UK: HMRC survey of mid-sized businesses
n 25 August 2016 HMRC published the results of a survey of mid-sized businesses. This covers the types of business dealt with by HMRC’s Mid-Size Business Unit. These businesses are seen by HMRC as a distinct group owing to their contribution to
See MoreRussia: New version of draft law on BEPS Action 13 implementation issued
The Finance Ministry has issued a new version of the draft law on 6th September 2016 regarding BEPS Action 13 implementation. The draft law proposes the following topics: BEPS related compliance: Documentation requirement: Master file: As per the
See MoreUK: Consultation on tackling the hidden economy
On 26 August HMRC launched three new consultations containing proposals to tackle the hidden economy. Comments are invited from interested parties by 21 October 2016. Hidden economy: extended power to collect data from money service
See MoreG20 leaders comment on tax policy
The final communiqué from the G20 summit held in Hangzhou, China on 4 and 5 September 2016 began by noting that although the global economy is recovering from the crisis growth is still relatively weak. New sources for growth are emerging but
See MoreNew Zealand: Implementation of BEPS Action 2-hybrid mismatch
The government of New Zealand released a consultative discussion document on 6 September 2016 containing proposals for addressing hybrid mismatch arrangements. The document proposes that New Zealand adopts the 2015 OECD recommendations on hybrid
See MoreTurkey: Draft General Communiqué on Corporate Tax Law issued
The Revenue Administration of Turkey has issued a draft General Communiqué No. 11 on 6th September 2016 regarding Corporate Tax Law (Law No. 5520) on its website. The draft was published in Official Gazette No. 29796 on 9th August 2016. It results
See MoreBrazil: Private ruling published in the Official Gazette on transfer pricing resale price method
Private Ruling 63/2016 published in the Official Gazette of 31 August 2016 clarified that under the transfer pricing resale price method, the fixed profit margins apply according to the economic sector of the legal entity. In the case of resident
See MoreTransfer Pricing Brief: August 2016
Greece: Documentation requirement: As per the bill approved by the Ministry of Finance on 27 July 2016, the General Secretary of Public Revenue may exempt very small enterprises from the submission of transfer pricing documentation. Documentation
See MoreTax Treaty News: August 2016
Kazakhstan and Saudi Arabia On 1 September 2016, the income tax treaty between Kazakhstan and Saudi Arabia was entered into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The
See MoreUnited States: ADD/CVD Roundup for August 2016
Following table shows the Federal Register notices related to ADD/CVD cases for August 2016 in United States. Country Product Investigations Case Number Details Australia Hot-Rolled Steel Flat Products Final Determination of Sales at Less Than
See MorePGA Highlights: August 2016
In the United States the following events have taken place under the several PGA during the month of August 2016. Agencies Summary Federal Register Submission of questionnaire for OMB review: Notice of submission of request for approval of a
See MoreUK: Update on advance assurance for R&D tax relief
On 24 August 2016 HMRC held a webinar to provide an update on the advance assurance scheme for research and development (R&D) tax relief. The scheme which is aimed at small companies was launched in November 2015 and there have so far been more
See MoreOECD: Discussion draft on branch mismatch structures
On 22 August 2016 the OECD released a discussion draft on branch mismatch structures under Action 2 of the OECD report on base erosion and profit shifting (BEPS). Comments are invited from interested parties by 19 September 2016. The discussion
See MoreWorld Tax Brief: August 2016
UK Incentives: On 20 July 2016 the UK publishes updated statistics on claims for creative industry tax relief. The statistics include data for the film tax relief, high-end television tax relief, animation tax relief and video games tax relief
See MoreUkraine: Ministry of Finance clarified advance payments of corporate income tax on dividends
The Ministry of Finance (MoF) issued Guidance Letter No. 31-11130-09-10/21370 dated on July 25, 2016, explaining the corporate income tax treatment of dividends paid by Ukrainian residents. According to letter, dividends received by the companies
See MorePoland: Parliament passes amendments to the income tax laws
The lower chamber of the Polish Parliament (Sejm) approved a bill amending both the corporate income tax act and personal income tax on 22 July 2016.The following legislation and regulation changes will come into effect on 1 January 2017. Small
See MoreUK: Large Business Survey 2015
On 25 August 2016 HMRC published the Large Business Survey 2015. The survey asked large businesses about various aspects of their relationship with HMRC. A telephone survey was conducted with 932 Heads of Tax and Directors of Finance of large
See MoreDenmark: Danish Assessment Board issues ruling on profit allocation to permanent establishment
The Danish Assessment Board gave its ruling on 16 August 2016, in the case of SKM2016.353.SR on the correct profit allocation to a permanent establishment (PE) in the form of a construction company. Facts of the case: The taxpayer is a foreign
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