Transfer Pricing Brief: June 2016

June 29, 2016

UK: Secondary adjustment: HMRC launched a consultation on May 26, 2016 to introduce and design secondary adjustment rule into the transfer pricing legislation of UK. See the story in Regfollower Germany: BEPS related compliance General rule for

See More

OECD: Guidance on implementation of country by country reporting

June 29, 2016

On 29 June 2016 the OECD published guidance on aspects of country by country (CbC) reporting. The guidance covers the following aspects: Transitional filing options for multinationals voluntarily filing in the parent jurisdiction; The

See More

Greece: Clarification on carry-forward of losses released

June 29, 2016

On the basis of article 27 of the Income Tax Code (ITC), the Public Revenue Authority has released a Circular entitled ‘POL 1088’ on 24th June 2016 for providing clarifications on the carry-forward of losses provision. In accordance with article

See More

Nigeria: Withholding tax rate for construction-related payments

June 28, 2016

The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the

See More

United States: ADD/CVD Roundup for June 2016

June 27, 2016

Following table shows the Federal Register notices related to ADD/CVD cases for June 2016 in United States. Country Product Investigations Case Number Details Belgium Stainless Steel Plate in Coils Antidumping Duty Order, Finding, or Suspended

See More

World Tax Brief: June 2016

June 27, 2016

Tanzania Incentives: The Budget for 2016/17 was presented to the National Assembly by the Minister of Finance and Planning on 8 June 2016. According to the budget the skills and development levy will be reduced from 5% to 4.5%. See the story in

See More

Argentina- Exempt income limit increased for withholding tax on domestic payments

June 27, 2016

In Argentina, General Resolution 3884(AFIP) was published in the Official Gazette of 26 May 2016 and became in force from that date. The new Resolution amends General Resolution 830 (AFIP) which establishes a widespread system of withholding tax on

See More

Bangladesh: Budget measures for FY 2016-17

June 27, 2016

The Budget for fiscal year 2016-2017 was presented on 2 June 2016. Budget measures relating to corporate taxation, once adopted, will take effect from 1 July 2016. Some of the proposed measures are following: the minimum tax rates will be

See More

PGA Highlights: June 2016

June 27, 2016

In the United States the following events have taken place under the several PGA during the month of June 2016. Agencies Summary Federal Register Application to use the Automated Commercial Environment: The U.S. Customs and Border Protection

See More

Tax Treaty News: June 2016

June 26, 2016

Finland and Uzbekistan On 3 July 2016, the amending protocol of income tax treaty between Finland and Uzbekistan will enter into force that was signed on 8 March 2016. This protocol will apply from 3 July 2016 for matters relating to exchange of

See More

UK: Customs Information Paper on Exit from the EU

June 25, 2016

HMRC has issued Customs Information Paper 42 (2016) in relation to the referendum vote to leave the European Union (EU). The paper clarifies that there will be no immediate change to the movement of goods in or out of the UK. Until Article 50

See More

Belgian Government approved new draft legislation to implement TP documentation and CbC reporting requirements

June 25, 2016

The Government of Belgium has approved new draft legislation to effectively implement CbC reporting and introduce formal transfer pricing documentation requirements in Belgium. The draft legislation is according to 3 tiered approach of Action 13 of

See More

Spain: Compulsory e-filing for large companies

June 23, 2016

Recently the Spanish government has issued an order addressing several tax filing obligations. Large Companies will have to file tax documents such as returns, declarations or reimbursement requests electronically as from 1 July 2016. The order was

See More

Luxembourg: explanations regarding modifications to Net worth tax 2016

June 22, 2016

The Luxembourg administration for direct taxes published Circular which provides explanations regarding the 2016 changes of the Net worth tax (NWT), on 16 June 2016. A reduced rate of 0.05% applies for taxable net worth above EUR 500 million from 1

See More

EU agrees on draft Directive on anti-avoidance

June 21, 2016

On 21 June 2016 the EU’s Economic and Financial Affairs Council reached agreement on a draft Directive on tax avoidance practices following expiry of the required period for further issues to be raised. The draft Directive will be presented for

See More

Pakistan: Publishes Budget for 2016/17

June 21, 2016

The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures

See More

IMF report discusses economic policy in Japan

June 20, 2016

On 20 June 2016 the IMF issued a concluding report following the conclusion of discussions with Japan under Article IV of the IMF’s articles of agreement. Japan’s economy is expected to grow at around 0.5% in 2016 but slow to 0.3% in 2017. The

See More

Bangladesh: Finance Minister Confirms New VAT Regime from July 1

June 20, 2016

Bangladesh intends to proceed with introducing a uniform 15% rate of value-added tax (VAT) from July 1.  The change is to be stimulated together with the implementation of Bangladesh's new value-added tax law, drawn up in 2012. Speaking at a recent

See More