1. India’s Budget

• Retrospective operation of section 9(1)(i)

- No repeal of retrospectivity

- Special committee

• Transfer pricing: favorable changes

• Real Estate Investment Trusts and Infrastructure Investment Trusts

• GST

• For information:

K. R. Sekar (Bangalore): [email protected]

• For our India Budget Highlights: visit www.deloitte.com/ap/dbriefs/bytes

2. China

• Royalties case (Chengdu)

• GAAR public consultation

- For a copy of draft guidance (Chinese language): visit www.deloitte.com/ap/dbriefs/bytes

• Bulletin 38 (CFC rules)

- For a copy of Bulletin 38 (Chinese language): visit www.deloitte.com/ap/dbriefs/bytes

• For information:

Vicky Wang (Shanghai): [email protected]

Ye Hong (Shanghai): [email protected]

3. Cases

• Three PE cases from India

- Nortel (disregard separation of legal entities)

- GFA Anlagenbau (“at the disposal” test and supervisory activities)

- GE Energy Parts (LinkedIn profiles of employees)

4. Treaties

• Signed: Korea / Hong Kong, Vietnam / Turkey, Korea / Kenya, Singapore / Seychelles

• Entry into force: Sri Lanka / Bahrain

5. In brief

• IRS resignations

• Japan: consumption tax on inbound digital supplies

- For information:

Jun Takahara (Tokyo): [email protected]