OECD: Report to G20 finance ministers

July 30, 2016

On 26 July 2016 the OECD published on its website the report prepared for the meeting of the G20 finance ministers held on 23 and 24 July 2016. The report contains updates on progress on the implementation of the recommendations of the reports on

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Platform for Collaboration on Tax: Report to G20 on capacity building

July 30, 2016

On 25 July 2016 the Platform for Collaboration on Tax made available a report on enhancing the effectiveness of external support in building tax capacity in developing countries. The report was written for the meeting of the G20 finance ministers

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China issued new rules on TP documentation requirement

July 30, 2016

China issued Bulletin 42 to introduce a requirement for a master file for MNC group resident in China if their annual inter-company transaction amount exceeds RMB 1 billion. The master file requirement is effective from fiscal year 2016. A master

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Belgium issued new rules on CbC reporting and TP documentation requirement

July 30, 2016

Belgium issued regulation to introduce a requirement for a master file and a local file for MNC group resident in Belgium if it satisfies one of the three thresholds like a sum of operational and financial income of €50 million; or a balance

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Korea: Revised draft legislation on transfer pricing and country-by-country reporting

July 29, 2016

The South Korean Ministry of Strategy and Finance has recently released a draft legislation which would amend the existing provisions of Article 11 of the Korean Law which is known as the “Law for the Coordination of International Tax Affairs”

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Colombia: New regulation on late payment interest rate

July 28, 2016

The Financial Supervisory Authority of Colombia recently issued Administrative Regulation 0811 of 2016 about the late payment interest rate. According to the Regulation, the effective annual interest rate is 32.01% that applicable for late payment

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Austria: Publishes government bill of new Transfer Pricing Documentation Law

July 27, 2016

Finance (MoF) published the government bill of the European Union (EU) Tax Amendment Act 2016, including among other provisions, the new Austrian Transfer Pricing Documentation Law (TPDL). This follows the publication of the draft TPDL on 9 May 2016

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Argentina:Abolition of withholding tax on dividends of companies

July 27, 2016

In Argentina, Law 27,260, the amendment to the Income Tax Law (LIG) was published in the Official Gazette on 22 July 2016. The Income Tax Law consists of taxation of corporations, individuals and businesses. Law 27,260 abolished the 10% withholding

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G20 Finance Ministers support equitable growth

July 25, 2016

The G20 finance ministers and central bank governors met on 23 and 24 July 2016 and issued a final communiqué on 24 July 2016. In the final communiqué the finance ministers and central bank governors noted that the benefits of economic growth

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India: Tribunal held that Transfer Pricing Officers have the authority to determine the arm’s length price

July 25, 2016

The Delhi Bench of the Income-tax Appellate Tribunal in the case of: Nikon India Pvt. Ltd. v. DCIT (ITA No. 6314/Del/2015), held that Transfer Pricing Officers have the authority to determine the arm’s length price of any international transaction

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India: CBDT amends rules relating to GAAR effective date

July 25, 2016

The Central Board of Direct Taxes (CBDT) issued Notification No. 49/2016 (the Notification) dated 22 June 2016 on the effective date of the general anti-avoidance rules (GAAR). According to the Notification, the amendments to the Income Tax Rules,

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Slovenia: Publishes proposal for amending corporate income tax

July 25, 2016

The government published a proposal on 12 of July 2016, for amending the Corporate Income Tax Law. According to the proposal, the corporate income tax rate will be increased to 19% from 17% and which is effective from 1 January 2017. Similarly, the

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Japan: Publishes guidance under new transfer pricing documentation rules

July 24, 2016

Japan's national tax agency has released guidance concerning new transfer pricing documentation rules. The guidance released on 30 June 2016 and under Japan's 2016 tax reform, amendments were made to the Japanese transfer pricing documentation

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Slovenia: Publishes R&D tax incentives guidance

July 24, 2016

The Financial Administration published the guidance on the application of research and development (R&D) tax incentives on 14 July 2016. According to the guidance, companies may claim a 100% corporate income tax base reduction for qualifying

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OECD: Tax design for inclusive economic growth

July 23, 2016

On 20 July 2016 the OECD Centre for Tax Policy and Administration issued a taxation working paper entitled Tax Design for Inclusive Economic Growth. This looks at the design features of tax systems and looks at how they can be strengthened to allow

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Chile: IRS publishes final instructions on 2014 Tax Reform and 2015 Simplification Law

July 21, 2016

The Internal Revenue Service (IRS) of Chile has published the last set of Circulars (Circular no. 40, 41, 42, 44, 48 and 49) along with instructions on the amendments introduced by the 2015 Simplification Law (Law 20,899) on 13th and 14th July 2016.

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Romania: Government approves a supplementary deduction of 50% of R&D for corporate taxpayers

July 21, 2016

The Romanian Government published an Official Gazette order approving the norms on the supplementary deduction for research and development (R&D) expenses on 13 July 2016. Under the provisions of the Tax Code, a supplementary deduction of 50%

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Luxembourg: Government passed the tax reform plans for 2017

July 21, 2016

The government of Luxembourg adopted tax reform plans for the year 2017 on 13 July 2016. The proposed changes are in line with the announcements made during the State of the Nation address on April 26, 2016. The changes announced for corporations

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