jakarta): nsiregar@deloitte.com 5. In brief • New Zealand - Public rulings on foreign tax credits - For information: Teresa Farac (Auckland): tfarac@deloitte.co.nz • Myanmar - Changes to commercial tax on services - To obtain a copy of our Alert, visit www.deloitte.com/ap/dbriefs/bytes - For information: Anthony Loh (Bangkok): aloh@deloitte.com • India - Speculation that new government might repeal retrospective Vodafone legislation - For information: N.C. Hegde (Mumbai): nhegde@deloitte.com • Vietnam - Circular 39: invoicing - To obtain a copy of our Alert, visit www.deloitte.com/ap/dbriefs/bytes - For information: Tom McClelland (Ho Chi Minh): tmcclelland@deloitte.com • China - Jiangsu provincial SAT: Administrative Measures on international tax matters and BEPS topics - To obtain a copy of the Administrative Measures (Chinese language), visit www.deloitte.com/ap/dbriefs/bytes - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn

1. BEPS • Action 13: Country-by-country (CbC) reporting / transfer pricing documentation - 19 May 2014: OECD public consultation meeting - Debate on how to distribute CbC reports to local country tax authorities • Action 2: Hybrid mismatch arrangements - China: indication of potential unilateral action • Margaret Hodge - Amazon 2. UN • Michael Lennard • Developing country perspective on BEPS • UN tax projects 3. Cases • India: Steria • "Most favored nation" provision in India / France protocol • "Scope more restricted" • For information: K.R. Sekar (Bangalore): krsekar@deloitte.com 4. New Zealand • 2014 Budget • To obtain a copy of our Budget Analysis, visit www.deloitte.com/ap/dbriefs/bytes • For information: Patrick McCalman (Wellington): pmccalman@deloitte.co.nz 5. In brief • Singapore - Three recent public rulings + To obtain a copy of tax treatment of R&D expenditure, visit www.deloitte.com/ap/dbriefs/bytes + To obtain a copy of the M&A Scheme, visit www.deloitte.com/ap/dbriefs/bytes + To obtain a copy of tax treatment of hybrid instruments, visit www.deloitte.com/ap/dbriefs/bytes - For information: Daniel Ho (Singapore): danho@deloitte.com • Treaties - Vietnam / Azerbaijan treaty signed • Japan - IBM wins tax case

1. BEPS • Action 13: Country-by-country (CbC) reporting / transfer pricing documentation - 19 May 2014: OECD public consultation meeting - Debate on how to distribute CbC reports to local country tax authorities • Action 2: Hybrid mismatch arrangements - China: indication of potential unilateral action • Margaret Hodge - Amazon 2. UN • Michael Lennard • Developing country perspective on BEPS • UN tax projects 3. Cases • India: Steria • "Most favored nation" provision in India / France protocol • "Scope more restricted" • For information: K.R. Sekar (Bangalore): krsekar@deloitte.com 4. New Zealand • 2014 Budget • To obtain a copy of our Budget Analysis, visit www.deloitte.com/ap/dbriefs/bytes • For information: Patrick McCalman (Wellington): pmccalman@deloitte.co.nz 5. In brief • Singapore - Three recent public rulings + To obtain a copy of tax treatment of R&D expenditure, visit www.deloitte.com/ap/dbriefs/bytes + To obtain a copy of the M&A Scheme, visit www.deloitte.com/ap/dbriefs/bytes + To obtain a copy of tax treatment of hybrid instruments, visit www.deloitte.com/ap/dbriefs/bytes - For information: Daniel Ho (Singapore): danho@deloitte.com • Treaties - Vietnam / Azerbaijan treaty signed • Japan - IBM wins tax case

1. BEPS • Action 8 (transfer pricing aspects of intangibles) - Bermudan cash box • Action 13 (country-by-country reporting) • Action 1 (digital economy) - Source vs. residence - Profit attribution • Action 6 (prevent treaty abuse) - LOB Article vs. purpose rule • Action 2 (hybrid mismatch arrangements) - Public consultation meeting (15 May 2014) • Upcoming OECD events (visit www.deloitte.com/ap/dbriefs/bepscentral) - 19 May 2014: Action 13 public consultation meeting (broadcast live on internet) - 26 May 2014: OECD webcast 2. Cases • India: R&B Falcon Offshore • "Installation" PE under India / U.S. treaty • Is repair time counted in applying the time test? • For information: K.R. Sekar (Bangalore): krsekar@deloitte.com 3. Australia • 2014 Budget - To obtain a copy of our Budget Brief, visit www.deloitte.com/ap/dbriefs/bytes • Draft legislation on thin capitalization and dividend participation exemption rule - Public comments requested by 6 June 2014 • Review of 8 leading technology companies • For information: David Watkins (Sydney): dwatkins@deloitte.com.au 4. India • Vodafone: "indirect share transfer" dispute to be resolved by arbitration 5. In brief • New Zealand / Vietnam treaty enters into force • Malaysia: guidance on limited liability partnerships - For information: Tan Hooi Beng (Kuala Lumpur): hooitan@deloitte.com • Indonesia: new negative list for foreign investment - For information: Nazly Siregar (Jakarta): nsiregar@deloitte.com • China (Circular 26): 15% tax rate in 3 geographic zones - Hengqin in Guangdong, Qianhai in Shenzhen, and Pingtan in Fujian - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn

1. BEPS • Action 8 (transfer pricing aspects of intangibles) - Bermudan cash box • Action 13 (country-by-country reporting) • Action 1 (digital economy) - Source vs. residence - Profit attribution • Action 6 (prevent treaty abuse) - LOB Article vs. purpose rule • Action 2 (hybrid mismatch arrangements) - Public consultation meeting (15 May 2014) • Upcoming OECD events (visit www.deloitte.com/ap/dbriefs/bepscentral) - 19 May 2014: Action 13 public consultation meeting (broadcast live on internet) - 26 May 2014: OECD webcast 2. Cases • India: R&B Falcon Offshore • "Installation" PE under India / U.S. treaty • Is repair time counted in applying the time test? • For information: K.R. Sekar (Bangalore): krsekar@deloitte.com 3. Australia • 2014 Budget - To obtain a copy of our Budget Brief, visit www.deloitte.com/ap/dbriefs/bytes • Draft legislation on thin capitalization and dividend participation exemption rule - Public comments requested by 6 June 2014 • Review of 8 leading technology companies • For information: David Watkins (Sydney): dwatkins@deloitte.com.au 4. India • Vodafone: "indirect share transfer" dispute to be resolved by arbitration 5. In brief • New Zealand / Vietnam treaty enters into force • Malaysia: guidance on limited liability partnerships - For information: Tan Hooi Beng (Kuala Lumpur): hooitan@deloitte.com • Indonesia: new negative list for foreign investment - For information: Nazly Siregar (Jakarta): nsiregar@deloitte.com • China (Circular 26): 15% tax rate in 3 geographic zones - Hengqin in Guangdong, Qianhai in Shenzhen, and Pingtan in Fujian - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn

1. BEPS • Action 8 (transfer pricing aspects of intangibles) • Action 2 (hybrid mismatch arrangements) • To access all of the public comments on the Action 2 discussion draft, visit BEPS Central 2. Cases • India: Velti - Definition of "fees for technical services" - Fee paid to South African telecom company for bulk text messaging - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com • Brazil: Vale - Brazil's CFC rules vs. treaties - Held that Article 7 of relevant treaties prevents application of domestic law CFC rules - To obtain a copy of our analysis of the Vale case in World Tax Advisor (9 May 2014), visit: www.deloitte.com/ap/dbriefs/bytes - For information: Marcelo Natale (Sao Paulo): mnatale@deloitte.com 3. China • Bulletin 24: "entrusted investment" structures - To obtain a copy of our Tax Newsflash, visit: www.deloitte.com/ap/dbriefs/bytes • VAT pilot scheme - Extends to telecommunications sector effective 1 June 2014 - Two VAT rates: 11% / 6% - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 4. APEC: Fund Passport • Joint consultation paper • Public comments requested by 11 July 2014 • To obtain a copy of the paper, visit: www.deloitte.com/ap/dbriefs/bytes • For information: Rohit Shah (Singapore): roshah@deloitte.com 5. In brief • OECD: exchange of information • Treaties - Singapore / Barbados - Pakistan / Czech Republic • Australia - Dividend washing: TD 2014 / 10 - Budget: 13 May 2014 - For information: David Watkins (Sydney): dwatkins@deloitte.com.au • India - Nokia: Tamil Nadu VAT assessment • Mergers - Corporate inversions

1. BEPS • Action 8 (transfer pricing aspects of intangibles) • Action 2 (hybrid mismatch arrangements) • To access all of the public comments on the Action 2 discussion draft, visit BEPS Central 2. Cases • India: Velti - Definition of "fees for technical services" - Fee paid to South African telecom company for bulk text messaging - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com • Brazil: Vale - Brazil's CFC rules vs. treaties - Held that Article 7 of relevant treaties prevents application of domestic law CFC rules - To obtain a copy of our analysis of the Vale case in World Tax Advisor (9 May 2014), visit: www.deloitte.com/ap/dbriefs/bytes - For information: Marcelo Natale (Sao Paulo): mnatale@deloitte.com 3. China • Bulletin 24: "entrusted investment" structures - To obtain a copy of our Tax Newsflash, visit: www.deloitte.com/ap/dbriefs/bytes • VAT pilot scheme - Extends to telecommunications sector effective 1 June 2014 - Two VAT rates: 11% / 6% - For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 4. APEC: Fund Passport • Joint consultation paper • Public comments requested by 11 July 2014 • To obtain a copy of the paper, visit: www.deloitte.com/ap/dbriefs/bytes • For information: Rohit Shah (Singapore): roshah@deloitte.com 5. In brief • OECD: exchange of information • Treaties - Singapore / Barbados - Pakistan / Czech Republic • Australia - Dividend washing: TD 2014 / 10 - Budget: 13 May 2014 - For information: David Watkins (Sydney): dwatkins@deloitte.com.au • India - Nokia: Tamil Nadu VAT assessment • Mergers - Corporate inversions

1. BEPS: Action 6 (prevent treaty abuse) • 11 April 2014: OECD publishes all of the public comments received on the Action 6 discussion draft • 14 and 15 April 2014: Public consultation meeting • Review of private sector comments in regard to - Need for the "main purpose" provision - Detailed design of "limitation on benefits" (LOB) article + Intermediary entities + Derivative benefits + Base erosion test + Headquarter companies + Publicly listed companies + Collective investment vehicles (CIVs) + Dual-listed company structures + Discretionary benefits + Active conduct of a trade or business + Reconciliation with laws of trading blocs 2. BEPS: Action 1 (the digital economy) • 16 April 2014: OECD publishes all of the public comments received on the Action 1 discussion draft • 23 April 2014: Public consultation meeting • Review of private sector comments in regard to - Ring-fencing of digital economy - Source vs. residence taxation - Likely impact of all other BEPS Actions - "Wait and see" approach - Draft list of options in Chapter VII 3. Cases • Japan: Yahoo - Anti-avoidance provision regarding carryover of losses in merger - For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp • India: Viacom - Changes to domestic law definition of "process" - Changes also impact treaty definition of "royalties" - Thus, fees for satellite services are subject to royalty withholding tax - For information: Rajesh Gandhi (Mumbai): rajegandhi@deloitte.com 4. China • Three cases on beneficial ownership • SAT's submission to UN on transfer pricing aspects of intra-group services • For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 5. In brief • Treaties - Sri Lanka / Singapore - Sri Lanka / Luxembourg • OECD: International VAT guidelines • Australia: Reconstruction of transactions for TP purposes - For information: Cam Smith (Melbourne): camsmith@deloitte.com.au • Japan: possible cut in corporate income tax rate - For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp

1. BEPS: Action 6 (prevent treaty abuse) • 11 April 2014: OECD publishes all of the public comments received on the Action 6 discussion draft • 14 and 15 April 2014: Public consultation meeting • Review of private sector comments in regard to - Need for the "main purpose" provision - Detailed design of "limitation on benefits" (LOB) article + Intermediary entities + Derivative benefits + Base erosion test + Headquarter companies + Publicly listed companies + Collective investment vehicles (CIVs) + Dual-listed company structures + Discretionary benefits + Active conduct of a trade or business + Reconciliation with laws of trading blocs 2. BEPS: Action 1 (the digital economy) • 16 April 2014: OECD publishes all of the public comments received on the Action 1 discussion draft • 23 April 2014: Public consultation meeting • Review of private sector comments in regard to - Ring-fencing of digital economy - Source vs. residence taxation - Likely impact of all other BEPS Actions - "Wait and see" approach - Draft list of options in Chapter VII 3. Cases • Japan: Yahoo - Anti-avoidance provision regarding carryover of losses in merger - For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp • India: Viacom - Changes to domestic law definition of "process" - Changes also impact treaty definition of "royalties" - Thus, fees for satellite services are subject to royalty withholding tax - For information: Rajesh Gandhi (Mumbai): rajegandhi@deloitte.com 4. China • Three cases on beneficial ownership • SAT's submission to UN on transfer pricing aspects of intra-group services • For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 5. In brief • Treaties - Sri Lanka / Singapore - Sri Lanka / Luxembourg • OECD: International VAT guidelines • Australia: Reconstruction of transactions for TP purposes - For information: Cam Smith (Melbourne): camsmith@deloitte.com.au • Japan: possible cut in corporate income tax rate - For information: Jun Takahara (Tokyo): jun.takahara@tohmatsu.co.jp

Action 1: The Digital Economy • OECD asserts that all the other Actions, taken collectively, will likely deal a major blow to BEPS planning in the digital economy • OECD gives us hints as to what the other Actions will consist of – hints that have not been previously publicized • List of possible options, such as withholding tax on digital transactions and a new tax nexus based on “significant digital presence” • Timetable: “wait and see” approach – a recipe for unilateral actions by countries who don’t want to wait Action 2: Hybrid Mismatch Arrangements • Not concerned with mismatches based on timing, tax rate differentials, or exemption for foreign sourced income • Objective is to drive taxpayers away from hybrid mismatch arrangements, and towards “plain vanilla” structures and instruments • Discussion draft covers hybrid financial instruments, hybrid financial transfers (such as repos), hybrid entity payments, and imported mismatch arrangements Action 6: Prevent Treaty Abuse • Two general anti-treaty shopping rules: “limitation on benefits” (LOB) article and “purpose” provision • LOB article: based on Article 22, U.S. model treaty • “Purpose” provision: “one of the main purposes”, determined objectively • String of specific anti-avoidance provisions • Interaction with Action 15 (multilateral instrument) U.S. Perspective • U.S. Treasury official: U.S. Government opposes large parts of the discussion drafts on Actions 1, 2, and 6

Action 1: The Digital Economy • OECD asserts that all the other Actions, taken collectively, will likely deal a major blow to BEPS planning in the digital economy • OECD gives us hints as to what the other Actions will consist of – hints that have not been previously publicized • List of possible options, such as withholding tax on digital transactions and a new tax nexus based on “significant digital presence” • Timetable: “wait and see” approach – a recipe for unilateral actions by countries who don’t want to wait Action 2: Hybrid Mismatch Arrangements • Not concerned with mismatches based on timing, tax rate differentials, or exemption for foreign sourced income • Objective is to drive taxpayers away from hybrid mismatch arrangements, and towards “plain vanilla” structures and instruments • Discussion draft covers hybrid financial instruments, hybrid financial transfers (such as repos), hybrid entity payments, and imported mismatch arrangements Action 6: Prevent Treaty Abuse • Two general anti-treaty shopping rules: “limitation on benefits” (LOB) article and “purpose” provision • LOB article: based on Article 22, U.S. model treaty • “Purpose” provision: “one of the main purposes”, determined objectively • String of specific anti-avoidance provisions • Interaction with Action 15 (multilateral instrument) U.S. Perspective • U.S. Treasury official: U.S. Government opposes large parts of the discussion drafts on Actions 1, 2, and 6

1. BEPS • Country-by-country reporting - No interest, royalties, and service fees - No entity-by-entity reporting – instead, country reporting - Flexibility regarding sources of financial data • TP master file: flexibility regarding group-wide basis vs. by business line • IMF request: include indirect transfers in BEPS Project • Discussion draft on Action 1 (digital economy) - “Wait and see” approach in regard to section VII options 2. Cases • Huawei (India) - Sale of equipment with embedded software: “royalty”? - PE under India / China treaty: another Rolls Royce / Convergys case? • Bamford (India) - Secondment of employees: “furnishing of services” PE under India / UK treaty? - Individuals held to be employees of UK company (“legal form” approach) - But does the UK company “furnish services”? • RCF (Australia) and Antwerp Diamond Bank (India) 3. India • DTC - Indirect share transfers: (i) “substantially” = 20%; (ii) de minimis exception - CFC rules - GAAR rules • APAs: 5 down, 391 to go 4. In brief • China / Germany treaty - Dividends: 5% / 10% - Interest: 10% / 0% (sale of equipment on credit) / no limit (profit-participating debt) - Royalties: 10% / 6% (equipment rentals) • Australia: tax amnesty • Malaysia: GST bill • Singapore: GST guidance regarding fund management services • Greece: non-cooperative jurisdictions • Japan: not joking

1. BEPS • Country-by-country reporting - No interest, royalties, and service fees - No entity-by-entity reporting – instead, country reporting - Flexibility regarding sources of financial data • TP master file: flexibility regarding group-wide basis vs. by business line • IMF request: include indirect transfers in BEPS Project • Discussion draft on Action 1 (digital economy) - “Wait and see” approach in regard to section VII options 2. Cases • Huawei (India) - Sale of equipment with embedded software: “royalty”? - PE under India / China treaty: another Rolls Royce / Convergys case? • Bamford (India) - Secondment of employees: “furnishing of services” PE under India / UK treaty? - Individuals held to be employees of UK company (“legal form” approach) - But does the UK company “furnish services”? • RCF (Australia) and Antwerp Diamond Bank (India) 3. India • DTC - Indirect share transfers: (i) “substantially” = 20%; (ii) de minimis exception - CFC rules - GAAR rules • APAs: 5 down, 391 to go 4. In brief • China / Germany treaty - Dividends: 5% / 10% - Interest: 10% / 0% (sale of equipment on credit) / no limit (profit-participating debt) - Royalties: 10% / 6% (equipment rentals) • Australia: tax amnesty • Malaysia: GST bill • Singapore: GST guidance regarding fund management services • Greece: non-cooperative jurisdictions • Japan: not joking