Norway: Published proposal on Country-by-country reporting

September 30, 2016

The Norwegian Government published its proposal for the 2017 Fiscal Budget on the domestic Country-by-Country (CbC) reporting rules in line with the OECD BEPS Action 13 recommendations to the Norwegian tax authorities. As per the proposal, all

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Italy: Resolution publishes regarding interest on medium or long-term loans

September 30, 2016

The Italian Tax Authorities issued Resolution No. 84/E on 29 September 2016, providing clarifications on the tax treatment of qualifying interest on medium or long-term loans, following the amendments introduced by Law Decree No. 91 of 24 June

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Switzerland: Parliament adopted the final Corporate Tax Reform III

September 30, 2016

On June 17, 2016, the Swiss parliament adopted the final Corporate Tax Reform III package (CTR III) to strengthen Switzerland’s competitiveness as a business location. The Corporate Tax Reform III includes several notable tax reform measures

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Romania: Ministry of Finance published a proposal for tax incentives and administrative simplification measures

September 30, 2016

Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies. The following matters are included in the proposals; Encourage

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Hungary: Introduces a new type of tax audit of binding rulings

September 30, 2016

Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find

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Peru: Government proposes higher corporate taxes

September 28, 2016

In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies

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IMF comments on economic position of Jamaica

September 24, 2016

On 19 September 2016 the IMF issued a press release following the 13th Review under the Extended Fund Facility (EFF) with Jamaica. Jamaica’s economy is improving with an agricultural recovery, a strong performance in tourism and manufacturing and

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IMF report comments on tax policy in Greece

September 23, 2016

On 23 September 2016 the IMF issued a concluding statement following a staff visit to Greece for consultations under Article IV of the IMF’s articles of agreement. Greece has reduced its fiscal primary and current account deficits to around zero

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IMF comments on tax policy in Sri Lanka

September 23, 2016

On 23 September 2016 the IMF issued a press release following the conclusion of a staff visit to Sri Lanka to discuss the progress of the economic reform program. Sri Lanka’s economic performance in the first half of 2016 shows an improved

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OECD report on tax policy reforms in 2015

September 23, 2016

The OECD has issued a report entitled “Tax Policy Reforms in the OECD 2016”. This is the first edition of an annual monitoring project that will provide a summary of tax reforms in OECD countries each year. This report identifies the tax policy

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Netherlands presented tax plan 2017

September 23, 2016

On 20 September 2016, the Tax Plan 2017 was presented by the Minister of Finance to the lower house of the parliament. The most important proposals regarding corporate income tax and dividend withholding tax, which unless otherwise indicated will

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Sweden: Presents Budget for 2017

September 23, 2016

The Budget for 2017 was presented to the parliament on 20 September 2016. The Budget, measures will apply from 1 January 2017. The following measures relate to corporate tax: -The deductibility of representation expenses (relating to lunch, dinner,

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France: Announces draft Finance Bill for 2017

September 22, 2016

The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that

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European Commission to investigate Luxembourg tax rulings

September 21, 2016

On 19 September 2016 the European Commission announced that it is commencing an investigation into the tax treatment of GDF Suez Group (now known as Engie) in tax rulings issued by Luxembourg. The tax rulings may in the view of the Commission have

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Egypt: Parliament approves draft law on tax disputes resolution

September 20, 2016

The parliament approved a draft law on tax disputes resolution on 30 August 2016. The purpose of the law is to streamline the settlement of pending tax cases. The law covers ongoing tax disputes related to all types of taxes, including individual

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Uruguay: Publishes Decree regulating modifications to tax rules made by National Budget Law

September 20, 2016

The Ministry of Finance issued Decree No. 279/016 on 12 September 2016 that contains regulatory provisions for the application of the modifications to tax rules made by Law No. 19,355 of 15 December 2015. The main provisions of the Decree are

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Denmark: Publishes new executive order on country-by-country reporting

September 20, 2016

A Danish executive order No. 1133 dated 27 August 2016 was issued to provide detailed rules on notice requirements and on how the CbC report must be completed. The executive order was effective from 1 September 2016. Notification requirements: i)

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Costa Rica: Tax authority finalize transfer pricing return procedures

September 20, 2016

Costa Rica has published a resolution in the official gazette to finalize the rules concerning the filing of an annual transfer pricing return for taxpayers qualifying as “large taxpayers” or as “national large companies” or operating under

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