DTA between Chile and China (People’s Rep.) enters into force
The Income Tax Treaty (2015) between Chile and People's Republic of China has been entered into force on 8th August 2016 and it generally applies from 1st January
See MoreTanzania: Requirement for foreign nationals to obtain residence ID cards
The National Identification Authority (NIDA) of Tanzania has announced a rule for all foreign residents residing to obtain a residence ID card. It is assumed that this requirement will be needed to register with NIDA in order to get a residence card
See MoreNetherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreCosta Rica: Resolution on transfer pricing return procedure entered into force
Costa Rican tax authority has Gazetted the resolution N ° DGT-R-44-2016 on September 13, 2016 that regulates the transfer pricing return in Costa Rica entered in force. With the publication of resolution N ° DGT-R-44-2016, technical and practical
See MoreFinland: Government published a proposal on Country-by-country reporting
The Finnish government published a proposal to implement the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) initiative on transfer pricing documentation as well as a corresponding EU directive
See MoreIndian subsidiary represented by its managing director constitutes a fixed place PE in India
Recently, the Chennai Bench of the Income Tax Appellate Tribunal (the Tribunal) in the case of: Carpi Tech SA v. ADIT (ITA No 1742/Mds/2011), held that the amount received by the taxpayer pursuant to NHPC project was taxable in India since the
See MorePortugal-Published revaluation incentive for tangible fixed assets and investment properties
The Portuguese Tax Authorities published in the Official Gazette Decree-Law nr. 66/2016 on 3 November 2016. The Decree establishes a voluntary regime for revaluating tangible fixed assets and investment properties, with the purpose of encouraging
See MorePanama: TP documentation requirements and Arm’s length principle
Decree 390 was published in the Official Gazette on 25 October 2016 to regulate the arm’s length principle established in the Fiscal Code and establishes Transfer Pricing documentation requirements. The Decree will enter into force on 1 January
See MoreUS: US signed FATCA agreement with Antigua and Barbuda
Antigua and Barbuda and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, 7 November 2016. Details of agreement will be reported subsequently. Under the agreement, Foreign Financial Institutions (FFIs) in Antigua and
See MoreUS: FATCA agreement between US and St. Lucia entered into force
Foreign Account Tax Compliance Act (FATCA) agreement between US and St. Lucia has been entered into force on 1 September, 2016. The agreement was signed on 19 November 2015 to improve international tax compliance with respect to the US Foreign
See MoreUS: FATCA agreement between US and Panama entered into force
Foreign Account Tax Compliance Act (FATCA) agreement between US and Panama has been entered into force on 25 October, 2016. The agreement was signed on 27 April, 2016 with the aim of exchange of information related to
See MoreFinland: Tightening legislation against money laundering and terrorist financing presented in Parliament
The Finnish government presented a law proposal, on 3 November 2016, tightening legislation against money laundering and terrorist financing to the parliament. Objective of the proposal is to strengthen the money laundering and financing terrorism
See MoreUK: Details of double tax agreement with Colombia
Details are available of the double tax agreement between the UK and Colombia signed on 2 November 2016. The treaty generally conforms to the provisions of the OECD Model Tax Convention but the following should be noted: Permanent establishment A
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreUK: Double tax agreement with Lesotho
The UK signed a double tax agreement with Lesotho on 3 November 2016. When it goes into effect it will replace the current agreement signed in 1997. The agreement generally follows the provisions of the OECD Model Tax Convention but the following
See MoreLatvia and Switzerland sign a protocol to amend their existing DTA
Latvia signed a protocol with Switzerland to amend their tax treaty on 2 November 2016. The Protocol updates the 2002 treaty to introduce an administrative assistance clause allowing information to be exchanged between the two countries on request,
See MoreUnited States: ADD/CVD Roundup for October 2016
Following table shows the Federal Register notices related to ADD/CVD cases for October 2016 in United States. Country Product Investigations Case Number Details Argentina Lemon Juice Continuation of Suspension of Antidumping
See MoreWorld Tax Brief: October 2016
Switzerland Main corporate tax rate: On June 17, 2016, The Swiss Corporate Tax Reform III (CTR III) introduces a gradual reduction of corporate tax rate over a period of five years from the current maximum rate of 20.7% to approximately 14%
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