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Issue No. 2 - 2017 of the Asia-Pacific Tax Bulletin is now available online.

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Number 3 - 2017 contains the following:
The Indian Budget 2017 – Is It BEPS Compliant?
Afaan Arshad and Meyyappan Nagappan
In this article, the authors canvass and critique measures announced in the 2017 Budget, which are designed to bring aspects of Indian domestic tax law into line with the OECD BEPS initiatives. These include the introduction of thin capitalization rules and transfer pricing secondary adjustments. The article also examines the government’s new place of effective management test of corporate residence and modifications to the rules on the taxation of gains from the indirect transfer of assets situated in India.
India and Its Tryst with Subjective Rules: An Analysis of the Recent Place of Effective Management Guidance
Sriram Govind
This article examines India’s recent introduction of the subjective place of effective management test to determine Indian tax residence. The author provides an overview of international corporate tax residence rules, and Indian corporate tax residence rules before and after the adoption of the place of effective management test. The article addresses the Indian Central Board of Direct Taxes’ January 2017 Circular, which is intended to elucidate application of the place of effective management test in India, and critiques its effectiveness in providing clarity and certainty to taxpayers.
New Transfer Pricing Documentation Rules: Implementation of BEPS Action 13 Recommendations
Melani Dewi Astuti
In this article, the author examines Indonesia’s newly implemented regulation on transfer pricing documentation requirements. The article explains that the regulation largely conforms with the recommendations in the OECD’s final report on BEPS Action 13, but also addresses the absence of a de minimis rule, differences with respect to the ultimate parent company filing concept and the obligation to file transfer pricing documentation placed on Indonesian parent companies in a multinational group, application of the secondary filing mechanism to Indonesian subsidiary companies, submission of transfer pricing documentation, Indonesia’s adoption of ex ante transfer pricing methodology, the compliance cost burden imposed on Indonesian businesses and challenges facing the Indonesian tax authority.
Do Singapore’s Group Relief Rules Breach the Non-Discrimination Article in the Singapore-United Kingdom Income Tax Treaty?
Tan How Teck
In this article, the author examines the relationship between the group relief rules under Singapore’s domestic income tax law and the non-discrimination rules in the Singapore-United Kingdom Income Tax Treaty. He submits that the group relief rules are in breach of article 25(3) and 25(1) of the treaty – the so-called “foreign ownership” and “nationality” paragraphs, based on article 24(5) and 24(1), respectively, of the OECD Model Tax Convention, but that article 25(5) of the United Kingdom treaty absolves Singapore from the breach in both instances. The article closely examines the text of the treaty, the OECD Commentary on Article 24 of the OECD Model, the United Kingdom Court of Appeal decision in FCE Bank plc v. Revenue and Customs Commissioners, and Singapore’s position (first published in 2014) on the non-discrimination article.
Thailand in International Tax Planning
Jack Sheehan and Jonathan Blaine
In this article, the authors explain the provisions in Thailand’s tax law that are designed to encourage foreign investment and economic development in the country. These include the participation exemption applicable to the taxation of foreign sourced dividends and capital gains under the holding company regime, and the international headquarters regime. The article addresses tax planning structures, which benefit from Thailand’s domestic law and tax treaties. The authors also discuss the current state of transfer pricing, adoption of BEPS initiatives and anti-avoidance rules in Thailand’s legislation.
Note on the Consumption Tax Exemption for Virtual Currency
Makiko Kawamura and Keitaro Uzawa
This note outlines the recent amendments to the Payment Services Act and their effect on virtual currency transactions in Japan. The authors discuss the forthcoming exemption of virtual currency to cash exchange transactions from Japan’s consumption tax, and the imposition of income tax on virtual currency transactions.
Case Note: Motor Racing Circuit Constitutes a Permanent Establishment
Abhishek Dugar
This case note explains the Delhi High Court’s November 2016 decision in Formula One World Championship Ltd v. Commissioner of Income Tax that the Formula One circuit in India constituted a fixed place of business and, consequently, a permanent establishment, although it was not used for a long period of time. The income derived therefrom was business income, which was subject to withholding tax in India.
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