Summary: 1. BEPS • “Country-by-country” reporting and TP documentation - Public comments on discussion draft – common themes + Information that should not be included (e.g., intra-group payments of interest, royalties, and service fees) + “Bottom up” versus “top down” approach: flexibility needed + Confidentiality + Timing - For information: Bill Dodwell (London): bdodwell@deloitte.co.uk Alison Brock (London): albrock@deloitte.co.uk - To obtain a copy of the Deloitte comments, please visit: www.deloitte.com/ap/dbriefs/bytes • Updated BEPS calendar - To obtain a copy of the updated OECD BEPS calendar, please visit: www.deloitte.com/ap/dbriefs/bytes - To obtain a copy of Deloitte’s color-coded and reformatted version, please visit: www.deloitte.com/ap/dbriefs/bytes 2. China • Shanghai Pilot Free Trade Zone: cross-border use of RMB • Cross-border RMB cash pooling • POBO / ROBO • Other changes • For information: Vicky Wang (Shanghai): vicwang@deloitte.com.cn Ye Hong (Shanghai): hoye@deloitte.com.cn 3. Budgets • Singapore - Extension of expiring tax incentives - Singapore banks: Basel III additional tier 1 capital - Significant increase in welfare payments - For information: Daniel Ho (Singapore): danho@deloitte.com - To obtain a copy of our report, please visit: www.deloitte.com/ap/dbriefs/bytes • Hong Kong - Government is studying the issue of deductibility of interest expense - For information: Anthony Lau (Hong Kong): antlau@deloitte.com.hk - To obtain a copy of our report, please visit: www.deloitte.com/ap/dbriefs/bytes 4. In brief • Treaties - Treaties signed: Bangladesh / Kuwait and Singapore / Laos - Treaties entered into force: India / Malta and Indonesia / Suriname • Taiwan - Proposal to increase personal income tax rates on high earners and the business tax rate for financial institutions - For information: Cheli Liaw (Taipei): cheliliaw@deloitte.com.tw • Vietnam - Circular 219: VAT zero-rating for exported services - For information: Tom McClelland (Ho Chi Minh): tmcclelland@deloitte.com • India - Vodafone proposes international arbitration to settle tax dispute regarding Hutchison indirect share acquisition
