Summary: 1. BEPS • Action 13: TP documentation and “Country-by-Country” (CbC) reporting - Discussion draft issued on 30 January 2014 (public comments requested by 23 February 2014) - Three types of document + Common template for CbC reporting + TP documentation: master file + TP documentation: local file - To obtain a copy of the discussion draft, please visit: www.deloitte.com/ap/dbriefs/bytes - For information: Shanto Ghosh (Boston): shghosh@deloitte.com Eunice Kuo (Shanghai): eunicekuo@deloitte.com.cn Cam Smith (Melbourne): camsmith@deloitte.com.au • BEPS: Unilateral actions - Mike Danilack (U.S. competent authority): foreign tax authorities are using BEPS concepts in tax audits and MAP discussions • Action 1: Digital economy - Comments by Pascal Saint-Amans: not appropriate to formulate tax rules specifically for the digital economy - Therefore? • Action 2: Hybrid mismatch arrangements - Leaked discussion draft 2. Cases • Singapore: BBO case - Insurance company derived profit on sale of shares in subsidiary - Held to be a tax-exempt capital gain - For information: Wong Chee Ming (Singapore): cwong@deloitte.com • India: Brown & Sharpe - U.S. company’s “liaison office” in India performed sales promotion activities - Tribunal: U.S. company taxable under domestic tax law and had a PE under the India / U.S. treaty - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com • India: Tesco - Hong Kong company’s “liaison office” in India performed activities related to sourcing goods for export - Tribunal: domestic tax law exemption applies - For information: K.R. Sekar (Bangalore): krsekar@deloitte.com 3. Australia • Government releases draft legislation (third version) on the third and final element of the “investment manager” regime • Public comments requested by 14 February 2014 • To obtain a copy of the Tax Alert, please visit: www.deloitte.com/ap/dbriefs/bytes • For information: David Watkins (Sydney): dwatkins@deloitte.com.au 4. Singapore • Bitcoins - Singapore releases guidance on the GST and income tax treatment of virtual currencies such as Bitcoins - For information: Richard Mackender (Singapore): rimackender@deloitte.com • Stamp duty - Revision of rules for waiver of stamp duty in regard to transactions between associated entities - Future operation of new rules – two key changes + Deadlines for filing of application + 12 months association condition extended to intermediary companies - For information: Daniel Ho (Singapore): danho@deloitte.com 5. In brief • Treaty: India / Fiji • Hong Kong: listed REITs - For information: Patrick Yip (Hong Kong): patyip@deloitte.com.hk • Indonesia: 5% final tax on bond interest income of registered mutual funds - For information: Nazly Siregar (Jakarta): nsiregar@deloitte.com • China: Tobin tax?
