Norway: Updates the White and black lists
The updated lists of white and blacklisted jurisdictions released in the Official Gazette on 1 November 2016. A white list and a black list apply to decide what countries fit to the definition of having a low tax level to apply CFC taxation. The new
See MoreUS: IRS issued on guidance on payment of dividend equivalents from US sources
The Internal Revenue Service on 2 December 2016 issued Notice 2016-76 to provide guidance on compliance in 2017 and 2018 with the final and temporary regulations issued under sections 871(m), 1441, 1461 and 1473 of the US Internal Revenue Code
See MoreBosnia and Herzegovina signed a tax treaty with Romania
The Government of Bosnia and Herzegovina signed an income tax treaty with Romania on 6 December, 2016. The new treaty will be replaced by former Yugoslavia - Romania Income and Capital Tax Treaty (1986) when it will in force and
See MoreUS- Grenada signed FATCA agreement
Grenada and the United States signed an intergovernmental agreement on 1 December 2016 to improve international tax compliance with respect to the US Foreign Account Tax Compliance Act (FATCA). The details of agreement will be reported
See MoreFinland: Parliament approved new transfer pricing documentation requirements
The Finnish Parliament on 23 November 2016 approved legislation regarding new transfer pricing documentation requirements on country-by-country (CbC) reporting, Master file and Local file measures, and penalty provisions. The documentation
See MoreTaiwan: Debentures and corporate bonds exemption extends
The Legislative permitted the modification of securities transaction taxation, extending the exemption for further 10 years, which means that the securities transaction tax on bank debentures and corporate bonds will be suspended until 31 December
See MoreIceland: Ministry of Finance presents the fiscal budget proposal for 2017
The Ministry of Finance presented the fiscal budget proposal to the Parliament on 6 December 2016, regarding to the fiscal policy and plan over a perspective of five years, which were approved in August and supports to a new unrefined budget law.
See MoreRussia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreAndorra approves DTA with Portugal
On 30 November 2016, the general council of Andorra approved the income tax treaty with Portugal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Furthermore, the withholding tax on dividend
See MoreAndorra approves TIEA with Italy
On 1 December 2016, the general council of Andorra approved the exchange of information agreement with
See MoreKazakhstan: Law introducing tax amendments signed by president
The President of Kazakhstan has signed a Law entitled “Law No. 26-VI” on 30th November 2016 that introduces changes to the tax legislation. The Economic Ministry declared that the Senate had adopted a draft law (in
See MoreArgentina: Amendments and clarification in tax amnesty regime
A Decree 1,206/2016 was published in the Official Gazette of 30th November 2016 and effective from 1st December 2016. This decree amends and clarifies certain aspects of the tax amnesty regime implemented by Decree 895/2016. The main requirements
See MorePakistan: FBR issues income tax return form for companies-tax year 2016
The Federal Board of Revenue (FBR) has published income tax return form for companies for the tax year 2016 on Tuesday. However; according to SRO972(I)/2016, the FBR had issued the draft on September 9, 2016 in which they invited all stakeholders
See MorePakistan: FBR asks taxpayers to file returns for tax year 2016 before deadline
The Federal Board of Revenue (FBR) has asked the taxpayers to file their annual income tax returns for the tax year 2016 as no further extension in date will be given after November 30. On its official website, the FBR asked the taxpayers to file
See MoreDTA between Argentina and Mexico approved
The draft law that ratifies the Income and Capital Tax Treaty (2015) between Argentina and Mexico has been approved by the Argentine Chamber of Deputies on 23rd November
See MoreSpain: Government announced a new law to increase in corporate income tax and other taxes
The Royal Decree-Law 3/2016, of 2 December, has been published in the Official State Gazette, which adopts certain measures of reform in the tax area that, in general, will enter in force on January 1, 2017. Implementing tax measures aimed at the
See MoreNorway: Country-by-country reporting under BEPS Action 13
Finance Minister of Norway published a regulation on country-by-country reporting legislation based on proposal under Action 13 of the BEPS Action Plan on 9 December 2016. . Norway’s CbC reporting regulation will be effective from beginning of the
See MoreTransfer Pricing Brief: November 2016
Malaysia: Penalty for non-compliance of CbC reporting: The fiscal Budget for 2016 has proposed a penalty between MYR 20,000–100,000 or imprisonment of not more than 6 months, or both, for an incorrect return or failure to comply with CbC
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